货币政策透明度的国际比较

本文以主要发达国家货币政策透明度实践为视角,通过横向和纵向比较发现,尽管理论研究表明透明度具有正负效应,然而近年来这些国家货币政策透明度水平均有所提高却是一个不争的事实。他们立足于本国特有的政治、经济环境,结合中央银行独立性、责任制以及货币政策声誉,在透明度实践上各有侧重,不尽相同。因而透明度选择不存在千篇一律的固定准则,各国中央银行应从本国实际出发,在现有货币政策框架基础上寻求最合适的透明度模式。

International Comparison of Monetary Policy Transparency

Main developed nations all witness the rising level of transparency in monetary policy operation in recent ten years, although the actual effects of transparency are still not clear. These countries stand on their own po- litical and economic environments, take the independence, responsibility and fame of monetary policy into account, and promote transparency with different emphasis in practice. There is no uniform procedure in transparency en- hancement. For central banks, the optimal transparency promotion should be in line with their monetary policy frame- works.