对我国当前货币政策非有效性的思考

近年来，中央银行为了控制流动性过剩，先后出台了上调人民币存款准备金率和存贷款利率、发行央行票据、控制信贷规模等宏观调控措施，但由于种种原因，调控效果却差强人意。在当前经济条件下，应该大力发展资本市场，通过制度创新促进银行资本结构多样化，完善社会保障制度和改革外汇管理体制。

Thinking over Recent Ineffectiveness of China's Monetary Policy

In recent years, the central bank has taken measures such as introducing upward adjustment of the RMB deposit reserve ratio,raising interest rates for deposit and loan,issuing Central Bank Bills, tightening credit control in dealing with the problem of excessive liquidity.However, these measures have reached the results expected.Under current economic conditions, we should vigorously develop the capital market through institutional innovation to promote the diversification of the bank's capital structure wh...