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货币政策调控中介目标的转变随着金融创新不断涌现,货币供应量作为中介目标的可控性渐趋减弱。互联网金融的快速兴起导致银行存款分流,影子银行吸引大量存款进入理财产品,形成对信贷的隐性替代。这些金融创新不仅使央行难以准确控制基础货币,而且加大了货币创造乘数的不确定性,从整体上降低了数量型货币政策的有效性。
Changes in the Targets of Monetary Policy Regulation As financial innovations continue to emerge, the controllability of the money supply as an intermediary goal is gradually diminishing. The rapid rise of internet finance led to the diversion of bank deposits. Shadow banks attracted large deposits into wealth management products, forming an implicit substitute for credit. These financial innovations not only make it difficult for the central bank to accurately control the base currency, but also increase the uncertainty of the money creation multiplier and reduce the effectiveness of the quantitative monetary policy as a whole.