摘要
货币政策是货币当局对经济进行宏观调控的重要工具,政策的有效性首先取决于金融领域的传导机制。长期以来我国的货币政策一直以银行信贷为主要传导枢纽,但随着资本市场的发展,其传导功能将日益强化。本文通过实证分析,建议实施货币政策时应充分考虑资本市场对货币政策传导功能的影响。
Monetary policy is the important tool for currency authority to regulate and control the macro-economy, the policy validity primarily is decided by the conduction mechanism. Bank credit is the main conduction key position for monetary policy and its conduction function strengthens as the capital market develops. By positive analyses, this paper suggests that fully consider the influence of capital market on the monetary policy when implementing monetary policy.
出处
《审计与经济研究》
北大核心
2005年第6期62-66,共5页
Journal of Audit & Economics
关键词
证券市场
联动性
货币政策
传导机制
stock market
linkage
monetary, policy
conduction mechanism
