信贷规模控制与中国货币供给机制转变:1953～2012  

The Credit Scale Control and the Changes in the China Money Supply Mechanism: 1953-2012

作　　者：郭家新[1] 

机构地区：[1]中山大学岭南学院,广东广州510275

出　　处：《金融经济学研究》2013年第3期15-24,共10页Financial Economics Research

摘　　要：从中国货币政策工具变革历程分析货币供给机制从直接数量控制向间接调控的转变。研究显示,信贷规模数量控制下,商业银行贷款派生存款的货币创造过程被打断,货币供应量主要决定于信贷计划规模和外汇占款;数量控制在紧缩条件下比宽松条件下更容易实现政策意图,即货币政策效应存在不对称性。为提高货币政策的有效性,货币政策工具的运用必须与国情和市场化进程相适应;同时,应坚持市场化取向,稳步推进货币政策工具向价格型转变。The paper first summarizes the monetary policy instruments in accordance with China＇ s special financial regime to provide the transformation of the money supply mechanism. Under quantity control conditions, the money supply is mainly determined by the scale of the credit plan and foreign exchange, for the money creation process is interrupt- ed;and the policy intent is easier to implement under austerity conditions than loose condi- tions, which means monetary policy effect exists asymmetry. Institutional transformation fac- tors must be taken into account when researching Chinese money supply issues;to improve the effectiveness of monetary policy, the use of monetary policy tools must be compatible with national conditions and the process of market - oriented ; and at the same time, central bank needs to adhere to market-oriented and price-type monetary policy tools.

关 键 词：货币供给 货币政策工具 信贷规模控制 制度转型 

分 类 号：F822.0[经济管理—财政学]