摘要
运用信用传导理论,我们认为:宏观信用状况对经济周期具有的良好的指示剂功能;信用作为经济体系的内部通道,将作用于宏观经济运行,改变其速率和效果;同时,调控信用管理系统将能够改善和影响宏观经济的发展和变化。中国经济的货币政策弱效性问题利用信用通道传导机制可以得到很好的解释。在中国资本市场的不完善、信息不对称以及长期形成的强银行信贷结构加剧了信用通道的作用效力。因此,从信用传导理论的角度对中国经济政策进行检讨和改善,才能真正制定出行之有效的宏观经济政策,从而缓解当前通货紧缩压力,使经济体系进入良性运行轨道。
Based on the theory of Credit Channel, the credit spread between yields on corporate and treasury bonds is closely related to macroeconomic fluctuations. The investigation shows that the economic system could be affected through credit channel. Therefore, the management of Credit System will be effective in the adjustment of macro business cycle. The efficiency of macro-economy policy through credit channel is more serious in information disequilibrium market especially in China.
出处
《价值工程》
2004年第5期7-11,共5页
Value Engineering
关键词
信用通道
中国
宏观经济政策
货币政策
道德风险
credit management
theory of credit channel
aggregate credit
business cycle
credit spread
