金融创新对我国数量型货币政策中介指标有效性的影响研究  

Research on the Impact of Financial Innovation on the Eff ectiveness of Quantitative Intermediate Target of Monetary Policy in China

作　　者：王文荣[1] 姜雪 Wang Wenrong;Jiang Xue(Shenyang University of Chemical Technology,Shenyang 110000,Liaoning)

机构地区：[1]沈阳化工大学,辽宁沈阳110000

出　　处：《中国商论》2024年第8期107-110,共4页China Journal of Commerce

摘　　要：货币政策中介指标分为数量型中介指标和价格型中介指标两类,中介指标是连接货币政策操作目标和最终目标的桥梁,通过中介指标监管部门可以提前判断政策的实施情况,进而及时进行政策调整,因此,中介指标的选择决定了货币政策传导的效率,影响着货币政策调控的效果。随着金融创新的发展,以货币供应量和社会融资规模作为金融变量的数量型货币政策中介指标的有效性越来越低,而以利率作为金融变量的价格型货币政策中介指标的有效性不断增强,我国开始考虑向价格型中介指标过渡。本文通过对已有文献进行梳理,分析金融创新背景下我国货币政策中介指标运行现状,并进一步探讨金融创新对我国数量型中介指标的有效性影响,得出当前我国货币政策中介指标面临的困境,并给出完善我国货币政策中介指标选择的对策建议,以供参考。The intermediate target of monetary policy is composed of quantitative intermediate target and pricebased intermediate target.Intermediate target serves as a bridge connecting the operational target and ultimate target of monetary policy.Through the intermediate target,regulatory departments can judge the implementation of policies in advance and then make timely policy adjustments.Therefore,the selection of the intermediate target determines the effi ciency of monetary policy transmission and aff ects the eff ect of monetary policy regulation.With the development of fi nancial innovation,the eff ectiveness of quantitative intermediate target of monetary policy with money supply and total social fi nancing as fi nancial variables is getting lower and lower,while that of price-based intermediate target with interest rate as fi nancial variables is increasing,so China begins to consider the transition to price-based intermediate target.Based on the existing literature,by analyzing the operation status of the intermediate target of China’s monetary policy under the background of fi nancial innovation and the impact of fi nancial innovation on the eff ectiveness of China’s quantitative intermediate target,this paper comes to the conclusion about the current dilemmas faced by the intermediate target of China’s monetary policy,and gives countermeasures and suggestions to improve the selection of intermediate target for reference.

关 键 词：货币政策中介指标 货币供应量 金融创新 数量型中介指标 社会融资规模 

分 类 号：F833[经济管理—金融学] F821.0