“中国式”调息、金融管制与信贷扭曲

发布时间：2018-04-10 23:18

本文选题：数量型货币政策 + 信贷配给　；参考：《国际经济评论》2011年02期

【摘要】："中国式"调息不同于美国、日本的调息。"价"、"量"并举的"中国式"货币政策揭示了利率扭曲与信贷配给的长期共存。只有当利率长期低于市场均衡水平时,控制信贷才能成为有效的资金供给方式。所以,"中国式"调息并不是一种市场化的货币政策行为,而是标准的管制政策。若想解决问题,仅靠利率市场化是不完全的,缺乏竞争、以风险最小化为主要目标、行政化色彩浓厚的金融机构同样无法实现资金的有效配置。民间金融的存在,部分地解决了管制带来的租值耗散问题,促成资源的有效配置。但是,如果不能放开金融部门准入,民间金融机构就会缺乏上进的动力,将长期徘徊于低水平状态竞争,同样不利于中国金融系统的发展。
[Abstract]:The Chinese interest rate adjustment is different from that of the United States and Japan. "The combination of price and quantity reveals the long-term coexistence of interest rate distortion and credit rationing.Only when the interest rate is below the market equilibrium level for a long time, can the credit control become an effective way to supply funds.Therefore, Chinese interest rate adjustment is not a market-oriented monetary policy behavior, but a standard regulatory policy.If we want to solve the problem, only relying on the interest rate marketization is incomplete, lack of competition, risk minimization as the main goal, the administrative color of the financial institutions can not achieve the effective allocation of funds.The existence of private finance partly solves the problem of rent dissipation caused by regulation and promotes the effective allocation of resources.However, if the financial sector can not be liberalized, private financial institutions will lack the motivation to advance, and will linger in a low level of competition for a long time, which is also detrimental to the development of China's financial system.
【作者单位】：北京大学国家发展研究院;
【分类号】：F822.0;F832.1;F832.4

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