经济新常态下货币政策工具的创新:背景、内容与特点
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摘要
经济新常态下宏观调控以供给侧结构性改革为主线。在货币政策由被动型向主动型以及由数量型向价格型转变的过程中,中国人民银行通过调整常规性货币政策工具、补充临时性货币政策工具以及创设定向调控的货币政策工具,有效实现了调节市场流动性、推动供给侧结构性改革以及促进货币市场和金融市场的市场化发展等任务。货币政策工具在经济新常态下的创新不是对传统货币政策工具体系的摒弃,而是对传统货币政策工具体系的补充和完善,使之更好地适应经济新常态下宏观经济发展以及宏观调控的要求。未来,货币政策工具创新以及货币政策体系改革的重点是畅通货币政策由工具目标向中介目标以及最终目标的传导过程,同时亦需要坚持完善货币政策目标体系,深化利率市场化改革,推动金融市场的国际化水平。
The macro-control of the New Normal of China's economy is based on supplyside structural reform. In the process of changing monetary policy from passive to active and from quantitative to price, by adjusting conventional monetary policy tools, supplementing temporary monetary policy tools, and creating monetary policy tools that are set to regulate, the People's Bank of China effectively achieved market liquidity regulation, promoted supply-side structural reforms,and promoted marketization development and other tasks of money markets and financial markets. The innovation of monetary policy tools under the New Normal condition is not abandoning the traditional monetary policy instrument system, but complementing and perfecting the traditional monetary policy instrument system, so that it can better adapt to the requirements of macroeconomic development and macro-control in the New Normal of China's Economy. In the future, the focus of monetary policy tool innovation and monetary policy system reform is to smooth the flow of monetary policy from the tool goal to the intermediate goal and the ultimate goal. At the same time, it is necessary to adhere to the monetary policy target system, deepen the interest rate marketization reform, and promote the internationalization level of financial market.
The macro-control of the New Normal of China's economy is based on supplyside structural reform. In the process of changing monetary policy from passive to active and from quantitative to price, by adjusting conventional monetary policy tools, supplementing temporary monetary policy tools, and creating monetary policy tools that are set to regulate, the People's Bank of China effectively achieved market liquidity regulation, promoted supply-side structural reforms,and promoted marketization development and other tasks of money markets and financial markets. The innovation of monetary policy tools under the New Normal condition is not abandoning the traditional monetary policy instrument system, but complementing and perfecting the traditional monetary policy instrument system, so that it can better adapt to the requirements of macroeconomic development and macro-control in the New Normal of China's Economy. In the future, the focus of monetary policy tool innovation and monetary policy system reform is to smooth the flow of monetary policy from the tool goal to the intermediate goal and the ultimate goal. At the same time, it is necessary to adhere to the monetary policy target system, deepen the interest rate marketization reform, and promote the internationalization level of financial market.
引文
(1)何楠:《货币政策透明度、政策博弈与预期管理》,《当代经济研究》2018年第2期。
(2)刘伟、苏剑:《“新常态”下的中国宏观调控》,《经济科学》2014年第4期。
(3)潘功胜:《新常态下的中国金融改革》,《金融论坛》2015年第6期。
(4)孙丹、李宏瑾:《经济新常态下我国货币政策工具的创新》,《南方金融》2017年第9期。
(5)许光建、吴珊:《全球金融危机以来我国的货币政策工具及其创新》,《行政管理改革》2015年第11期。
(6)徐忠:《经济高质量发展阶段的中国货币调控方式转型》,《金融研究》2018年第4期。
(7)闫先东、张习宁、许贤云:《中央银行预期管理:内涵与手段》,《金融与经济》2018年第9期。
(8)余永定:《中国的双顺差:根源及对策》,《中国金融》2006年第19期。
(2)刘伟、苏剑:《“新常态”下的中国宏观调控》,《经济科学》2014年第4期。
(3)潘功胜:《新常态下的中国金融改革》,《金融论坛》2015年第6期。
(4)孙丹、李宏瑾:《经济新常态下我国货币政策工具的创新》,《南方金融》2017年第9期。
(5)许光建、吴珊:《全球金融危机以来我国的货币政策工具及其创新》,《行政管理改革》2015年第11期。
(6)徐忠:《经济高质量发展阶段的中国货币调控方式转型》,《金融研究》2018年第4期。
(7)闫先东、张习宁、许贤云:《中央银行预期管理:内涵与手段》,《金融与经济》2018年第9期。
(8)余永定:《中国的双顺差:根源及对策》,《中国金融》2006年第19期。