货币经济学新范式下我国货币政策对信贷的影响  

Impacts of China's Monetary Policy on Credit from the Perspective of New Paradigms in Monetary Economics

作　　者：刘丽巍[1] 郝林[2] 

机构地区：[1]东北财经大学应用金融研究中心,辽宁大连116025 [2]东北财经大学研究生院,辽宁大连116025

出　　处：《财经问题研究》2010年第4期80-85,共6页Research On Financial and Economic Issues

基　　金：辽宁省教育厅创新团队项目(2008T035)

摘　　要：本文首先介绍并对比了传统货币经济学与新范式所持的观点,指出在由货币政策到信贷的传导过程中两者观点的主要不同之处在于传导方式和影响程度,新范式认为银行行为决定信贷总量并且在货币政策向信贷的传导过程中存在多种效应。其次基于VAR模型对我国货币政策对信贷量的影响进行了实证研究,结果表明新范式观点在我国现阶段基本正确。最后提出了相应的政策建议:在法定存款准备金政策的运用上,要把握"稳、准、狠"的原则;在利率政策的运用上,要着重强调对存贷利差的调节,引导银行的贷款行为。This paper firstly describes and compares the point of view of the traditional and the new paradigm in monetary economics. It points out that the main differences between the two views on the transmission from monetary policy to credit are the transmission methods and levels：the new paradigm considers that the bank＇s behavior lead to the total credit and a variety of effects exist in the transmission from monetary policy to credit. Then on the basis of establishing VAR model of the impact of our monetary policy on credit, the result show that the views of new paradigm are right under our country＇s current situation. In the end the paper proposes the relative policy suggestion：In the application of the deposit reserve police, PBC should grasp the principle of ＂steady, accurate and resolutely＂ ; In the application of interest rate policy, PBC should emphasize on the regulation of the interest margin between loan and deposit and guide the bank＇s lending behavior.

关 键 词：货币经济学新范式 信贷配给 信贷量 VAR模型 

分 类 号：F830.5[经济管理—金融学]