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近三十年来,衍生品以其卓越的交易功能和创新特质成为国际资本市场上发展最快、交易规模最大的金融工具。与衍生品市场的迅猛发展态势相适应,现代市场结构和经济体系都在发生深刻变化。在此条件下,货币政策在指标品质、传导机制、操作工具等方面目渐面临全新的挑战和选择。本文在全面总结国外研究成果和实践活动的基础上提出,衍生品的大量交易对货币政策形成了新的挑战,削弱了传统金融指标信息含义,致使货币政策传导日益复杂化。而在另一方面,衍生品提供了新的政策工具和信息采集渠道,有助于改进货币政策的制定和操作。无论是机遇还是挑战,都迫切要求贷币当局改进货币政策。
For nearly three decades, derivatives have become the fastest-growing and most traded financial instrument in the international capital markets for their outstanding trading functions and innovative qualities. In line with the rapid development of the derivatives market, profound changes have taken place in the structure of the modern market and in the economic system. Under this condition, monetary policy gradually faces new challenges and choices in terms of indicator quality, transmission mechanism and operation tools. Based on a comprehensive review of foreign research achievements and practical activities, this paper argues that a large number of transactions of derivatives have posed new challenges to monetary policy and weakened the meaning of traditional financial indicators, resulting in the increasingly complicated monetary policy transmission. Derivatives, on the other hand, provide new policy tools and information gathering channels that help to improve the design and operation of monetary policy. Neither opportunities nor challenges urgently require monetary authorities to improve monetary policy.