国际收支持续顺差下的我国货币政策效应

90年代初期以来,我国国际收支一直保持着顺差,近年来顺差规模还在不断扩大。持续的国际收支顺差使我国货币政策的效应大大降低。本文从货币政策工具、中介指标以及传导机制等方面分析分析了国际收支持续顺差对我国货币政策效应的影响,并提出了加快外汇制度改革,完善强制结汇制和公开市场业务操作等相关政策建议。

Effect of Monetary Policies in China under Sustained Favorable Balance of International Revenue and Expenditure

Since the beginning of 1990s,international revenue and expenditure in China has maintained favorable balance and its scale is enlarging continuously in recent years.The sustained favorable balance of international revenue and expenditure reduces the effect of Chinese monetary policies.This paper analyses the influence of the sustained favorable balance of international revenue and expenditure on the effect of monetary policies in China,puts up some suggestions on speeding the foreign exchange system reform,perfect compulsory settlement system and open market operation.