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货币政策传导渠道包括货币渠道和信贷渠道,由于金融市场不发达、利率管制等原因,中国货币政策主要通过信贷渠道传导。20世纪90年代后期,受金融制度改革和信贷需求萎缩影响,信贷渠道受阻,导致货币政策传导不畅,货币政策效应下降。本文就此讨论了信贷渠道受阻的原因及其产生的影响,并提出疏通信贷传导渠道的对策。
The transmission channels of monetary policy include monetary channels and credit channels. Due to the underdeveloped financial markets and the interest rate control, China’s monetary policy is mainly conducted through credit channels. In the late 1990s, under the influence of the reform of the financial system and the shrinking of credit demand, the credit channels were blocked, resulting in the poor conduction of monetary policy and the declining effect of monetary policy. This article discusses the reasons for the obstruction of the credit channel and its impact, and proposes ways to clear the credit channel.