| In China the price of money presents a two-track feature currently.Based on theexisting researches, this article makes a reasoning analysis of the money “dual-track”system from the innovative perspective of the essentially continued two-track reform.By using of VAR, this article makes a comparative study of the conduction effect ofmarket interest rates and the rate of control channels role in all aspects of the nationaleconomy.And according to the empirical studies, the conclusions are presented asfollows:The conducting effect on the market interest rate and the regulated interestrate is not significant,and the conducting effect of interest rate has some contrarysituations to the theory, which partly offsets the effect of the adjustment of interestrate policy.Based on the above findings, the paper believes that the reform of money priceshould be promoted stably and steadily with the premise of an intensified andunclogged conducting mechanism of interest rate. And the specific recommendationsare made in the three following categories: first, unclog the current conducting systemof fund price in a timely manner. Second, deepen the fund price reform, including thecorrect handling of the problems in the process of implementation of the “dual-track”system, taking the gradual reform as a necessity of marketization reform, and seizingthe moment of change of the two prices dynamically, etc. Third, take the foreignsuccessful experiences as a supplement. In this research, the author finds that themarketization reforms not only in home but also overseas are not happen overnight.Moreover, the money pricing system reform in China also must not be subjected tothe similar situation which occurred in the “dual-track” reform of the means ofproduction, which caused great loss. Therefore, the first and fine choice of thein-depth reform of “dual-track” system of money price is to give priority to thestability of market price, and then extend it gradually. |
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