【作者】 李杨；

【导师】 蒲艳萍；

【作者基本信息】 重庆大学 ， 产业经济学， 2007， 硕士

【摘要】 1994年始中国货币政策调控方式由直接调控向间接调控转变,而这一时期正是我国经济结构调整、平稳发展的重要时期,货币政策能否顺利传导到实体经济,传导机制是否有效运行是这一时期的关键问题。并且转轨经济期货币政策传导机制是一个具有中国特征性的经济问题,也是一个目前急待探讨的问题。本文在对中外学者关于货币政策传导机制研究的相关文献资料及已有的研究成果进行梳理的基础上,对转轨以来我国货币政策传导的途径进行了实践、实证分析,还对比研究了转轨期货币政策传导的各环节的体制、特征、阻塞问题,得出如下结论:①经济转轨期货币政策从转轨前的单一信贷配额传导方式转变为多途径搭配传导方式。在现有传导途径中,利率和信贷是主要传导途径,对我国货币政策传导机制所处时期的准确定位是从信贷传导过渡到利率传导的过渡期。在这期间,利率作为中介指标正在发挥重要的作用,但利率市场化的落实和具体操作、信贷的国有色彩的淡化、资产价格的传导多样性、汇率具有传导效果的浮动调整都是传导途径畅通中的重点与难点。②因为中国经济体制转变,所以产生了独特的货币政策传导环节阻塞现象。对货币政策传导的四个主要环节中央银行、金融市场、金融机构、企业和居民进行时间序列、环比数据、横向对比等分析得出的结论是:货币政策传导环节阻塞是由于存在中央银行独立性不强,金融市场结构的分散和狭隘,金融机构的国有性质过重和企业的信贷依赖性等问题引起的,地区金融发展的不平衡也在一定程度上影响了货币政策的有效传导。③提高我国转轨期货币政策传导效率的建议是:1)规范和完善金融市场2)国有银行的自身完善,建立平等对待企业机制;3)健全国有企业的现代企业制度;4)全面建立与推广消费者信贷体系;5)不同经济区域实行不同的货币政策。更多还原

【Abstract】 From 1994. Chinese monetary policy transformed by the direct regulation to the indirect regulation. moreover this time is important time to readjust the economic structure and to develop steadily in our country. whether the monetary policy conducts to the entity economy and the conduction mechanism whether effective movement smoothly is this time key question. Monetary policy transmission mechanism in Chinese transformed period is one the economic problem of Chinese characteristic. also is a question to discuss urgently at the present.With reference to the research results and resources home and abroad. also on the basis of analyzing the channel of monetary policy transmission in Chinese transformed period by practice and real diagnosis mothed. and contrasted study monetary policy transmission various links’system . characteristic and blocking. this paper reaches conclusions as follows:①In the economical transfer time. monetary policy transforms from the sole credit quota transmission channel into the multi-channel matching transmission. Now. the primarily transmission channel is the interest rate and the credit. accurate localization to our country monetary policy transmission mechanism is transition-period that transits from the credit to the interest rate. In this period. the interest rate took the intermediary target is playing the vital role. but the key point and the difficulty are interest rate marketability realization and concrete operation. credit state-owned color desalination. asset price transmission multiplicity. exchange-rate effectly fluctuation adjustment.②As a result of Chinese economic transformed. has had the unique monetary policy transmission link blocking phenomenon. Through analyzing the four key links Central Bank. the financial market. the financial organ and the enterprise with resident by time series analysis. by data analysis. crosswise contrast analysis obtains are: Monetary policy transmission link blocking is caused that Central Bank is dependence. financial market structure is dispersible and narrowness. the financial organ’s state-owned nature overweight and enterprise seriously dependent credit. also the local financial development is not balanced to affect validity of monetary policy transmission.③On the basis of comprehensive evaluation. this thesis gives some suggestions on enhancing the efficiency of monetary policy transmission in transition period: 1) standard and consummate financial market; 2)consummate state-owned bank. establish the equality of treatment enterprise mechanism; 3) perfect modern enterprise system; 4)establish and promote the consumer credit system comprehensively; 5) the different economic region implements the different monetary policy.更多还原