金融排斥：货币政策失效的另一种解释

摘要

至今为止,关于货币政策有效性的研究一直存在争议并受到学者和政策调控部门的持续关注。各种学派在理论上对货币政策有效与否的争论并没有阻碍学者们对现实货币政策有效性的探讨,大量研究都集中在货币传导机制本身及其影响因素上。本文从金融排斥角度解读货币政策可能失效的原因,并指出忽视金融排斥存在的货币政策可能导致的问题,从而赋予金融包容政策新的职能。%So far,researches on the effectiveness of monetary policy has been controversial and subject to the sustained attention of scholars and policy control departments.The validity of the monetary policy debate of the various schools,in theory,has not prevented scholars of reality the effectiveness of monetary policy,a large number of studies have focused on the monetary transmission mechanism and its influencing factors.Interpreting the possible reasons for the failure of monetary policy from financial exclusion angle,the paper pointed out that the ignorance of the financial exclusion of the existence of monetary policy could lead to problems,giving the financial policy of inclusion of new functions.