CAJ | 학술논문

在当前我国货币政策效果不甚理想、货币政策操作目标以调控货币量为主的前提下，研究我国货币政策的有效性与货币供给的内生性关系具重要理论和现实意义。笔者依据货币供给的一般模型，找出了影响我国货币供给特性的因素，认为中国货币供给具内生性，在货币供给内生性条件下，提高货币政策的有效性应从增加汇率弹性、增强货币政策和财政政策的协调力度、适时选择控制通货膨胀率作为货币政策锚等方面入手。
재당전아국화폐정책효과불심이상、화폐정책조작목표이조공화폐량위주적전제하，연구아국화폐정책적유효성여화폐공급적내생성관계구중요이론화현실의의。필자의거화폐공급적일반모형，조출료영향아국화폐공급특성적인소，인위중국화폐공급구내생성，재화폐공급내생성조건하，제고화폐정책적유효성응종증가회솔탄성、증강화폐정책화재정정책적협조력도、괄시선택공제통화팽창솔작위화폐정책묘등방면입수。
Under the conditions that the effect of monetary policy is not ideal and the aim of monetary policy operation is mainly to regulate currency amount, the research into the relationship between the effectiveness of the monetary policy of our country and the endogenesis of monetary supply is of great theoretical and practical significance. According to the general money supply model, the aothor finds the factors influencing the characteristics of the monetary supply of our country, holds that China＇ s money supply has the character of endogenesis. On the condition of monetary supply endogenesis, to improve the effectiveness of monetary policy, the exchange rate elasticity should be increased, the coordination of monetary policy and fiscal policy should be reinforced, and inflation rate should be selected appropriately as monetary policy anchor.