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近两年我国资本市场的剧烈波动和央行的救市效率问题受到了广泛的关注。本文对金融危机后国外相关理论演进的逻辑以及国内外央行决策实践的相关研究进行了综述。主要围绕“资本市场波动对经济有何影响”以及“货币政策调整影响资本市场波动的效率”两个核心问题,梳理了学者们对货币政策介入资本市场的必要性、调整效率以及存在障碍等问题提出的不同观点,以及相互批判的逻辑框架。并在此基础上,结合中国资本市场的实际制度特征给出了我国央行介入资本市场的基本思路建议。
In recent years, China’s capital market volatility and the central bank’s rescue efficiency has received widespread attention. This article summarizes the related research on the logic of the evolution of relevant foreign theories after the financial crisis and the decision-making practices of central and foreign central banks. It focuses on the core issues of “the impact of capital market volatility on the economy” and “the efficiency of the adjustment of monetary policy affecting the volatility of capital markets”, combing the scholars’ need for monetary policy to intervene in capital markets, adjusting efficiency and Existing obstacles and other issues put forward by different perspectives, as well as the logical framework of mutual criticism. Based on this, the author also gives some suggestions on how to intervene in the capital market of China’s central bank based on the actual institutional features of China’s capital market.