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| 文章编号：1672-3104(2004)04-0450-04 |
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金融创新对货币政策传导的影响 |
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岳意定,赵振华 |
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（中南大学商学院,湖南长沙,410083） |
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| 摘 要： 货币政策要发挥作用,必须通过其传导机制来实现。金融创新的不断发展大大削弱了传统的货币政策传导机制的理论基础,使货币政策传导需要考虑的因素多元化,传导途径变得复杂化,基于此,提出了货币政策传导机制的分析框架,探讨了金融创新对货币政策传导渠道中的各个要素的影响,指出金融创新改变每种传导渠道的相对重要性,使货币政策传导同时受到加强和削弱的效果,即金融创新对货币政策传导的影响具有非平衡性。 |
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| 关键词： 货币政策传导;放松金融管制;资产证券化;金融衍生工具;风险管理 |
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The influence of financial innovation on monetary policy transmission |
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YUE Yi-ding,ZHAO Zhen-hua |
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（School of Business, Central South University, Changsha 410083, China） |
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| Abstract: Monetary policy puts into effect through its transmission mechanism. Financial innovation however, greatly cripples the theory basis of monetary policy transmission. More and more factors should be considered and transmission channels become perplexing. This paper firstly lays out an analytical framework of monetary policy transmission mechanism———three kinds ofmain transmission channels. Then, it probes into howfour forms of financial innovation influence the elements of the above framework. Based on the analysis, it points out that financial innovation changes the comparative importance of each transmission channel. Monetary policy effect is strengthened and weakened simultaneously, in other words, financial innovation makes imbalanced influence to monetary policy transmission. |
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Key words: monetary policy transmission; financial deregulation; asset securitization; derivative instrument; risk man-Agement |
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