文档介绍：我国的货币政策传导渠道: 加入资本市场冲击后的全面考虑
The ary Policy Transmission Channels in China: An Overall
Thinking Facing the Shocks From Capital Market
张伟
北京大学经济学院01级硕士研究生
专业:金融学
导师:刘宇飞老师
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摘要
资本市场在我国宏观经济,尤其是金融市场中的作用越来越重要。资本市场的发展给货币政策的传导带来了一条全新的渠道,但是这条渠道一直都被我国中央银行所忽视。作为一国金融市场和宏观经济掌舵者的中央银行是否应该高度关注货币政策的这条传导渠道呢?本文试图从实证的角度对这个问题给出回答。
文章详细考察了我国货币政策三种传导渠道:传统的货币渠道、信贷渠道和资产价格渠道,通过实证分析发现,我国目前最主要的渠道仍为传统的货币渠道,但是这一渠道与发达市场经济国家的传导不同。虽然经济学家早就给出了资产价格传导渠道的理论分析,但是实证研究表明,这条渠道目前在我国市场上是不通畅的。
关键词:货币政策传导渠道资本市场资产价格
Abstract
Capital market plays a more and more important role in China’s economy, especially in the financial market. The development of capital market brings a brand new channel to ary policy transmission, but this channel has long been neglected by the central bank. As the steersman of the financial market and economy, should the central bank pay much attention to this channel? This paper tries to give a solution to this problem from the perspective of empirical test.
This paper examines three ary transmission channels carefully: traditional ary channel, credit channel and asset price channel. The empirical test shows that traditional ary channel is still the main transmission channel in China, but this channel is different from that in countries with developed market economy. Although economists have given a