金融创新对货币政策传导效率的影响

Oct.2008,Vol.4,No.10(SerialNo.41)JournalofModernAccountingandAuditing,ISSN1548-6583,USA1200241ISLM123M↓⇒i↑⇒I↓⇒Y↓1231,2R↓⇒D↓⇒L↓⇒I↓⇒Y↓gIi3【】19711BenS.BernankeandAlanS.Blinder19882320022IS-LMDiy=k·Y-h·iiYMLMM=k·Y-h·ih0k01ISAY=Yi=Ad·id0212dkhddMdY+=03gISLMISY=A-dgidg0d′g04LMM=KgY-hgikg0hg0kˊg0hˊg05dˊg0kˊg0hˊg0ISLM45igdgIS1/dgIS1gkghgLMkg/hgLM241IS2LM4ISLMIS-LMiISg0LM0IS0LM1Y0YgY1YiLM0LM1LMg0LMg1ISY0YgY1Y312gISLMYISLMISLMISLMY0Y167MgkgdghgdAgkgdghghY×++×+=)()()()()()()()(8hkkgdhgdgkgdghgdMY)()()()()()(+=+=∂∂099g22])([)(kgdhhgdgMY+⋅′=∂∂∂01010g∂Y/∂Mdg=d)gkdghdMY()(⋅+=∂∂011)]()([)]()([22gkdghgkdghdgMY′⋅+′⋅+−=∂∂∂12d0kˊg0hˊg0hˊg120gMY∂∂∂20ISLM33ISLMISg0IS0LM0LMg0LMg1LM1Y0YgY1Yi49MY∂∂=)()()()(gkgdghgd+gMY∂∂∂2=22)(dkhkdhdhd+′−′⋅−⋅′13d′0h′0k′0hdhd′⋅−⋅′0kd′−20gMY∂∂∂2hdhd′⋅−⋅′kd′−20hd′⋅-hd⋅′kd′−2gdhghd∂∂+∂∂gkd∂∂21414g/d·hdggdhggh∂∂+∂∂hkdkggk⋅⋅∂∂15hggh∂∂=ehdggd∂∂=edkggk∂∂=ek15d·k/hd·k/hgq1.qqqqqR↓⇒M↓⇒i↑⇒Pe↓⇒q↓⇒I↓⇒Y↓2.WR↓⇒M↓⇒i↑⇒Pe↓⇒W↓⇒C↓⇒Y↓qq54qqqqq45qCC-LMM=Bb+L+R16MBbLRR=r·MrIiiLiaYia2ISY=Yia=Ad·ij·aYa=j017iLia)(afBLLb=+=x+zafa=z018xx≥01618L=M1-rfa=M1–rx+za19191719CC4CC54RLMY0Y1iRiLICCY25CCCC2004P34-36611719hdkMazxjhddkhMrzhjLddMdY++⋅+=+−⋅⋅+=1)/()1(2020203Y65CCLMY0Yg2Yg2Y25CCCCYg2Y2CC5Yg2Y25CCCCg0ISCCg0LMg1Y0Yg2Yg2217ISY=A-dgi-jgad0j021dˊg0jˊg03LM5M=kgY-hgi18fa=x+zgazg0z′g022z′g0fa61990-20021%0.81%0.810.862004P29-30Y0Y1Y2LM0iYCC0CC1LM1Y0Yg2Y2LM0iYCCg0CCg1LM15Y0Yg2CC0CC1LMg0LMg14Y0Y2752122)()()(1))(/()()()(ghgkgdMagzxgjghgdMY++⋅+=∂∂23gdgjgkghgzg12∂Y/∂M23239gdjhk2004ISLM20032003200862020032004120063200710200851283q4[1].[M].20048.[2].IS-LM[J].200210.[3]BenS.BernankeandAlanS.Blinder.(1988).Isitmoneyorcredit,orboth,orneither?Credit,money,andaggregatedemand.AmericanEconomicReview,5,435-439.[4]King,S.R.(1986).Monetarytransmissionthroughbankloanorbankliabilities?JournalofMoney,CreditandBanking,3(18),290-303.[5]Meltzer,A.H.(1995).Monetary,creditand(other)transmissionprocesses:Amonetaristperspective.JournalofEconomicPerspectives:(Fall),49-72.FinancialinnovationsweakentheeffectsonmonetarypolicyComparinginterestratechannelwithcreditchannelFANGXian-cangAbstract:Financialinnovationsnotonlylowerthesensitivityofinvestmenttointerestrate,butalsoincreasethesensitivityoffinancialassetspricetointerestrate,whichlowerstransactioncostandpromotestransactionefficiencyforeconomicsystem.Asaresult,theIScurveslopesmoresteeplydownwardandtheLMcurveslopesmoregentlyupwardthantheydowithoutfinancialinnovations.Sotransmissionmechanismofmonetarypoliciesandtheireffectsareweakenedininterestratechannelaswellasincreditchannel,butthelatterhavecomparativeadvantage.Therefore,wemustdevotemajoreffortstodevelopingandreformingbanksandsecuritymarketunderthefinancialinnovationscircumstances.Atthesametime,financialinnovationsmaynotbepromotedhastily.Keywords:monetarypolicy;financialinnovation;interestratechannel;creditchannelEmily,Cathy