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我国货币政策中介目标作用机制的实证检验与比较
引用本文:吴培新.我国货币政策中介目标作用机制的实证检验与比较[J].中国货币市场,2008(3):31-35.
作者姓名:吴培新
作者单位:中国人民银行上海总部调查统计研究部
摘    要:在不同时期,我国采用不同的货币数量指标作为货币政策的中介目标。该研究以货币经济理论为基础,运用计量经济方法,对自1992年以来货币政策的传导机制,以1998年为分界点进行了分时段比较分析。总体而言,在1997年底以前,信贷规模是货币政策的中介目标;1998年初以后,货币供应量M2则是中介目标,同时也是货币政策的操作目标。

关 键 词:韩国  公司债市场  信用评级

The transmission mechanisms of China's inter- mediate monetary targets: A comparative analysis
Wu Peixin.The transmission mechanisms of China's inter- mediate monetary targets: A comparative analysis[J].China Money,2008(3):31-35.
Authors:Wu Peixin
Institution:Wu Peixin( Statistics and Research Department, the PBC Shanghai Head Office)
Abstract:In different periods, China chose varying quantity indicators as intermediate monetary targets. Based on the theory of monetary economics as well as econometric methods, this paper makes a comparative analysis on the different monetary transmission mechanisms before and after the beginning of 1998. As a whole, credit was the intermediate target before end-1997; after the beginning of 1998, money supply M2 became the intermediate target and operation target of China's monetary policy.
Keywords:South Korea  corporate bond market  credit rating  
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