精准扶贫领域货币政策和财政政策的协调——基于IS-LM修正模型的推理分析  

Research on the Coordination of Monetary Policy and Fiscal Policy in the Field of Targeted Poverty Alleviation——Reasoning Analysis Based on IS-LM Modified Model

作　　者：宋旭刚[1] Song Xugang(Guyuan Municipal Sub-branch PBC,Guyuan 756000,China)

机构地区：[1]中国人民银行固原市中心支行

出　　处：《金融理论探索》2019年第6期42-49,共8页Exploration of Financial Theory

摘　　要：精准扶贫特惠信贷是货币政策和财政政策的联接点之一。通过引入财政转移性扶贫投入和商业银行特惠信贷供给,构建了精准扶贫IS-LM修正模型。模型证明:农村信贷市场存在信贷配给的情形下,实施货币政策和财政政策协调,可以提高财政金融精准扶贫的整体效率。财政转移性投入的挤出效应会使市场利率上升,抑制银行信贷配给行为。货币政策的利率传导效应可以反向调节特惠信贷市场利率,正向调控特惠信贷供给量。政府行政配给替代银行信贷配给的情形下,货币供给具有“水平主义”内生货币特征,货币政策的利率传导渠道失灵,财政转移性投入的增信效应可以撬动特惠信贷供给。当前,政府行政配给替代了银行信贷配给,抑制了财政转移性收入的消费效应,不利于发挥货币政策和财政政策的协调效应。对此,应优化特惠信贷利率定价机制,加强货币政策和财政政策的逆周期调控,增强财政金融扶贫政策的普惠性。Targeted poverty alleviation preferential credit is one of the junctions between monetary policy and fiscal policy.This paper constructs a targeted poverty alleviation IS-LM modified model by introducing fiscal transfer poverty alleviation investment and commercial bank preferential credit supply.The model proves that in the case of credit rationing in the rural credit market,the overall efficiency of fiscal and financial targeted poverty alleviation can be improved through the coordination of monetary policy and fiscal policy.The crowding out effect of fiscal transfer investment will lead to higher market interest rates and curb bank credit rationing.The interest rate transmission effect of monetary policy can reverse preferential credit rate and positively regulate preferential credit supply.In the case of government administrative allocation replacing bank credit rationing,the money supply has the endogenous monetary characteristics of“Horizontalists”.The interest rate transmission channel of monetary policy fails.The credit enhancement effect of fiscal transfer investment can create the preferential credit supply of commercial banks.At present,government administrative allocation has replaced bank credit rationing,and also restrained the consumption effect of fiscal transferable income,which is not conducive to the coordination effect of monetary policy and fiscal policy.Therefore,we should optimize the pricing mechanism of preferential credit rate,strengthen the counter-cyclical regulation of monetary policy and fiscal policy,and enhance the inclusiveness of fiscal and financial poverty alleviation policies.

关 键 词：精准扶贫 货币政策 财政政策 政策协调 IS-LM模型 

分 类 号：F830.5[经济管理—金融学]