国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2012年
7期
20~28
,共null页
货币政策 数量调控 价格调控
貨幣政策 數量調控 價格調控
화폐정책 수량조공 개격조공
Monetary Policy; Quantity-based Operation; Price-based Operation
本文在对我国中央银行以数量目标和工具为主的货币政策所面临的问题进行详细分析之后指出：当前我国货币数量目标的可控性、与最终目标的相关性及可测性等方面并不理想，且容易引发顺周期操作，致使货币政策的有效性下降和政策行为扭曲．并最终加剧我国经济失衡。随着金融市场化改革的深入和金融市场的迅速发展．我国的微观经济主体已对利率和汇率等价格变量具备了一定的敏感度,金融机构的资产定价和风险管理的水平也逐渐提高．中央银行货币政策已具备了向利率间接货币调控转型的基本条件。
本文在對我國中央銀行以數量目標和工具為主的貨幣政策所麵臨的問題進行詳細分析之後指齣：噹前我國貨幣數量目標的可控性、與最終目標的相關性及可測性等方麵併不理想，且容易引髮順週期操作，緻使貨幣政策的有效性下降和政策行為扭麯．併最終加劇我國經濟失衡。隨著金融市場化改革的深入和金融市場的迅速髮展．我國的微觀經濟主體已對利率和彙率等價格變量具備瞭一定的敏感度,金融機構的資產定價和風險管理的水平也逐漸提高．中央銀行貨幣政策已具備瞭嚮利率間接貨幣調控轉型的基本條件。
본문재대아국중앙은행이수량목표화공구위주적화폐정책소면림적문제진행상세분석지후지출：당전아국화폐수량목표적가공성、여최종목표적상관성급가측성등방면병불이상，차용역인발순주기조작，치사화폐정책적유효성하강화정책행위뉴곡．병최종가극아국경제실형。수착금융시장화개혁적심입화금융시장적신속발전．아국적미관경제주체이대리솔화회솔등개격변량구비료일정적민감도,금융궤구적자산정개화풍험관리적수평야축점제고．중앙은행화폐정책이구비료향리솔간접화폐조공전형적기본조건。
In this paper, we discuss the challenges to China＇s nowadays quantity-based monetary policy, in which the controllability, relativity and measurement of the aggregate intermediate target are unsatisfactory, inducing pro-cyclical and reducing the effectiveness of the policy, and then worsening the economy. With the progress of market-orientated reform and the development of financial market, market players can adapt to a liberalized interest/exchange rate environment and the pricing and risk management capabilities of the financial institutions can be enhanced. In a word, we have already met the basic requirements for the transition to the price-based monetary policy.
