试论我国货币基金的发展及其政策问题

货币基金是伴随货币市场发展而出现的新型金融产品,目前,我国各有关方面也在积极推进货币基金的开展.货币基金依赖于货币市场的一定发展,有着同其他共同基金与金融产品不同的特点,尤其是在税收制度、流动性安排方面,都有其独特之处.即使在发达市场上,货币基金也并非没有风险,其投资组合也有着既定的原则,对此,需要正确认识.由于我国目前的货币市场较为落后,银行储蓄以及中央银行对商业银行的信用往来制度尚不同于发达国家,因而货币基金在我国的引进就面临着一些急需在政策上予以协调和明确的问题,否则,推出的货币基金将很难在短期内有效运行,也可能起不到应有的预期效果.

The Development of Money Market Fund and Related Policy

As a new type of financial product, Money Market Fund (MMF) is being out along with the development of money market. At present, MMF is being developed in China. MMF relies on the the development of money market, and it is different from other financial product such as mutual fund in that it needs special tax policy and liquidity arrangement. It has risks need special portfolio management principles. The money market is still undeveloped in China, the credit relationship between central bank and commercial bank is also different from that of the developed country, therefore, the policy and regulations on the development of MMF in our county is urgently needed.