Basic introduction
In countries where the market economy is the main body, the central bank's monetary policy is mainly through the three "magic weapons" of the central bank, that is, deposit reserve ratio, discount window policy. Open market business, these three policy tools are also known as general monetary policy tools. In fact, the central bank monetary policy has other two, namely selective monetary policy tools and other monetary policy tools. Selective monetary policy tools and other monetary policy tools have a lot of species. Central Banks generally choose and use according to the actual situation of the country and the goals of monetary policy.
Different in general monetary policy tools, selective monetary policy tools for monetary policy and national economy is not global, but also partially, but can also act on monetary policy. Overall goal; selective monetary policy tool refers to the monetary policy tools adopted by the central bank for individual departments, individual companies or certain-specific credits. For example, there is a securities market credit control, real estate credit control and consumer credit control.
Application Status
The selective monetary policy tools currently can consider implementation mainly include the following:
discount rate
offer Interest rates are very obvious for regulation of different regions, different industries, and different products.
Consumer credit control
Implementation consumer credit system At this stage, it should be mainly reflected in the effective relaxation consumer credit control, and can be considered from the following aspects: improving the laws and regular system of consumer credit. Empirical study of the first payment ratio, repayment period, credit size, etc. The role of credit card in consumption credit should be given full.
Real estate credit control
Relax real estate credit control. For the existing real estate assets of the disk. Enter the real estate market. Stimulate real estate investment and consumption. Cultivate the new growth point of the national economy. It is a significant role in pulling national economic growth.
Securities margin ratio
my country's current securities market is not perfect, developing credit transactions have certain risks, but in the early days of the development of credit transactions, you can pass a higher margin ratio to speculative Size and market risk control. Then, as the market is perfect and the norms of credit trading activities, the securities margin ratio is gradually reduced.
Given the situation of inflation and inflation, the extension of inflation and inflation, after the use of consumer credit control, the use of the optional monetary policy tools represented by consumer credit control. In order to achieve monetary policy goals, monetary policy tools should be conducted in scientifically. There must be reasonable general monetary policy tools, and implement the total amount of money supply and credit size, and there must be reasonable selective monetary policy tools to regulate the credit structure, and there must be moral advice, financial examination and other complementary Monetary policy tools for assistive regulation. In particular, due to the decreasing investment multiplier effect, the expansion of the total amount of money supply is significantly weakened in stimulating economic development, and the elective monetary policy tool can be used as much as possible.
Main type
Consumer credit control
refers to the control of the sales financing of various durable consumer goods outside the real estate. Its main content includes:
The first payment specified for the first payment of the durable items in installments;
specifies the longest period of consumption credit;
regulations The durable variety of the purchase of consumer credit can be used, and different credit conditions are required to specify different consumer goods.
Securities Market Credit Control
refers to the restriction of central banks to various loans on securities transactions, and the purpose is to limit the number of credits in the securities market and the price of the securities market. If a certain proportion of securities margin ratio is specified.
Real Estate Credit Control
refers to the restriction measures of the central bank on financial institutions in real estate lending, such as the proposed loan limit, longest period, and the first payment ratio, the purpose is to inhibit real estate. Speculation.
Discount interest rate
refers to the economic department or industry of the central bank's key development of national industrial policies, which requires lower loan interest rates, and supports its development, mostly for non-developed countries. .
Pre-payment import margin
, the central bank requested importers to pre-deposit a certain proportion of the total value of imported commodities to suppress excessive growth in imports. More countries that have deficit for balance of payments.