CAJ | 학술논문

在债权型货币错配条件下，中央银行货币政策的制定和实施受到来自三个方面的约束：第一是汇率机制，汇率的预期升值将产生资产替代效应、负债表效应和竞争效应，以及三种效应的相互叠加，影响货币政策决策及实施；第二是货币供给机制，债权型货币错配会内生地影响基础货币，也会影响货币乘数大小，进而使中央银行难以有效控制货币供给；第三是利率机制，债权型货币错配会导致负的风险溢价，并有可能形成流动性陷阱，影响货币政策发挥效力。
재채권형화폐착배조건하，중앙은행화폐정책적제정화실시수도래자삼개방면적약속：제일시회솔궤제，회솔적예기승치장산생자산체대효응、부채표효응화경쟁효응，이급삼충효응적상호첩가，영향화폐정책결책급실시；제이시화폐공급궤제，채권형화폐착배회내생지영향기출화폐，야회영향화폐승수대소，진이사중앙은행난이유효공제화폐공급；제삼시리솔궤제，채권형화폐착배회도치부적풍험일개，병유가능형성류동성함정，영향화폐정책발휘효력。
The currency mismatching on credit will make monetary policies inefficient from three aspects :First ,the exchange rate mechanism ,the expected appreciation will take portfolio effect , net balance sheet effect and competition effect , so the monetary policies cannot be carried out perfectly . Second , the money supply mechanism , the currency mismatching on credit will endogenously affect money bases and money multiple again ,make the central bank fail to control the money supply effectively ;Third ,the interest rate mechanism ,the negative spillover risk and the liquidity trap will also make the monetary policy become invalid .