我国货币政策的信贷传导渠道研究

发布时间：2018-03-13 01:21

本文选题：信贷渠道　切入点：银行贷款　出处：《西南财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：各国的货币政策是通过相应的传导渠道影响实体经济的,而传导渠道的畅通与否直接决定了货币政策的实施效果。西方的经济理论把货币政策传导的传导渠道分为两大类,即货币渠道和信贷渠道,现有的研究成果表明,当前欧美一些发达国家的货币政策主要通过货币渠道来传导,而对于经济发展相对落后的发展中国家,信贷渠道在货币政策传导过程中起主要作用。自1984年确立中央银行制度起,我国才正式形成现代意义上的货币政策。从此,中央银行在很长一段时间内直接控制国内的信贷规模,信贷计划是当时最主要的宏观调控工具,而准备金、利率工具只是辅助的调节工具,因此当时信贷政策在我国货币政策中占主要地位。1998年起,中央银行取消了对商业贷款规模的直接控制,逐步转向间接调控,即通过运用存款准备金等货币政策工具影响商业银行的贷款供应量,进而控制国内的贷款规模,以期达到最终的调控目标。随着货币市场和资本市场的快速发展,我国实施货币政策的经济环境不断发生变化,从而货币政策由基本靠信贷渠道传导向信贷渠道、货币渠道共同传导转变。但是,由于目前我国利率的未完全市场化、管制的有浮动汇率政策以及资本市场的相对不完善等原因,决定了货币渠道的传导效果比较弱,也就是说信贷渠道在我国货币政策传导过程中仍占有重要地位。研究信贷渠道的传导效应不仅能够全面了解我国货币政策传导的信贷渠道,对目前我国该渠道的现状有更为清晰的认识,而且对提高信贷渠道的传导效应也会有一定的现实意义。在现有理论和文献回顾的基础上,文章在理论分析方面首先对我国货币政策信贷传导渠道的存在性进行了探讨,得出我国该渠道存在的结论,然后结合我国的实际情况对该渠道的作用机理进行详尽的分析,最后对影响信贷传导渠道的影响因素从宏观和微观两个层次进行归纳。在对我国货币政策的信贷传导渠道有个理论上的认识以后,文章利用计量经济模型对其两个阶段进行实证研究。最后根据研究的结论提出相应的政策建议,以期为疏通我国货币政策信的信贷传导渠道提供相应的参考。与以往研究相比,本文的主要特点在于：第一,较为系统地分析目前影响我国信贷渠道发挥作用的主要因素,随着我国经济的快速发展,我国货币政策的经济环境和微观基础不断发生变化,这无疑使我国货币政策传导更具复杂性。而信贷渠道作为极为重要的传导渠道,它的传导效果也将决定了货币政策的最终效应,因此对其影响因素进行分析尤为重要,而现有文献鲜有对此的研究。第二,定性分析与定量研究相结合,文章结合我国货币政策信贷传导渠道的实际情况,对一些经济变量进行了描述性统计分析,并运用相应实证方法研究了我国货币政策信贷传导渠道的效应,以准确得出该渠道所发挥的作用以及存在的问题。
[Abstract]:The monetary policy of all countries is through the corresponding transmission channels of the real economy, and the conduction channels directly determines the effect of monetary policy. The western economic theory of the transmission channel of monetary policy transmission is divided into two categories, namely the money channel and credit channel, the existing research results show that the current European and US monetary policy in developed countries mainly through the monetary channel conduction, and for the economic development of developing countries is relatively backward, the credit channel plays a major role in monetary policy transmission process.
Since 1984 the establishment of the central bank system, China was officially formed the modern sense of the monetary policy. Since then, the central bank directly control domestic credit scale in a very long period of time, the credit plan was the most important policy tool, and the reserve, interest rate is only an auxiliary adjusting tool, so that the credit policy in China's monetary policy is dominant in the year.1998, the central bank canceled the direct control of commercial loans, gradually to indirect control, is through the use of the impact of the Reserve monetary policy instruments such as the supply of credit of commercial banks, and then control the domestic loan size, in order to achieve control of the ultimate goal.
With the rapid development of the money market and the capital market, the implementation of monetary policy in China's economic environment change constantly, thus basically rely on the credit channel of monetary policy by conducting credit channels, change the monetary channel conduction. However, due to the current interest rate is not fully market-oriented, the control has a relatively imperfect floating exchange rate policy and capital market, determines the transmission effect of monetary channel is relatively weak, that is to say the credit channel still plays an important role in the conduction process of China's monetary policy. The transmission effect of the credit channel can not only study the comprehensive understanding of China's monetary policy transmission channels of credit, have a more clear understanding of the present situation in our country the channel, but also to improve the transmission effect of the credit channel will also have a certain practical significance.
Based on the existing theory and literature review, the paper in the theoretical analysis first of China's monetary policy are discussed, that our country the channels of the conclusion, and then combined with the actual situation in China to analyze the detailed mechanism of the channel, finally impact on the credit transmission the channel influence factors were summarized from two aspects of macro and micro levels. There is a theoretical understanding on the credit channel of monetary policy in our country, this paper makes an empirical study on the two stages by using econometric model. Then according to the conclusion of the study and put forward the corresponding policy recommendations, provide a reference to the credit the transmission channel for dredging the monetary policy of our country of the letter.
Compared with the previous research, is the main characteristics of this paper: first, systematically analysis the main influencing factors of current our country credit channels play a role, with the rapid development of China's economy, China's monetary policy in the economic environment and the micro foundation of changing, it is no doubt that China's monetary policy transmission is more complex. The credit channel is very important as the transmission channel, its conduction effect will determine the ultimate effect of monetary policy, so the analysis is particularly important influence factors, and researches the existing literature rarely. Second, combining qualitative analysis and quantitative analysis, based on the actual situation of the credit channel of monetary policy in China the economic variables on the descriptive statistical analysis, and studied the effect of the credit channel of monetary policy in China by using the corresponding empirical methods to accurately obtain the The role of the channel and the existing problems.

【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F822.0;F832.4

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