货币政策透明度规则及中国货币政策实践分析

【作者】 岳国华；

【导师】 刘锡良；

【作者基本信息】 西南财经大学 ， 金融学， 2006， 硕士

【摘要】 20世纪80年以来,许多国家在货币政策实践中逐步增加对货币政策有关信息的披露,为给各国在提高货币政策透明度方面的改革提供支持,国际理论界对货币政策透明度的理论研究也不断深入。国外关于透明度理论研究的内容主要包括:(1)货币政策透明度涵义、内容、分类、要求、规范等基础方面;(2)货币政策透明度历史背景及必要性分析;(3)货币政策透明度对货币政策效果、金融市场的影响;(4)在不同假设条件下透明度要求、成本效益及适度透明度研究;(5)各国货币政策透明度做法比较及透明度发展趋向研究等。我国从1993年开始不断采取各种措施、手段增加对货币政策信息的披露,理论研究方面,在介绍、借鉴国外透明度相关研究成果基础上对透明度理论进行归纳、分析,并利用不同研究方法结合我国实际情况展开分析,但是目前创新的研究成果不多,尤其缺乏对我国货币政策改革具有实际指导意义的成果,对于我国货币政策透明度改革诸方面的问题也尚未形成统一的较为成熟的看法。随着我经济金融体制改革的深入,社会主市场经济体制已经基本确立,宏观管理与调控手段也必须实现由“行政化”到“市场化”的转变。在金融方面,金融体系的不断健全一方面对金融宏观调控提出了市场化、科学化的要求,另一方面也为金融宏观调控的市场化转变提供了基础条件和传导渠道,调控主体与市场的互动性增强,因此要顺利实现金融宏观调控的目标,货币政策的制定与实施必须充分考虑市场的参与者——广大公众对政策的反应及可能的行为调整,在一定程度上提高透明度有助于正确引导公众预期,避免由于信息不对称引起的投机、逆向选择、道德风险等带来的对货币政策的冲击,更好地实现货币政策目标,增加社会福利。当前,中国的透明度改革也越来越受到重视,人民银行也采取了一系列措施努力提高货币政策的透明度。货币政策透明度包含了广泛的内容体系,而且各具体内容对货币政策产生的影响不同,要促使中国货币政策透明度改革的顺利实施,仅仅盲目地披露各种信息是难以达到应有效果的。解决透明度问题的关键在于解决人民银行更多还原

【Abstract】 Many countries have been taking some measures to improve the monetary policy transparency since 80’s 20th century. This has also been a international trend all through the world. As the development of the theories of monetary policy transparency, the central bank of china has also paid much attention to the reform of monetary policy transparency. To make the reform run smoothly, it is critical to enforce the research on transparency and derive a series of regulations of transparency on base of it. Only by this way can we propose some instructive advices for Chinese reform of monetary policy transparency through combining the regulations with the facts in China.The paper introduces many foreign achievements in the research of monetary policy transparency and transparency measures of other countries. Then the paper analyses the regulations of transparency from two aspects of theory and practice, and provide some advices to solve the question of transparency in China. This paper’s structure is as follows:Chapter 1 introduces the raising background of transparency institution in monetary policy and what the transparency means. Chapter 2 discusses the relationships of transparency and inflation, increasing of economic, governance structure of the central bank, etc. this chapter has given a full introduction of theory models and conclusions. Chapter 3 introduces practices on transparency in some central banks as a basement of next chapter. Chapter 4 derives a series of regulations on transparency through analyzing the conclusions and practices on transparency. Chapter 5 combines the regulations and the facts in China and provides some advices to improve Chinese monetary policy transparency and then to improve the effects of monetary policy.更多还原