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我国经济、金融环境现状决定了货币政策传导对“信贷渠道”的依赖,较为单一的传导途径降低了货币政策的传导效率;进而带有偏差和时滞的货币政策传导必然失去其最初设定的调控作用,甚至可能对整个金融和经济生态环境带来负面影响。近些年,股票市场的迅猛发展无疑将成为原有货币政策传导机制的一种补充。本文深入分析我国货币政策的传导特点,探讨了股票市场发展对货币政策传导的积极作用,并提出了相关的政策建议。
The current economic and financial conditions in our country determine the dependence of monetary policy on the “credit channel.” A relatively simple means of transmission reduces the efficiency of monetary policy. As a result, monetary policy with deviation and time lag will inevitably lose its initial value The regulatory role may even have a negative impact on the overall financial and economic environment. In recent years, the rapid development of the stock market will undoubtedly become a supplement to the existing transmission mechanism of monetary policy. This paper analyzes in depth the conduction characteristics of China’s monetary policy, explores the positive role of the development of the stock market in the transmission of monetary policy, and puts forward relevant policy recommendations.