CAJ | 학술논문

通过对商业银行创造货币过程的剖析和货币供给内生性机制弱化央行调控货币供应量能力的分析．显示出当国民经济高涨促进货币需求激增时，商业银行的经营机制会与央行的货币政策形成博弈关系。对此本文认为，央行货币政策操作应建立在与商业银行合作博弈的基础上，运用市场价格机制和价格型操作工具．引导社会公众预期；缩小存贷款利差，推进信贷资产证券化；取消贷存比约束，发展主动负债工具；改革准备金制度．调整商业银行的经营结构，倡导商业银行的社会责任等，以增强央行货币政策操作的有效性。
통과대상업은행창조화폐과정적부석화화폐공급내생성궤제약화앙행조공화폐공응량능력적분석．현시출당국민경제고창촉진화폐수구격증시，상업은행적경영궤제회여앙행적화폐정책형성박혁관계。대차본문인위，앙행화폐정책조작응건립재여상업은행합작박혁적기출상，운용시장개격궤제화개격형조작공구．인도사회공음예기；축소존대관리차，추진신대자산증권화；취소대존비약속，발전주동부채공구；개혁준비금제도．조정상업은행적경영결구，창도상업은행적사회책임등，이증강앙행화폐정책조작적유효성。
The article analyzes the weakening of central banks＂ capability to manage money supply due to commercial banks＂ money creation and endogenous money supply mechanism, and describes the game relation of commercial banks and central banks The article recommends central banks to develop a cooperative game relation with commercial banks. Central banks should use price mechanism and operational instruments to lead public expectation, narrow the gap between deposit and loan interest rates, promote asset securitization, and ensure the function of central banks＂ monetary policy.