【作者】 吴军；

【机构】 对外经济贸易大学金融学院；

【摘要】 本文从经济的总体均衡角度,探索资本市场逐步发展、完善所引致的金融格局变化对货币政策的影响,主要讨论和解决这样四个方面的问题:(1)货币与商品的对立,是价值实体与价值形态的第一次分离,并由此而使流通领域分化为商品市场和货币市场;资本、证券与货币的鼎立,是价值实体与价值形态的第二次分离,由此而使相对独立的资本市场形成并逐渐成熟,从而造就了宏观经济中商品市场、货币市场和资本市场三足鼎立的格局。(2)在“二次分离”理论的基础上,提出了资本市场的均衡机制包含资本的供求关系和金融资产的供求关系,分别构造出这两个方面供求关系的简单模型,研究了资本市场的均衡条件,并分析了资本市场均衡机制的复杂性对加深经济非均衡性的影响。(3)在宏观经济方面,资本市场是联系商品市场和货币市场的纽带或桥梁;而资本市场的自身均衡,则是实现总体经济均衡的中间环节。(4)在资本市场的生成并逐渐成熟、与商品市场和货币市场并立的条件下,资本市场因素会影响到货币政策的传导和实施效果。因此,在制定和实施货币政策时,需要考虑资本市场的货币容纳量问题、证券交易对利率政策的反应问题,并且应该将证券价格指数编制到货币政策目标的物价指标体系中。更多还原

【Abstract】 From the perspective of macro-economic equilibrium, the paper discusses the impact of the change of financial structure, which is resulted from the gradual development and perfection of capital market, on the monetary policy. It mainly covers the following four issues: (1) The coexistence of currency and commodities is the separation of the form of value from the substance of value for the first time. The market is divided into commodity market and money market. The coexistence of capital, securities and money is the separation of the form of value from the substance of value for the second time. It leads to the creation and gradual maturing of relatively independent capital market and the market is divided into commodity market, money market and capital market. (2) On the basis of the “Twice-Separation Theory”, it is proposed that the equilibrium mechanism of capital market includes supply and demand relationship of capital and that of financial assets. Two simple models for these two relationships are established. The equilibrium condition of the capital market is discussed and the impact of the complexity of capital market equilibrium mechanism on economic imbalance is analyzed. (3) On the macro-economic stand, capital market is the bridge linking the commodity market and the money market. And the capital market’s own equilibrium is the intermediary target in achieving the overall economic equilibrium. (4) When the capital market is created, matures and coexists with commodity market and money market, the capital market factors will have a great impact on the transmission and effectiveness of monetary policies. Therefore, when we formulate and implement the monetary policy, we should consider the amount of currency sunk in the capital market, and the reaction of securities trading on interest rate policy. We should also incorporate the securities price index into the price index systems for monetary policy purpose.更多还原