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我国在转轨经济条件下,由于受市场机制的发育程度、金融市场的创建程度等方面因素的制约,只能选择货币政策信贷传导作为主渠道,但是在具体运行中信贷传导渠道时时阻滞的问题,又直接影响了货币政策的有效性。究其原因,本文认为:国有商业银行作为信贷传导主体在社会经济融资中所形成的信贷集中,以及国有商业银行经济与政治的双重激励是造成货币政策信贷传导渠道阻滞的直接原因。
Under the conditions of the transitional economy, due to the development of the market mechanism and the creation of the financial market, China can only choose the credit transmission of monetary policy as the main channel. However, the credit transmission channels are blocked from time to time in the specific operation , But also directly affects the effectiveness of monetary policy. The reason is that this paper argues that the centralization of credit in state-owned commercial banks as the main body of credit transmission in social and economic financing and the double economic and political incentives of state-owned commercial banks are the direct reasons for the blockage of credit transmission channels in monetary policy.