利率市场化与货币政策两难困境的化解——基于货币流量分析框架的研究  

Resolving of the Dilemma between Marketization of Interest Rates and Monetary Policy——Based on the Research of the Framework of Monetary Flow

作　　者：李程[1] 

机构地区：[1]天津工业大学经济学院,天津300387

出　　处：《金融经济学研究》2013年第5期3-13,共11页Financial Economics Research

基　　金：天津市哲学社会科学项目(TJLJ11-012);天津哲学社会科学规划项目(TJYY12-073)

摘　　要：从货币政策的利率传导机制理论出发,运用货币流量分析方法,结合中国的经济结构,分析金融危机后中国货币政策实施中的币值稳定和经济增长难以兼得的问题,结论显示,利率市场化能够使货币政策兼顾经济增长和币值稳定;在利率市场化条件下,通过银行利差变化减轻通货膨胀压力以及金融反窖藏能使资金向实体经济回流,最终使得货币政策的实施可以在一定程度上避免两难困境。In the view of the theory of interest rate transmission mechanism of monetary policy, and China＇ s economic structure,this paper uses the money flow analysis methods to analyze the difficulty of acquiring the stability of the currency value and economic growth simultaneously after the financial crisis. The results demonstrate that the interest rate marketization can make the monetary policy balance the economic growth and the stabihty of the currency value;in the condition of interest rate marketization, the implementation of mone- tary policy may reduce inflationary pressures from changes in bank spreads, bring the reflux of funds to the real economy from financial anti -cellars and ultimately avoid the dilemma to some extent.

关 键 词：利率市场化 货币政策 两难困境 

分 类 号：F822.0[经济管理—财政学]