摘要
货币市场在金融体系中有着极其重要的地位和作用,然而,长期以来,理论界却疏于对它的研究。本文对中国货币市场的总量及其结构变动进行了全面的分析,研究表明,无论是从总量还是从结构上考察,中国货币市场都有了很大的变化,这极大地提高了货币市场的效率,原先资本市场与货币市场之间不协调发展的状况得到了有效地扭转。货币市场利率总水平成了反映金融机构流动性的先行指标,而各子市场之间利率的同合性也反映了货币市场的效率提高。货币市场的发展对中央银行的宏观调控体系产生了深远的影响。
Money market,neglected by literature for a long period of time,plays an important role in a country's financial system. The volume and structure of China' s money market are analyzed in this paper.This article argues that China's money market has changed in terms of both volume and structure,greatly improving the efficiency of money market. The uneasy state between the capital and the money markets has been corrected.The general interest rate in money market indicates financial institutions improved liquidity.The concurrence of interest rate in each submarket also shows that the efficiency in the money market has been enhanced.Additionally,the central bank's macro control system such as open market operation has been profoundly affected by the development of money market.
出处
《中国货币市场》
2001年第2期26-30,共5页
China Money
