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首页> 外文期刊>Journal of Asian Economics >The transition to market-based monetary policy: What can China learn from the European experience?
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The transition to market-based monetary policy: What can China learn from the European experience?

机译：向基于市场的货币政策过渡：中国可以从欧洲的经验中学到什么？

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摘要

We discuss the prospects for Chinese money market development and transition to market-based monetary policy operations based on a comparative historical analysis of the present Chinese situation and the development in 11 European countries from 1979 up to the launch of the European Economic and Monetary Union (EMU). Central banks in the latter group of countries typically had an incentive to encourage the formation of efficient benchmark segments in the domestic money markets for the conduct of open market operations as traditional quantity-oriented instruments became increasingly ineffective. China is displaying many of the same symptoms as the European countries in the 1970s and 1980s, including poor monetary transmission due to excess liquidity and conflicts of interest due to unclear priority among multiple policy goals. We conclude that in a number of aspects, current Chinese monetary policy operations are counter-productive to efforts to develop an efficient money market that can serve as arena for an effective market-based monetary policy, and provide policy recommendations.
机译：我们根据对中国当前状况以及从1979年到欧洲经济与货币联盟成立之前的11个欧洲国家的发展的比较历史分析，讨论了中国货币市场发展和向市场货币政策运行过渡的前景（鸸）。后一组国家的中央银行通常有动力鼓励在国内货币市场中为进行公开市场操作而在国内货币市场中形成有效的基准部分，因为传统的数量导向工具越来越无效。在1970年代和1980年代，中国表现出许多与欧洲国家相同的症状，包括由于流动性过剩导致货币传递不畅，以及由于多个政策目标之间的优先次序不明确而引起的利益冲突。我们得出的结论是，在许多方面，当前的中国货币政策运作与发展有效的货币市场（可以充当有效的基于市场的货币政策的舞台）的努力适得其反，并提供了政策建议。

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