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我国货币政策传导过程中的“渗漏”效应
引用本文:裴平,熊鹏.我国货币政策传导过程中的“渗漏”效应[J].经济研究,2003(8).
作者姓名:裴平  熊鹏
作者单位:南京大学商学院 210093 (裴平),南京大学商学院 210093(熊鹏)
摘    要:通过对 5年多来我国“积极”货币政策效果不尽如人意原因的研究 ,本文认为 :货币政策传导过程中有大量货币不是被传导并作用于生产、流通和消费等实体经济环节 ,而是“渗漏”到股票市场“漏斗”和银行体系“黑洞” ,其效应构成了实现货币政策目标的反制力量。公众心理预期变化、收入分配差距拉大和区域经济发展不平衡是“渗漏”效应产生的最直接、甚至是最重要的原因 ,它们交织在一起 ,共同驱动货币在货币政策传导过程中大量“渗漏” ,导致严重的“渗漏”效应。为提高我国货币政策的有效性 ,必须有效抑制“渗漏”效应。

关 键 词:“积极”货币政策  股票市场“漏斗”  银行体系“黑洞”  “渗漏”效应

The “Leaking” Effect in Transmission of China's Monetary Policy
Pei Ping & Xiong Peng.The “Leaking” Effect in Transmission of China's Monetary Policy[J].Economic Research Journal,2003(8).
Authors:Pei Ping & Xiong Peng
Abstract:This paper attempts to find out what caused the dissatisfaction under the “positive” monetary policy in the latest 5 years, and suggests that there appears a phenomenon of monetary “leakage” when “positive” monetary policy is implemented to boost the growth of substantial economy.Changes on public psychological anticipation, enlargement of difference in income distribution and inequilibrium between regional economic development are the straightforward or the most important reasons of“leaking”effect. They are interwoven to promote the monetary “leaking” during the transmission of “positive” monetary policy and caused serious“leaking”effect hindering the successful attainment of the target of the “positive” monetary policy. To improve the efficiency of China's monetary policy, the urgent task is to hold in the“leaking”effect. In the end, the paper gives some countermeasures concerning how to hold in the “leaking”effect.
Keywords:“positive” monetary policy  “funnel” of stock market  “collapsar”of banking industry  “leaking” effect
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