【作者】 卢紫珺；

【导师】 孙森；

【作者基本信息】 天津财经大学 ， 金融学， 2008， 硕士

【摘要】 货币政策作为一项重要而有效的宏观调控工具,在保证币值稳定、促进宏观经济平稳增长等方面发挥着重要作用。然而,20世纪80年代,席卷而来的金融创新在推动经济发展的同时,也给货币政策提出了新的挑战,不断减弱了货币政策的作用效果,因此,如何回避金融创新的不利影响以更好的发挥货币政策的效果成为了经济学界研究的重要课题。金融创新是金融业务、金融组织结构和金融制度等方面的创新,必然会对货币政策产生重要影响。金融创新削弱了货币政策中介目标的可测性、可控性和相关性,弱化了存款准备金率和再贴现政策的效果。发达国家面对席卷而来的金融创新,不断调整其货币政策中介目标,并逐步放弃了存款准备金率和再贴现政策,积极采用公开市场业务以及公告操作等新型工具调节经济。随着我国金融创新的深入,我国的货币政策也做出了较大的变革,但是,当前的货币政策不论是在中介目标的选取上,还是在政策工具的采用上都不能很好的适应金融创新的步伐,这极大的妨碍了货币政策的执行效果。为此,我国的货币政策应从改进货币政策中介目标、创新货币政策工具、积极推进利率市场化、完善汇率形成机制、发展金融市场等方面加以完善。要适当调整货币政策中介目标,逐步构建多变量的一揽子中介目标;在完善现有货币政策工具的同时,创设新型的政策工具;应进一步疏通货币政策传导的信贷、利率、资产价格以及汇率渠道,提高传导效率,增强货币政策有效性。更多还原

【Abstract】 Monetary policy was used as a very important instrument in making the stability of currency and improving the macro economy, however, since 1980’s, with the development of financial innovation, the effect of monetary policy has weakened. Therefore how to avoid the adverse effect of financial innovation and make monetary policy play better has become an important study in economic area.Financial innovation is the innovation of finance business, finance framework of organization and finance system, and it has an important effect on monetary policy. Financial innovation reduce the measure nature, controllable nature and correlativity of monetary policy intermediary agent target, weaken the implemental effect of required reserves rates and retrocession policy. In order to deal with the challenge of financial innovation, the developed countries have transformed their monetary policy intermediary agent target, seldom used the required reserves rates and retrocession policy, but used the monetary policy operation and other new tools frequently.With the development of financial innovation, our country’s monetary policy has transformed significantly, but it still can not adapts to the step of financial innovation, thus decrease the effect of monetary policy. Therefore, we should improve the monetary policy intermediary agent target, adopt the new tool of monetary policy, and dredge each monetary policy conduction channels.Perfect simultaneous now having a tool of monetary policy, and adopt the new tool of monetary policy. Dredge each monetary policy conduction channels, including credit, interest rate, assets price and exchange rate channel, improves conduction efficiency, and strengthens monetary policy validity.更多还原