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随着我国资本市场的逐步完善,利率的市场机制也逐渐发挥着作用。对于我国中央银行来说,利率这一政策工具实用性因此而增强。但是,同西方发达国家货币政策的传导机制相比,我国的货币政策传导机制主要还是以货币市场和信贷途径为主。本文从信贷配给和货币政策的有效性关系入手,分析这一传导机制的过程,并在此基础上,提出如何利用信贷配给这一中介工具,从而有效的实施货币政策,达到预期的政策目标。
With the gradual improvement of China’s capital market, the market mechanism of interest rates has gradually begun to play a role as well. As for the central bank of our country, the practicality of the interest rate policy instrument is thus enhanced. However, compared with the transmission mechanism of monetary policy in western developed countries, the monetary transmission mechanism in our country is mainly dominated by money market and credit. This paper starts with the relationship between credit rationing and the effectiveness of monetary policy, analyzes the process of this transmission mechanism, and on this basis proposes how to use credit rationing as an intermediary tool in order to effectively implement monetary policy and achieve the expected policy goal.