【作者】 谢振忠；

【导师】 朱解放；

【作者基本信息】 陕西师范大学 ， 政治经济学， 2002， 硕士

【摘要】 金融是现代市场经济的核心。无论是发达的市场经济国家还是处于向市场经济转型时期的国家，货币政策都处于十分重要的地位。中国人民银行自1984年单独行使中央银行职能以来，在不同时期制定和执行了一系列货币政策，对特定时期的经济发展起到了不同程度的作用。然而，由于历史和体制的原因，即使是在社会主义市场经济体制初步建立的今天，货币政策的效应仍然受到多种因素的影响。货币政策对于货币供应量，从而对于宏观经济的调控作用发挥的还不够充分，还不能完全实现中央银行的预期。论文从我国货币政策制定和实施的历史沿革出发，重点分析现实经济中影响货币政策效应发挥的因素，并提出相应的政策建议。 论文包括四个部分的内容。 第一部分，货币政策理论的简要回顾。从货币政策目标、货币政策工具和货币政策传导机制等方面简要地阐述了贯穿论文始终的货币政策的相关理论。 第二部分，我国货币政策实施的历史考察。以我国货币政策传导机制的变化为核心，分阶段地回顾了我国从1984年建立中央银行制度到2001年，货币政策实施的历史沿革。这一时期，我国货币政策目标、货币政策工具以及货币政策传导机制的变化可以分为三个阶段：第一阶段(1984年—1993年)，第二阶段(1994年—1997年)，第三阶段(1998年—2001年)。 第三部分，影响我国货币政策效应的若干因素。货币政策是一个极其复杂的政策体系，受到现实经济生活中诸多因素的干扰。本部分就目前和今后一段时期内对货币政策执行效果产生较大影响的四个方面进行了分析。这四个方面分别是：货币政策传导机制的障碍，货币政策刺激需求的有限性，货币市场对货币政策效果的影响和金融创新对货币政策效果的影响。 第四部分，提高我国货币政策效果的政策建议。通过对以上干扰性因素的分析，提出了改进和提高我国货币政策效应的几点政策建议。其中包括：实现货币政策工具在区域上的优化配置，完善货币政策传导机制，完善货币市场，货币政策与财政政策的协调配合以及采取相关措施应对金融创新。 在已有研究成果的基础上，本文主要提出了以下两点见解： 1、加入WTO后，金融创新对我国货币政策执行效果的影响将日趋显著。 在货币政策中介指标方面，金融创新降低了目前作为中介指标的货币供应量的可靠性，主要是模糊了货币供应层次的划分，扩大了货币供应的主体，削弱了货币供应量与货币政策目标之间的相关性。在货币政策工具方面，削弱了存款准备金的效力，降低了再贴现政策的效果。并且，金融创新部分改变了货币政策的传导机制。同时，金融创新在转移和分散风险的同时造成的新的风险也给货币政策的效果带来了不确定性。 2、货币政策工具因其属性不同，在不同地理区域上传导货币政策的意图时产生的效果也不同，中央银行应从实际出发，优化货币政策工具在区域上的配置。 这些优化措施包括：实行有差别的存款准备金政策，鉴于西部地区货币乘数远低于东部地区的客观事实，对发达地区的存款准备金率可以规定得高一些，不发达地区低一些，使存款准备金真正起到调节地区间资金平衡的作用；实行全国性的再贴现政策，全国统一的再贴现率有助于发挥资金的导向和结构调节功能；实现货币市场、债券市场的优化配置，提高公开市场业务操作水平，东部地区依靠金融市场较为发达的优势，大力发展货币市场，扩大市场交易主体，扩大和增强货币市场的交易规模和流动性：西部地区则把重点放在债券市场上，争取多发放国家西部开发重点建设债券，同时建立国家债券的柜台交易制度，提高债券的流动性。更多还原

【Abstract】 Finance is the core of modern market economy.And monetary policy plays a significant role either in countries with developed market economy or those in the market economy changeover stage. Since the People’s Bank of China alone started to serves as the central bank in the year 1984, it has set down and carried out a series of monetary policies in various periods, and they have played different part in the economic development in specific phrases. However, due to the historical or systematic reasons, monetary policies have not been taken best advantage of, and still under the influence of many factors even if today when we have set up the initiative market economy system. Monetary policy have not been fully implemented in the control of money supply and the macro-economy, it failed to reach the expectation of the central bank. This thesis put great emphasis on the analysis on various factors working on monetary policy in our existing economy and putting forward correspondent suggestive policy as per the establishment and historical innovation of monetary policy of our state.The Thesis contains four chapters:Chapter 1, Brief introduction of monetary policy theories. It introduces the basic theories involved as the bases for monetary policy, which includes monetary policy target, monetary policy tools and monetary policy transmit mechanism, etc.Chapter 2 Retrospection on the fulfillment of monetary policy of our country. It traces back the innovation of our monetary policy till the year 2001 from the year 1984 when our country set up central banking system, taking the changes of monetary policy mechanism as the core. Within this period, the innovation of monetary policy target, monetary policy tools and monetary policy mechanism of our state can be divided into three phases: Phase 1 (1984-1993), phase 2 (1994-1997) and phase 3 (1998-2001)Chapter 3, Various factors influencing the fulfillment of monetary policy of our state. Monetary policy is so complicated a system that it is impacted by many factors from our existing economic reality. This chapter puts emphasis on the analysis from four respects only which work greatly on our monetary policy at present and in the coming future. They are: the impediments of monetary policy mechanism, the demand-stimulating limitation of monetary policy, and the impact on the monetarypolicy from monetary market and the impulse on monetary policy from finance innovation.Chapter 4, Suggestive proposals to improve the fulfillment of monetary policy. Some proposals are put forward based on the analysis of factor above-mentioned so as to enhance the implement of our monetary policy. It includes: to optimize the localized allocation of monetary policy tools, to improve the monetary policy transit mechanism; to better monetary market, to coordinate more efficiently between monetary policy and financial policy, and concrete measures to take to follow finance innovation.Two points are raised in addition to the achievement ever made in this thesis:Point 1. The impact on fulfillment of monetary policy "from finance innovation after our access into WTO.Regarding medium objective of monetary policy, finance innovation lower down the reliability of monetary supply as medi index. It seriously blurs the desired borderlines of monetary supply, strengthen the principal body of monetary supply, and weaken the correlation between monetary supply and the targets of monetary policy. As for monetary policy tools, it impairs the strength of reserve requirement and functions of rediscount policy. Furthermore, finance innovation partly changes monetary policy mechanism. Meanwhile, New risks arising from the avoiding or dispersing of the risks by finance innovation bring more unreliability to our monetary policy.Point 2 .Due to the diverse nature of monetary policy, it plays a different part in transmitting the purpose of monetary policy across various geographical regions. The central bank should optimize the localized allocation of monetary policy with a view to the existi更多还原