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作为正规金融的重要补充,农村非正规金融有助于农村金融市场形成竞争格局,有助于资产形成更加合理的价格。本文在估算1987—2013年农村非正规金融市场规模的基础上,研究了货币政策对农村非正规金融的影响渠道及影响效应。实证检验结果表明,货币政策的利率渠道和信贷渠道对农村非正规金融市场的影响能力和效果不同,其中利率传导渠道的影响能力较弱;信贷传导渠道对农村金融市场产生的影响较为显著,且给正规金融市场和非正规金融市场带来的共生效应要强于替代效应。为了更好地发挥货币政策对农村非正规金融市场的调控作用、进一步规范农村金融市场运行,应该加快利率市场化改革,同时建立正规金融市场和非正规金融市场的合作互补联结机制,引导非正规金融市场透明化和规范化。
As an important complement to formal finance, rural informal finance helps to create a competitive landscape in rural financial markets and helps to create more reasonable prices for assets. Based on the estimation of the scale of rural informal financial market from 1987 to 2013, this paper studies the channels and impact effects of monetary policy on rural informal finance. The results of empirical tests show that the interest rate channels and credit channels of monetary policy have different effects and effects on rural informal financial markets, of which the impact of the channel of interest rate transmission is weak. The impact of credit transmission channels on rural financial markets is significant, and The symbiotic effect on the formal financial market and the informal financial market is stronger than the substitution effect. In order to give better play to the regulatory role of monetary policy in rural informal financial markets and to further standardize the operation of rural financial markets, we should speed up market-based interest rate reform while establishing a cooperative and complementary linking mechanism between formal financial markets and informal financial markets to guide informality Financial markets are transparent and standardized.