本文關(guān)鍵詞： 貨幣政策中介目標(biāo) 利率目標(biāo)制 傳導(dǎo)渠道　出處：《首都經(jīng)濟(jì)貿(mào)易大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：貨幣政策中介目標(biāo)是貨幣政策作用過程中一個(gè)非常重要的環(huán)節(jié)，中介目標(biāo)選擇的正確與否直接關(guān)系到貨幣政策最終目標(biāo)能否實(shí)現(xiàn)。中介目標(biāo)應(yīng)滿足可測(cè)性、可控性與相關(guān)性。隨著金融創(chuàng)新的發(fā)展和經(jīng)濟(jì)環(huán)境的變化，發(fā)達(dá)國家紛紛放棄了貨幣供應(yīng)量中介目標(biāo)制選擇利率中介目標(biāo)制。 自1984年建立中央銀行制度以來，我國貨幣政策中介目標(biāo)實(shí)現(xiàn)了從控制信貸規(guī)模到貨幣供應(yīng)量目標(biāo)制的轉(zhuǎn)變。近年來，放眼世界金融全球化不斷發(fā)展，資本管制措施逐漸失效，利率與匯率的傳導(dǎo)機(jī)制發(fā)生改變；從內(nèi)部環(huán)境看，調(diào)整結(jié)構(gòu)失衡、刺激內(nèi)部需求成為我國經(jīng)濟(jì)政策的主要任務(wù)。伴隨著利率市場(chǎng)化進(jìn)程不斷深入，，我國利率傳導(dǎo)機(jī)制正不斷完善，采用利率作為中介目標(biāo)有力于發(fā)揮利率的杠桿作用，提高貨幣政策的前瞻性、靈活性與針對(duì)性，促進(jìn)我國產(chǎn)出水平和價(jià)格水平的穩(wěn)定。 本文分析了利率市場(chǎng)化背景下，我國實(shí)施利率中介目標(biāo)制的必要性與可行性，并建立VAR模型進(jìn)一步分析貨幣政策市場(chǎng)利率渠道對(duì)宏觀經(jīng)濟(jì)目標(biāo)的影響，并提出確立利率在貨幣政策調(diào)控中的主導(dǎo)地位。繼續(xù)推進(jìn)利率市場(chǎng)化改革，不斷完善貨幣政策操作工具，優(yōu)化利率傳導(dǎo)渠道的政策建議。
[Abstract]:The intermediate target of monetary policy is a very important link in the process of monetary policy action. Whether the intermediate target is right or not is directly related to whether the ultimate goal of monetary policy can be achieved. With the development of financial innovation and the change of economic environment, developed countries have given up money supply intermediary target system to choose interest rate intermediary target system. Since the establishment of the central bank system in 1984, the intermediate target of monetary policy in China has changed from controlling the scale of credit to the target system of money supply. Capital control measures gradually fail and the transmission mechanism between interest rate and exchange rate changes; From the perspective of internal environment, adjusting structural imbalance and stimulating internal demand have become the main task of our country's economic policy. With the deepening of interest rate marketization process, the transmission mechanism of interest rate in our country is constantly improving. The use of interest rate as the intermediate target can exert the leverage of interest rate, improve the foresight, flexibility and pertinence of monetary policy, and promote the stability of output level and price level in China. This paper analyzes the necessity and feasibility of implementing interest rate intermediary target system in China under the background of interest rate marketization, and establishes VAR model to further analyze the influence of interest rate channel of monetary policy market on macroeconomic objectives. It also puts forward some policy suggestions on how to establish the dominant position of interest rate in monetary policy control, continue to push forward the reform of interest rate marketization, improve the operating tools of monetary policy, and optimize the transmission channel of interest rate.
【學(xué)位授予單位】：首都經(jīng)濟(jì)貿(mào)易大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F822.0

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前1條

1 王敏;中國貨幣政策中介目標(biāo)的選擇[D];首都經(jīng)濟(jì)貿(mào)易大學(xué);2015年

本文編號(hào)：1461970