新常态下中国货币政策工具的选择

发布时间：2018-01-10 12:20

本文关键词：新常态下中国货币政策工具的选择　出处：《新金融》2015年08期 　论文类型：期刊论文

【摘要】：中国利率市场化改革进入贷款利率全面放开、存款利率上限管理的阶段,离利率全面市场化仅一步之遥。当前央行货币政策调控主要依靠信贷规划管理,文章剖析信贷规划管理在控制M2和解决流动性泛滥问题中的高效性及其局限性,建议在存款利率全面市场化后逐渐淡化信贷规划,更多采用公开市场操作、定向法定存款准备金率等工具,发挥利率传导机制作用,实现由行政干预向市场调控转变的目标。
[Abstract]:The reform of interest rate marketization in China has entered the stage of full liberalization of the loan interest rate and the management of the upper limit of deposit interest rate, which is only one step away from the overall marketization of interest rate. At present, the monetary policy regulation of the central bank mainly relies on credit planning management. This paper analyzes the efficiency and limitation of credit planning management in controlling M2 and solving the problem of overflowing liquidity, and suggests that the credit planning should be gradually desalinated after the deposit interest rate is fully marketed, and more open market operations should be adopted. The directed legal deposit reserve ratio and other tools play the role of interest rate transmission mechanism to achieve the goal of transforming from administrative intervention to market regulation and control.
【作者单位】：广东金融学院经济与贸易系;
【基金】：2012年度广东省社科规划项目:基于金融消费者保护视角的衍生工具交易后风险与监管问题的研究(GD12CYJ05)的阶段性成果
【分类号】：F822.0
【正文快照】： 引言我国自1996年开启利率市场化改革,近年来,渐进式利率市场化改革进入加速发展阶段,2013年7月贷款利率下限被取消,实现了贷款利率的全面放开;2015年3月金融机构存款利率浮动区间的上限由存款基准利率的1.2倍调整为1.3倍,逐步放宽存款利率上限管理意味着我国利率市场化改革已

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