中国结构性货币政策:理论辨析、政策特点与发展策略  

The Practice of China’s Structural Monetary Policy: Theoretical Analysis, Policy Characteristics and Development Strategies

作　　者：金成晓[1] 姜旭[2] JIN Cheng-xiao;JIANG Xu(Center for Quantitative Economics,Jilin University,Changchun 130012,China;Business School,Jilin University,Changchun 130012,China)

机构地区：[1]吉林大学数量经济研究中心(吉林大学商学院),吉林长春130012 [2]吉林大学商学院,吉林长春130012

出　　处：《经济体制改革》2021年第6期127-134,共8页Reform of Economic System

基　　金：国家自然科学基金面上项目“中国金融周期的波动特征、形成机理及其与经济周期的动态关联机制研究”(71873056);教育部人文社会科学研究规划基金项目“基于状态识别与工具协调的货币政策与宏观审慎政策双支柱调控框架研究”(19YJA790036)。

摘　　要：结构性货币政策是近年来中国人民银行在货币政策领域的最新实践,也是建设现代中央银行制度和健全现代货币政策框架的重要组成部分。目前,对于结构性货币政策的概念界定尚不明确,在理论依据、政策目标、实施要点方面缺乏系统性的认识与分析,特别是在货币政策应当在多大程度上承担结构性调控功能这一核心问题上,仍存在较大分歧。实际上,中国近年来的结构性货币政策实践,不仅是过去传统结构性调控工具在经济新常态下的延续和改进,也是对非常规货币政策的借鉴和应用。未来,结构性货币政策需沿着深化供给侧结构性改革的主线进一步完善,并以结构服务总量、纵向带动横向、促进金融改革、坚持市场导向、完善政策体系为发展原则。Structural monetary policy is the latest practice of the People’s Bank of China in the field of monetary policy in recent years. It is also an important part of building a modern central bank system and improving the framework of modern monetary policy. At present, the definition of structural monetary policy is not clear, and there is a lack of systematic analysis on the theoretical basis, policy objectives and implementation points, especially on the core issue of the extent to which monetary policy should undertake the structural regulatory function. In fact, the practice of China’s structural monetary policy in recent years is not only the continuation and improvement of traditional structural control tools under new economic normal, but also the reference and application of unconventional monetary policy. In the future, China’s structural monetary policy needs to be further improved along the main line of deepening supply-side structural reform, and obey following principles: structural control submitting to quantity control, vertical regulation driving horizontal regulation, promoting financial reform, adhering to the market orientation, and improving the monetary policy system reform.

关 键 词：结构性货币政策 结构性调控 经济结构转型 供给侧结构性改革 

分 类 号：F822[经济管理—财政学]