我国金融创新及其对货币政策的影响.doc

摘要：始自上世纪60年代的金融创新正向全球性的金融趋势发展，单就中国而言，始于改革开放的金融创新伴随着市场经济体制的一步步建立而日渐活跃，其体系已初步形成。金融创新对推动我国金融和经济发展的作用十分显著，对金融领域以外的其他方面如货币政策的调控与实施也产生了较为深远的影响。不但降低了再贴现政策的效果，还削弱了准备金制度的作用力度，也减弱了货币政策中介目标的可测性、可控性及其相关性，最终影响到货币政策传导机制的正常运作。而作为宏观调控重要工具的货币政策，其施行效果对一国经济影响具有全局性，金融产品创新通过影响货币政策中介目标和货币政策工具等影响货币政策传导机制与最终目标的实现，进而影响一国宏观经济。因此本文将在介绍金融创新及其效果的基础上，结合我国金融创新及其对货币政策的影响运用定性分析法进行分析，并对货币政策的施行提出建议，希望能起到一定的参考作用。

关键词：  金融创新，货币政策，影响

ABSTRACT： Since the beginning in the 1960's,financial innovation has become a global trend of financial development.After the financial product on Chinese genuine meaning is created from reforming and opening up to the outside world,along with market economic system establish and enter step by step the open become active day by day,And formed a 

certain scale of financial innovation system.when the financial innovation was making promotion on international financial and economic development,at the same time,it also had a certain impact on other aspects out of financial sector,such as the regulation and implementation of monetary policy.Financial innovation reduces the measure nature,controllable nature of monetary policy intermediary agent target,and the correlativity,weaken the implemental effect of required reserves rates and retrocession policy, and it also impact 

the normal operation on the transmission mechanism of monetary policy.Monetary policy,as one of the most important tools of macroscopical adjusting control,has an overall impact on a country's economic development.financial product innovations have an essential impact on the money supply and demand,as well as on the intermediate target and the tools of monetary policy.As a result,this microcosmic activity will affect the transmission mechanism of monetary policy and the implementation of these ultimate goals and then affect the macro-economy as a whole.This paper will,therefore,is to introduce the financial innovation and its effect on the basis of,combined with the actual use qualitative analysis to our country financial innovation and its impact on monetary policy is analyzed,and puts forward some Suggestions for China's monetary policy,in order to play a role of reference for the related policy.

Key words：  Financial innovation  Monetary policy  Impact