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目前实务界和学术界普遍认为金融稳定与货币政策之间存在重要的相互作用,但是对于是否应将金融稳定纳入货币政策框架则仍然存在争议,特别是对于金融稳定与货币政策之间的相互作用是否具有普遍性,独立的宏观审慎政策是否有效,货币政策会在多大程度上导致金融不稳定,货币政策又会在多大程度上可以避免用来实现金融稳定目标等看法并不一致。现实考察显示,在短期,中国主要货币政策工具对抑制股票市场波动的作用有限,但是加强市场管理等重大金融改革政策有助于稳定股票市场;在长期,中国主要货币政策工具调整并不能抑制股票市场波动,但是公开市场操作等市场化操作类工具则有助于稳定金融市场。基于此,本文从重视股票市场等金融市场波动因素、健全现行货币政策转型的目标框架、完善货币政策与其他宏观政策的配套设计以及加强货币政策在金融市场的协同性四个方面提出了促进我国货币政策转型的政策建议。
At present, practice circles and academia generally believe that there is an important interaction between financial stability and monetary policy. However, there is still controversy over whether financial stability should be included in the monetary policy framework, especially for the interaction between financial stability and monetary policy Whether there is universality, the validity of independent macroprudential policies, the extent to which monetary policy leads to financial instability, and the extent to which monetary policy can avoid the goals used to achieve financial stability are not the same. In the short term, China’s major monetary policy instruments have had a limited effect on curbing the volatility of the stock market. However, major financial reform policies such as market management will help stabilize the stock market. In the long run, the adjustment of China’s major monetary policy instruments will not restrain stocks Market volatility, but market-based operations such as open market operations, help to stabilize financial markets. Based on this, this paper puts forward four ways to promote the development of our country from four aspects: stressing the volatility factors in the financial markets such as the stock market, perfecting the target framework of the current monetary policy transformation, perfecting the complementary design of monetary policy and other macroeconomic policies and strengthening the coordination of monetary policy in financial markets Policy Suggestions on the Transformation of Monetary Policy.