摘要
开放经济下,中国货币供应量受制于外汇储备使货币政策丧失独立性。双顺差积聚起的巨额外汇储备是影响中国货币政策独立性的主要因素,通货膨胀也与货币政策的内生有关。应该改善一直以来实施的强制结售汇制度为意愿结售汇制度,加速利率市场化进程,尽快打通货币市场利率与金融机构存贷款利率的传导渠道,提高货币政策的效率,才能从根本上避免长期使用外汇冲销干预带来的各种政策弊端和机制扭曲。
In the open economy, China＇s monetary supply is subject to its foreign reserve, which affects the independence of the monetary policy. The twin surplus led to the huge foreign reserve, the main factor behind the endogenous monetary policy. The inflation in recent years is also closely related to it. The mandatory exchange settlement and sales system should be abolished and free will should be respected. Interest rate liberalization should be sped up. The channels for the interaction between interest rate on money market and deposit and loan rates of commercial banks should be constructed as soon as possible. Only in this way, can the effectiveness of monetary policy be strengthened. The negative effects of long-term offsetting intervention by central banks and mechanism distortion can also be eliminated.
出处
《广东金融学院学报》
CSSCI
北大核心
2009年第3期56-65,共10页
Journal of Guangdong University of Finance
关键词
货币政策独立性
外汇储备
基础货币
the independence of monetary policy
foreign exchange
monetary base
