【摘要】：實現(xiàn)貨幣政策最終目標的關(guān)鍵要意就決定于準確的選擇貨幣政策的中介目標，貨幣政策的傳導(dǎo)機制是不是能夠很好的運行，運行過程是不是足夠順暢都與貨幣政策中介目標的可測性，可控性和相關(guān)性有著密切關(guān)系。一個國家要選擇一種適合本國經(jīng)濟的經(jīng)濟指標作為該國的中介目標需要考慮很多問題。不僅要考察此種中介目標的可測性、可控性和相關(guān)性，還要根據(jù)各國當時所處的金融環(huán)境對各種經(jīng)濟指標進行篩選，從而選出最適合的指標成為貨幣政策的中介目標。 目前，我國正處于由美國次貸危機引發(fā)的全球性金融危機后的經(jīng)濟復(fù)蘇階段，貨幣供應(yīng)量仍舊作為我國唯一的貨幣政策中介目標被沿用至今。但隨著經(jīng)濟全球化步伐的加快，我國的經(jīng)濟環(huán)境也在隨著不斷的更替，我國目前使用的中介目標：貨幣供應(yīng)量的不適宜性已經(jīng)逐漸顯露出來。這主要表現(xiàn)在我國的基礎(chǔ)貨幣不斷顯現(xiàn)出的內(nèi)生性、貨幣的流通速度和貨幣乘數(shù)的不穩(wěn)定性等問題上。在世界上很多國家都根據(jù)本國的國情在使用通貨膨脹率、利率、或者匯率作為本國的中介目標，，選擇這些經(jīng)濟指標作為中介目標對其經(jīng)濟運行環(huán)境都有著特定的要求，而在當前這一特殊時期我國所處的經(jīng)濟環(huán)境還不是非常成熟，還沒有完全具備上述三種備選的中介目標所需要達到的條件。所以在我國目前的經(jīng)濟環(huán)境下，我國還應(yīng)繼續(xù)采用以貨幣供應(yīng)量做為貨幣政策的中介目標，同時對以貨幣供應(yīng)量為中介目標的傳導(dǎo)機制作出進一步的完善，提出一系列改進措施：重新修訂貨幣供應(yīng)量的統(tǒng)計口徑；完善外匯管理制度；疏通貨幣政策的傳導(dǎo)機制；提高中央銀行的獨立性等。但是隨著經(jīng)濟的不斷發(fā)展，經(jīng)濟全球化全面覆蓋，貨幣供應(yīng)量的有效性降低是不能被改變的，我們應(yīng)該積極的推進利率的市場化，為將來我國從以貨幣供應(yīng)量為貨幣政策中介目標轉(zhuǎn)變?yōu)橐岳蕿橹薪槟繕藙?chuàng)造條件。
[Abstract]:The key to realize the ultimate goal of monetary policy is to decide on the medium goal of the accurate choice of monetary policy, whether the conduction mechanism of monetary policy can be operated well, whether the operation process is sufficiently smooth and the measurable property of the intermediary target of the monetary policy, The controllability and the correlation are closely related. A country would need to consider a number of issues as the country's intermediary goal by selecting an economic indicator suitable for its economy. It is not only to study the measurability, controllability and correlation of such an intermediate target, but also to filter various economic indicators according to the financial environment at that time, so as to select the most suitable index to be the medium target of monetary policy. At present, China is in the stage of economic recovery after the global financial crisis triggered by the American subprime crisis, and the supply of money is still used as the only medium target of the monetary policy in China. But with the acceleration of the pace of economic globalization, the economic environment of our country is changing with the changing of the economy. This is mainly manifested in the inner-nature, the circulation speed of the currency and the instability of the currency multiplier in the basic currency of our country. On the basis of national conditions, many countries in the world use the inflation rate, the interest rate, or the exchange rate as the intermediary goal of the country, and choose these economic indicators as the intermediary target to have specific needs for their economic operation environment In the present special period, the economic environment in which our country is located is not very mature yet, and there is no one that needs to be achieved by the above-mentioned three alternative intermediate targets Therefore, in the present economic environment of our country, our country should continue to use the monetary supply as the medium target of monetary policy, and at the same time, make further improvement to the conduction mechanism of the medium target of the money supply, and put forward a series of improvement measures. Application: re-revise the statistical diameter of the money supply; improve the foreign exchange management system; dredge the conduction mechanism of monetary policy; and improve the independence of the central bank However, with the development of the economy and the comprehensive coverage of the economic globalization, the effectiveness of the money supply is not changed, and we should actively promote the market of interest rate In the future, we change from the money supply to the medium target of the monetary policy to create the strip with the interest rate as the intermediate target
【學位授予單位】：山東財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F822.0;F224

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