论文部分内容阅读
市场体制下的投资运行所蕴涵的机理,在一定程度和范围内是由金融市场化过程决定的。本文认为,金融市场化的核心问题主要体现在储蓄如何转化为投资和利率调节两方面,货币政策及其与之相对应的金融工具的使用,决定着金融市场化的进程;经济体制转轨在金融市场化过程中的反映,表现为金融抑制向金融深化状态的转变。就储蓄转化为投资和利率调节对投资运行所赋予的机理而论,分析金融抑制状态和深化状态下的货币政策及其金融工具,有助于揭示投资运行机理。文章根据中国体制转轨以来金融市场运行的实际,分析了金融市场化过程中投资运行的主要机理。
To a certain extent and to a certain extent, the mechanism implied by the investment operation under the market system is determined by the process of financial marketization. This paper argues that the core issue of financial marketization is mainly embodied in two aspects: how to convert savings into investment and interest rate adjustment. The use of monetary policy and its corresponding financial instruments determine the progress of financial marketization. The transition of economic system in finance Reflect the process of marketization, the performance of the financial repression to deepen the financial state of change. In terms of the mechanism given by the conversion of savings into investment and interest rate adjustment to investment operations, analyzing the state of financial repression and the monetary policy and its financial instruments in a deepened state can help reveal the investment operation mechanism. Based on the actual operation of financial market in China since the institutional transition, the article analyzes the main mechanism of investment operation in the process of financial market.