我国存款准备金率政策效应的影响因素分析 以金融制度缺陷为视角

金融制度缺陷是我国存款准备金率调整有效性的重要制约因素。金融二元结构条件下非正式的金融市场不受国家金融监管体系的监测和控制,不能在公开金融统计中直接反映;货币政策多重目标,同时兼顾内外均衡在开放经济条件下是不可能实现的;存款准备金制度尚不完善,其自身的一些缺陷制约了存款准备金率调整的有效性。因此,必须从根本上改革金融制度。一方面以内部均衡为目标,真正实现人民币汇率浮动和利率市场化,这是发挥存款准备金率调整有效性的市场条件;另一方面改革完善存款准备金制度了,这是提高存款准备金率调整有效性的前提条件。

Analysis on the Factors Influencing the Effectiveness of Our Country's Deposit Reserve Ratio——From the View of Defect of the Monetary System

The defect of the monetary system is one of the most important restricting factors to the effect of the adjustment of our country’s deposit reserve ratio. Because of the financial dualism, the informal financial market doesn’t receive control and monitoring from the supervision system and cannot be reflected through the public financial statistics. The multiple goals of the monetary policy and consideration of the external and internal balances can not come true in opening economy. The imperfection of the deposit reserve and its defect also restrict the efficiency of the adjustment of the deposit reserve ratio. So, the profound reform of the financial system should be made. On one hand, to get the internal balance, the marketization of RMB exchange rate floating and interest rate should be turned into reality. It is also the market condition for effectiveness of the deposit reserve ratio. On the other hand, the perfection of the deposit reserve system is the prerequisite to improve the efficiency of the deposit reserve ratio.