提升货币政策信誉的理论基础与国际实践  

Theoretical Foundation and International Practices of Monetary Policy Credibility Enhancement

作　　者：何运信[1] 

机构地区：[1]浙江财经学院金融学院,浙江杭州310018

出　　处：《上海金融》2012年第8期44-51,117,共8页Shanghai Finance

基　　金：教育部人文社会科学研究青年基金项目"决定货币政策可信度的特征因素研究"(09YJC790236);浙江省哲学社会科学规划青年项目"基于主导性特征因素识别的货币政策信誉提升研究"(09CGJJ006YBQ)

摘　　要：本文对货币政策信誉的重要性及其影响因素进行了理论解读,进一步考察了20世纪90年代以来世界各国的货币政策体制改革实践,得到以下结论:(1)货币政策信誉对稳定公众通货膨胀预期和提高政策有效性有重要的意义;(2)中央银行独立性的提高、货币政策透明度的改善以及通货膨胀目标制的实施都有助于提高货币政策信誉(可信度);(3)是否采用正式的通货膨胀目标制并不重要,重要的是货币政策体制必须具有央行高度独立性、良好的货币政策透明度等特征。This paper makes elaboration in the theoretical way on the importance of monetary policy credibility and the influential factors.Based on the practices of monetary policy and mechanism reform worldwide since 1990s,it comes to the following conclusions:monetary policy credibility plays a vital part in stabilizing the public's expectation of inflation and improving the policy effectiveness;the higher independence of the central bank and the more transparent monetary policy combined with the implementation of inflation targeting are all conducive to the credibility(reliability) of monetary policy;whether to adopt the formal inflation targeting is not important.What matters is the high independence of the central bank and the transparency of monetary policy that help to shape good monetary policy regime.

关 键 词：通货膨胀预期 货币政策信誉 央行独立性 透明度 通货膨胀目标制 

分 类 号：F820[经济管理—财政学]