In this paper, we discuss the challenges to China＇s nowadays quantity-based monetary policy, in which the controllability, relativity and measurement of the aggregate intermediate target are unsatisfactory, inducing pro-cyclical and reducing the effectiveness of the policy, and then worsening the economy. With the progress of market-orientated reform and the development of financial market, market players can adapt to a liberalized interest/exchange rate environment and the pricing and risk management capabilities of the financial institutions can be enhanced. In a word, we have already met the basic requirements for the transition to the price-based monetary policy.
NETL
NSTL
万方数据
维普
