信贷紧缩和流动性供给的悖论——全球金融危机之后中国银行业的考察(下)

我国在金融危机之后出现过信贷膨胀,经济过热之后又出现信贷紧缩。信贷紧缩会导致信贷增长下降,社会再生产的资金需求得不到满足。信贷紧缩有管理性成因,也有制度性成因。同时,为了确保经济增长的一定增速,我国的货币政策又要保持一定的流动性。这样,我国就出现了信贷紧缩和流动性供给之间的矛盾。本文讨论了全球金融危机之后,我国出现信贷紧缩的宏观经济运行背景,以及在此背景下货币政策失灵的内在逻辑。

Dilemma of Credit Crunch and Liquidity Supply:Investigating China’s Banking Sector in the Context of Global Financial Crisis(2)

Credit explosion and credit crunch appeared in China after the global financial crisis.Credit lending decreased after credit crunch and the social financing needs cannot be satisfied.There were both managerial and institutional causes for credit crunch.In order to sustain economic growth at a certain speed,the monetary policy needs to maintain liquidity in the economy.Therefore,we see a paradoxical dilemma of credit crunch and liquidity supply.This article investigates macroeconomic background of economic development after the global financial crisis and inherent logics of monetary policy failure during this period.