经济新常态下我国货币政策工具的创新

发布时间：2018-10-07 19:45

【摘要】：近年来常备借贷便利、中期借贷便利和抵押补充贷款等创新性货币政策工具的推出,增强了中央银行的流动性管理能力以及对市场利率的引导能力,促进了经济结构调整和转型升级。创新性货币政策工具能够弥补市场短期流动性缺口,有效对冲外汇占款下降的影响;引导和优化社会资金流向,支持经济重点领域和薄弱环节发展;减小货币市场利率波动,促进国民经济重点领域、薄弱环节融资成本下降。创新性货币政策工具在实际操作中也存在着市场利率调节和引导渠道不够顺畅、容易引发市场套利风险、增加货币政策调控难度等问题。为此,要明确货币政策操作目标利率,健全利率走廊机制,提高利率政策操作的透明度,完善宏观审慎评估机制,为货币政策调控由数量型向价格型转变创造条件。
[Abstract]:The introduction of innovative monetary policy instruments such as standing lending facilities, medium-term lending facilities and mortgage replenishment in recent years has enhanced the liquidity management capacity of central banks and their ability to guide market interest rates. It has promoted economic restructuring and transformation and upgrading. Innovative monetary policy instruments can make up for short-term liquidity gaps in the market, effectively hedge against the impact of declining foreign exchange holdings, guide and optimize social capital flows, support the development of key areas and weak links of the economy, and reduce interest rate volatility in the money market. The key areas of the national economy were promoted, and the financing costs of weak links fell. Innovative monetary policy tools also have some problems such as market interest rate regulation and guidance channels are not smooth, which can easily lead to market arbitrage risk and increase the difficulty of monetary policy control. Therefore, we should make clear the target interest rate of monetary policy operation, perfect the mechanism of interest rate corridor, improve the transparency of interest rate policy operation, perfect the macroprudential evaluation mechanism, and create conditions for the monetary policy regulation to change from the quantitative to the price type.
【作者单位】：中国人民银行营业管理部;
【分类号】：F822.0

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