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我国实施适度的货币政策,无论是MO′M1还是M2都大幅度超出经济增长率,但货币政策的效率十分有限,经济的增长和就业的增加主要依赖于积极的财政政策。其重要原因在于资本市场存在制度性缺陷,股价的变动严重偏离上市企业的真实价值,货币政策只能刺激股市的投机,而不能有效地刺激真实经济的发展。为提高货币政策的有效性,应科学确定与资本市场发展要求相适应的货币政策调控目标,并着力于改进货币政策的传导机制。
China's implementation of moderate monetary policy, MO'M1 or M2 have substantially exceeded the economic growth rate, but the efficiency of monetary policy is very limited. Economic growth and employment growth depend mainly on the proactive fiscal policy. The important reason is that there are institutional defects in the capital market. The changes in stock prices deviate from the true value of the listed companies. Monetary policies can only stimulate speculation in the stock market, but can not effectively stimulate the development of the real economy. In order to improve the effectiveness of monetary policy, we should scientifically determine the objectives of monetary policy in line with the requirements of capital market development and focus on improving the transmission mechanism of monetary policy.