本文選題：貨幣政策 + 信貸渠道　； 參考：《當(dāng)代財(cái)經(jīng)》2010年11期

【摘要】：貨幣政策"信貸渠道"是基于價(jià)格傳導(dǎo)機(jī)制的放大效應(yīng),不能將其與"信貸配給"相混淆,而應(yīng)理解為直接通過(guò)信貸供給的變動(dòng)作用于實(shí)體經(jīng)濟(jì)的數(shù)量傳導(dǎo)機(jī)制。運(yùn)用CC-LM模型和貸款供給函數(shù)分析我國(guó)貨幣政策信貸渠道傳導(dǎo)機(jī)制,并運(yùn)用動(dòng)態(tài)廣義矩方法進(jìn)一步估計(jì)我國(guó)貨幣政策貸款供給函數(shù)后得知:第一,雖然我國(guó)滿足"信貸渠道"必須的金融摩擦條件,但是其所依附的價(jià)格傳導(dǎo)機(jī)制并不暢通,無(wú)法放大貨幣政策的效果。第二,我國(guó)壟斷性的銀行業(yè)結(jié)構(gòu)會(huì)影響貨幣政策的信貸傳導(dǎo)機(jī)制。因此,未來(lái)的貨幣政策渠道將以規(guī)范化的利率渠道作為貨幣政策傳導(dǎo)的主體,而信貸渠道應(yīng)作為貨幣政策傳導(dǎo)的"輔助性"機(jī)制存在。
[Abstract]:The monetary policy "credit channel" is based on the amplification effect of price transmission mechanism, which can not be confused with "credit rationing", but should be understood as the quantitative transmission mechanism acting directly on the real economy through the change of credit supply. CC-LM model and loan supply function are used to analyze the transmission mechanism of monetary policy credit channel in China, and the dynamic generalized moment method is used to further estimate the supply function of monetary policy loan in China. The results are as follows: first, Although our country satisfies the necessary financial frictional condition of "credit channel", the price transmission mechanism it depends on is not smooth and can not amplify the effect of monetary policy. Secondly, the monopoly banking structure will affect the credit transmission mechanism of monetary policy. Therefore, the future monetary policy channel will take the standardized interest rate channel as the monetary policy transmission main body, but the credit channel should be the monetary policy transmission "auxiliary" mechanism to exist.
【作者單位】： 南開大學(xué)經(jīng)濟(jì)學(xué)院金融系;
【基金】：教育部重大攻關(guān)項(xiàng)目(09JZD0016),教育部重點(diǎn)研究基地重大項(xiàng)目(2009JJD790027) 國(guó)家自然科學(xué)基金項(xiàng)目(70773061)
【分類號(hào)】：F822.0
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本文編號(hào)：1923114