ֻ6௹(ሹֻ127௹)财 经 论 丛(General,)2006୍11ᄅࠊлᆟҦૼ؇ᆷඔ࣮肖 崎(༰ն࿐ࣜ࠶࿐ჽࣁವ༢,ڞࡹ ༰ 361005) ᅋ ေ:近年来,提高货币政策的透明度正在成为一个国际趋势b本文从如何度量货币政策透明度的角度出发,介绍了国外关于货币政策透明度评估体系的研究,通过建立透明度指数来量化货币政策的透明度,以及对不同国家透明度进行评估和实证检验b文章还对目前透明度度量方法中的不足和改进进行了简要评析bܱՍ:货币政策;透明度;指数ᇏٳোݼ:F82110 ໓ངѓ്:A ໓ᅣщݼ:1004-4892(2006)06-0035-07一a引 言ᇏနၿྛิۚ৫ྟު,ิۚࠊлᆟҦ֥ૼ؇ᆞᄝӮູ၂۱ݓ࠽൝b۴ऌݓ࠽ࠊлࠎࣁቆᆮ1999୍ิԛ֥5ࠊлაࣁವᆟҦૼ؇ਅݺቓمሙᄵ6,ࠊлᆟҦૼ؇൞ᆷ၂ᇕߌ,ࠧᄝၞaಸၞࠆ౼ބࠣൈ֥ࠎԤഈ,ಞ܄ᇙਔࢳႵܱᆟҦଢѓࠣఃمੰaᇅ؇ބࣜ࠶ॿࡏ,ᆟҦᇅקࠣఃჰ,აࠊлބࣁವᆟҦႵܱ֥ඔऌބྐ༏,ၛࠣࠏܒ֥ᆯᄳ(ఫཬν,2002[1])b၂Ϯಪ,ູิۚࠊлᆟҦૼ؇Ⴕ০Ⴟᄹ఼ᇏနၿྛᆟҦ֥ॖྐ؇,ႵᇹႿႄ֝܄ᇙྙӮކყ௹,ิۚ൧ӆమᄝི֥ੱbؓࠊлᆟҦૼ؇ࣚಒ֥ܙ൞ޓ,֥၂ٚ૫,ႮႿૼ؇֥ݣၬٳॺ,ٗ҂࿐ᆀ֥ुم҂࣐၂ᇁbೂIMF(1999)Ϝૼ؇ٳູଢѓaᆩ്ބथҦٚ૫aG]eraats(2002[2)ಪູૼ؇ٳູ۱ٚ૫(ᆟᇍaࣜ࠶aӱaᆟҦaҠቔ)aHahn(2002)ᄵϜૼ؇ູ݂ଢѓaҠቔaಪᆩٚ૫;ਸ਼၂ٚ૫,ࠊлᆟҦૼ؇֥۲۱Ҫ૫ᄝଆᇏ҂ၞਈ߄bଢభ,ݓຓ໓ངᇏؓࠊлᆟҦૼ؇གྷൌҠቔࣉྛ࣮֥Ⴕ:BernankeaLaubachaMishkinބPose(1999[3])๙ݖؓ๙ࠊளᅮଢѓᇅݓࡅ֥σ২ٳ༅,ؓࠊлᆟҦૼ؇ࣉྛਔࢲܒྟ֥૭ඍ;BlinderaGoodhartaH[4]ildebrandaLiptonބWyplosz(2001)ၛ၂ᇕ٤ᆞൔ֥ษંྙൔ,ؓૅ৳ԥaᇝᇏနၿྛaರЧၿྛaႇ۬ধԥСၿྛaྍ༆ধԥСၿྛ֥ૼ؇ࣉྛ࣮,ѩቓਔབྷ༥֥࠺,൞ૌીႵؓૼ؇ࣉྛ؇ਈ;FryaMahadevaaRogerބSterne(2000)ؓ94۱ݓࡅ֥ᇏနၿྛࣉྛਔ໙जטҰ,ࡹ৫ਔ၂۱/ᆟҦࢳᆷඔ0,Їও3۱ٚ૫:ᆟҦथҦ֥ࢳaყҩބభᅑྟٳ༅ࢳa܄֥҃ܙა࣮ࢲݔ֥ࢳbૌࡹ৫֥ᆷඔЇওਔૼ؇֥ྸ؟ٚ૫,൞ીႵԛྐ༏ᄝथҦݖӱᇏ֥ᇗေቔႨbਸ਼ຓ,ૌ൞๙ݖՖ۲ݓᇏနၿྛّঌ֥טҰটࡹ৫ᆷඔ,֥ط҂൞ؓᇏနၿྛ֥ᆇൌඔऌࣉྛ৫ྟ֥ٳ༅֤ԛ֥;Bini)SmaghiބG5]ros(2001[)๙ݖؓ6۱ᇶေ༆ٚݓࡅ֥ᇏနၿྛࣉྛ࣮,ࡹ৫ਔ၂۱/ᇏနၿྛૼ؇ބᄳۋ֥ᆷඔ0,Їওଢѓaᅞaඔऌބყҩ֥܄҃aࢌੀҦ֩ٚ૫bૌ֥ᆷඔᇿၩ֞ਔྐ༏ٚൔ֥؟ဢ൬۠ರ௹:2006-08-09ࠎࣁཛଢ:ݓࡅഠ߶॓࿐ܿ߃ࠎࣁሧᇹཛଢ(03BJY098)ቔᆀࡥࢺ:ఈ(1977-),୯,ᇗ౩൧ದ,༰ն࿐ࣁವ༢Ѱൖളb#35#
财经论丛 2006年第6期,ྟ൞ીႵᇿၩ֞҂ٚൔ֥ྐ༏ݣਈ;HaanބAmtenbrink(2002[6])ࡹ৫ਔ14۱ޙਈᇏနၿྛૼ؇҂ٚ૫֥ᆷѓ,ೂ܄҃๙ࠊளᅮყҩaࠊлᆟҦ߶ၰರӱνஆa߶ၰСອaਈ߄֥ᆟҦଢѓ֩ٚ૫,ѩؓ10۱ݓࡅ֥ᇏနၿྛࣉྛٳ[7];FracassoaGenbergބWyplosz(2003)ؓ20۱Ґ౼๙ࠊளᅮଢѓᇅݓࡅ֥ᇏနၿྛ֥๙ࠊளᅮБۡࣉྛਔܙ,ᇶေᆷѓЇও:෮ิ܂ྐ༏֥ඔਈᇉਈބॖ֤ྟaؓᇶေޡܴࣜ࠶эਈഡק֥ౢ༉ӱ؇aؓᆟҦᇅקݖӱބᆳྛሹࢲ֥ӧඍbਸ਼ຓ,ࠎႿૄٺ๙ࠊளᅮБ֥ۡඪૼྟaህြྟaປᆜྟaіඍٚൔ,ၛࠣྐ༏ਈ֩ٚ૫,ૌؓ20۱ݓࡅࣉྛਔٳb൞,҂ቀ֥൞ૌ֥ᆷඔࡹ৫ᆺ൞अཋႿ๙ࠊளᅮБۡ,ીႵܱᇿᆟҦᇅקᇏ۲۱ߌࢫ֥ྐ༏ҵၳ,ѩીႵЇওᇏနၿྛა܄ᇙ֥෮Ⴕࢌੀٚൔbଢభ,ݓଽؓࠊлᆟҦૼ؇֥࣮҂؟,ѩᇶေࠢᇏႿקྟֹٳ༅ఃଽݤaӁള֥МࣟaႪׄ,ၛࠣݓ࠽ࣜဒ֥бࢠbЧ໓ᇶေՖೂޅ؇ਈࠊлᆟҦૼ؇֥࢘؇ԛؿ,ؓࠊлᆟҦૼ؇ܙุ༢ࣉྛ࣮b二a透明度的度量)))E&G指数ଢభ,ݓຓؓᆟҦૼ֥ޙਈ၂Ϯ൞๙ݖؓࠊлᆟҦૼ؇ऎุଽݤ֥ٳ༅,ࡹ৫၂༢ਙᆷѓุ༢,ᆌؓ۲ݓᇏနၿྛ֥ൌ࠽Ҡቔࣉྛٳ,ࡆሹު֤֞၂۱іൕࠊлᆟҦૼ؇֥ऎุඔᆴ.۲ᇕਈ߄ٚم֥҂ᆭԩᇶေᄝႿᆷѓุ༢ᇏᆷѓ֥࿊౼ބڮᆴٚم֥ҵၳbᄝᆃᇶေࢺക࣍௹E[8]ijffingerބGeraats(2005)֥ऎุ࣮,ૌ֥ਈ߄ٚمऎႵ၂ק֥սіྟ(ၛ༯ࡥӫE&Gᆷඔ)b(一)理论基础1.ۀྟॿࡏі1 ᇏနၿྛૼ؇E&GᆷѓऎุҪ૫ᆟᇍҪ૫ࣜ࠶Ҫ૫ӱҪ૫ᆟҦҪ૫ҠቔҪ૫ݣၬᆟҦଢѓ֥܄षྟᆟҦᇅקᇏႨ֥ᆟҦथҦҐ౼֥ᆟҦथҦ֥ࠧൈᇏနၿྛᆟҦ֥ᆳࣜ࠶ྐ༏ٚൔ࿆҃ྛݖӱᆞൔଢѓ֥ӧඍࣜ࠶ᄎྛඔऌaყ(ૼಒႪ༵Ցૼಒ֥ࠊлᆟҦܿ)aᆷѓਈ߄ଢѓaᇅ؇νҩࠇܙथҦིݔᄵࠇҦaथҦݖथҦࢳaᆟҦౠ༂ҵ॥ᇅa႕ཙᆟஆ֥ଆaᇏနၿྛӱ֥ᆇൌ࠺a߶ཟaໃটᆟҦყҩҦԮ֥֝ޡܴࣜ࠶(နྛ৫ྟބކჿଽ҆ყҩၰބௐ࠺ѯބԊࠌ) ሧਘটჷ;۴ऌEijffingerބGeraats(2005)ᆜb1 ࠊлᆟҦᇅקݖӱ֥ۀྟॿࡏ EijffingerބGeraats(2005)ಪູࠊлᆟҦૼ؇൞ᆷᇏနၿྛؓᆟҦᇅקݖӱᇏཌྷܱྐ༏֥ӱ؇b൞၂۱აࠊлᆟҦᇅק۲ٚ૫ཌྷܱ֥၂۱؟Ҫ૫֥ۀ,ၹՎ,ॖၛࡹ৫၂۱ۀྟॿࡏটّ႘ᆟҦᇅקݖӱ֥҂ࢨ؍bᄝG9]eraats(2002[)࣮֥ࠎԤഈ,EijffingerބGeraats۴ऌ۲ݓᇏနၿྛൌ࠽ྐ༏֥౦ঃ,Ֆᆟᇍaࣜ࠶aӱaᆟҦބҠቔ۱ٚ૫ট؇ਈ(ૄ၂Ҫ૫֥ऎุݣၬބᆷѓі1)b#36#
肖 崎 货币政策透明度指数研究2.ଆ๙ݖ၂۱ଆඪૼഈඍ۱ٚ૫֥หᆘbࡌഡᇏနၿྛ֥ଢѓݦඔູ:W=A(P-P*2)+B*2(y-y)(1)ఃᇏ,P൞๙ࠊளᅮay൞ӁԛaP*ູᆟҦૼ؇֥၂۱ᇗေ҆ٳ,ࠧᇏနၿྛ܄֥҃๙ࠊளᅮଢѓbਸ਼ຓ,ᇅ؇νஆ္ޓᇗေ,Ⴕ০ႿૼಒࠊлᆟҦᇅקᆀ֥ࠏbᇏနၿྛ֥৫ྟЌᆣఃᄝ҂൳ᆟᇍۄყ༯ሔ(1)ൔଢѓ,طႵི֥ࠗৣࠏᇅॖၛטᆜᇏနၿྛ֥ଢѓݦඔbࣜ࠶ࢲܒॖၛіൕູሹླބሹ܂۳֩ൔ:y=y-A(i-Pe-r)+d(2)P=Pe+b(y-y)+s(3)ఃᇏ,iіൕၬ০ੱaPeіൕ๙ࠊளᅮყ௹ayູሱಖӁԛੱarູӉ௹ᆇൌ০ੱad൞ሹླԊࠌas൞ሹ܂۳Ԋࠌbࣜ࠶ૼ؇ၩሢದ҆აᇏနၿྛؓࣜ࠶ႚႵဢ֥ᆩ്ྐ༏,ᆃུྐ༏࠻Їওࣜ࠶ࢲܒٚ૫,္Їওᇏနၿྛყҩѩّ႘֞ఃྛᇏ֥ޡܴࣜ࠶ѯ,ࠧdބsbࡌഡၬ০ੱiቔູᇏနၿྛ֥ࠊлᆟҦ۽ऎ,ᇏနၿྛࠎႿীܿᄵটᇅק০,ੱࠇᆀඪ,ᄝ(2)ބ(3)ൔ֥ჿඏ༯ቋն߄ఃଢѓݦඔ(1)ൔbᇏနၿྛॖၛႨ҂֥ӱটᇅקᆟҦҦbᄝӱૼ؇ٚ૫,ᇏနၿྛࡼؓຓ܄҃ఃྛҦބఃӱ,ೂ߶ၰބௐ֥࠺;֩ᄝѓሙଆᇏ,ᆟҦૼ؇ၩሢ,ᇏနၿྛࠣൈֹ܄ܱ҃ႿఃᆟҦ۽ऎ(ࠧၬ০)ੱ֥थקb֒০ੱѯٓຶ൳ཋᇅൈ,ࡼླॉ੮ᆟҦౠཟ֥໙ี;ႮႿթᄝაᆟҦ۽ऎႵܱ֥ॖ॥ྟ༂ҵބԮ֝ᇏ֥ޡܴࣜ࠶ѯ(dބs),ࠊлᆟҦ֥ᆳྛэ֤گᄖbҠቔૼ؇ၩሢؓຓ܄҃ᆃུॖ॥ྟ༂ҵބѯb๙ݖഈඍࡥ߄֥ଆॖၛϜࠊлᆟҦۀྟॿࡏ֥۱Ҫ૫ં߄,ѩૄ۱Ҫ૫൞ࠊлᆟҦ֥ᇗေቆӮ҆ٳb(二)透明度指数的建立和评估1.ᆷඔ֥ࡹ৫E&Gᆷඔ֥ഡ࠹൞ࡹ৫ᄝభ૫ࠊлᆟҦૼ؇ۀྟॿࡏ֥۱Ҫ૫,ఃᇏૄ၂۱Ҫ૫ႻٳљЇݣ3۱ሰཛ໙,ีఃᇏ֥ૄ၂ཛಃᇗཌྷ,ѩડٳनູ1(ؓૄ۱໙ีປಆड़ק֤1ٳaປಆڎקູ0ٳ,ః౦ঃູٳ)bಖުؓᆃཛٳᆷඔࣉྛࡆሹ֤֞၂۱ሹ֥ඔᆴ,ఃቋնᆴູ15bі2ؓᇏနၿྛࠊлᆟҦૼ؇ࣉྛਔປᆜ֥૭ඍ(Їওऎุ֥໙ีބѓሙ)bі2 E&GࠊлᆟҦૼ؇ᆷѓุ༢ཛଢሰཛଢ1.൞ڎႵࠊлᆟҦଢѓ֥ᆞൔඪૼ,ѩᄝԛགྷ؟ᇗଢѓൈ,Ⴕૼಒ֥Ⴊ༵ଢѓ?ᆟᇍૼ؇2.ᇶေଢѓ൞ڎॖၛਈ߄?3.ᄝᇏနၿྛაᆟکᆭࡗ൞ڎႵૼಒ֥ᇅ؇νஆࠇކჿ?1.აᆳྛࠊлᆟҦཌྷܱ֥ࠎЧࣜ࠶ྐ༏ඔऌ൞ڎऎႵ܄ᇙॖ֤ྟ?(ᇶေЇওোэਈ:ࠊл܂ႋਈa๙ࠊளࣜ࠶ૼ؇ᅮaGDPaാြੱၛࠣളӁ৯০Ⴈੱ)2.൞ڎؓຓఃႨႿᆟҦٳ༅֥ᆞൔ֥ޡܴࣜ࠶ଆ?3.൞ڎק௹܄҃ఃؓޡܴࣜ࠶֥ყҩ?1.൞ڎิ܂ૼಒ֥ᆟҦܿᄵࠇᅞ,ၛіૼఃࠊлᆟҦॿࡏ?ӱૼ؇2.൞ڎק௹܄ܱ҃ႿఃथҦݖӱ֥ᆇൌབྷ༥֥࠺?3.൞ڎૄ۱थҦᄝఃᇶေҠቔ۽ऎࠇଢѓҪ૫൞ೂޅൌགྷ֥?#37#
财经论丛 2006年第6期ཛଢሰཛଢ1.൞ڎؓఃᇶေҠቔ۽ऎࠇଢѓ֥טᆜࣉྛࠣൈ֥܄҃?ᆟҦૼ؇2.࿆֒҃ᆟҦथקൈ,൞ڎิ܂Ⴕܱࢳ?3.ૄՑᆟҦᇅק߶ުᇏနၿྛ൞ڎૼಒఃᆟҦౠཟ,ࠇႵܱႿໃটॖି֥ᆟҦྛૼಒᆷൕ(ᇀഒ൞࠱؇܄҃)?1.൞ڎק௹ؓᇶေࠊлᆟҦҠቔଢѓղ֥֞ඣࣉྛܙ?Ҡቔૼ؇2.൞ڎק௹ิ܂ܱႿໃყ௹֥֞aႵॖି႕ཙᆟҦԮ֝ݖӱ֥ޡܴࣜ࠶ѯྐ༏?3.ᆌؓޡܴࣜ࠶ଢѓط,൞ڎק௹ؓᆟҦིݔࣉྛܙ? ሧਘটჷ:۴ऌEijffingerބGeraats(2005)ᆜb 2.ܙࢲݔ০Ⴈഈ૫֥ࠊлᆟҦૼ؇ᆷѓุ༢,EijffingerބGeraatsؓ9۱ݓࡅᇏနၿྛࣉྛਔൌ࠽ܙ,ఃᇏ,Ⴕ8ࡅᇏနၿྛ൞ݓ࠽ࣁವ൧ӆഈ֥ᇶေҕაᆀ(ၛ۲ݓࠊл࠹ෘ֥2001୍4ᄅ۲ݓຓ߸൧ӆࢌၞሹحটޙਈ),ਸ਼ຓ1ࡅ൞ྍ༆ধԥСၿྛ(ၹູఃՖ1990୍ҐႨ๙ᅮଢѓᇅၛট,ᄝࠊлᆟҦૼ؇ٚ૫Ӯིཁᇷ)bؓі3aі4ࣉྛٳ༅:ሺཟु,Ֆ1998୍֞2002୍ࡗ,ն؟ඔᇏနၿྛࠊлᆟҦૼ؇Ⴕ෮ิ;ۚطޘཟ,ु2002୍ྍ༆ধaೋׅބႇݓ֥ࠊлᆟҦૼቋۚ,طϏն০aೋൖބರЧ֥ૼ؇ࢠ,֮ૅݓaࡆଦնބჭᄵंᇏbі3 ᇏနၿྛૼ؇ᆷඔ()ᆟᇍҪ૫ࣜ࠶Ҫ૫ӱҪ૫ᆟҦҪ૫ҠቔҪ૫ሹ ࠹Ϗն০3111151158ࡆଦն32151221015ჭ3111152815ರЧ1151211528ྍ༆ধ32153111015ೋׅ2115211529ೋൖ111216ႇݓ31153115211ૅݓ12152115115815 ሧਘটჷ:۴ऌEijffingerބGeraats(2005)b ᇿ:ჭᆷඔ࠹ෘՖ1999୍षbі4 ᇏနၿྛࠊлᆟҦૼ؇ᆷඔ֥ᄹࡆ(199816-200216)ᆟᇍҪ૫ࣜ࠶Ҫ૫ӱҪ૫ᆟҦҪ૫ҠቔҪ૫ሹ ࠹Ϗն০0+1000+1ࡆଦն000000ჭ0+1150+0150+2ರЧ0+015,00-0150ྍ༆ধ0+0150+2+1+315ೋׅ+1+015+1+115+1+5ೋൖ+115+01500-015+115ႇݓ0+11500+015+2ૅݓ000+1150+115 ሧਘটჷ:۴ऌEijffingerބGeraats(2005)bᇿ:ჭᆷඔՖ1999୍֞2002୍b#38#
肖 崎 货币政策透明度指数研究 і5۳ԛਔ2002୍ഈඍ۲ݓࠊлᆟҦૼ؇ᆷඔ֥ሰཛଢ֤ٳ౦ঃ,ٳ༅ॖ,ဢЧᇏૼ؇ቋ֥ۚݓࡅ൞ൌྛ๙ࠊளᅮଢѓᇅ֥ݓࡅ,൞ᆃུݓࡅᇏᆜุૼ؇ಯթᄝҵၳ,бೂϏն০ԥСၿྛሹٳᄝဢЧᇏཌྷؓࢠ֮bॖၛᇿၩ,֞ൌྛ๙ࠊளᅮଢѓᇅ֥ݓࡅ֥ᆟᇍૼ؇ٳۚ,ൌྛ๙ࠊளᅮଢѓᇅѩ҂൞ۚᆟᇍૼ؇֥сေ่ࡱ,бೂჭ֥ᆟᇍૼ؇္ޓۚbѩ,Ֆі5ᇏॖၛु,֞۲۱ݓࡅᇏနၿྛؓࠊлᆟҦૼ؇֥۲۱Ҫ૫෮ܱᇿ֥ӱ؇൞҂֥b২ೂ,ჭބૅݓ֥ሹٳཌྷ,֒ჭ֥ᆟᇍૼ؇ࢠۚ;طૅ৳ԥᄵ఼טथҦ֥ࠧൈ܄҃aࢳބᆟҦౠཟ,ၹطఃᆟҦૼ؇ࢠۚbႮႿૅݓࣜ࠶ሱ20ൗࡀ80୍սު௹ၛটіགྷਅݺ,ၛࠣૅ৳ԥཚႵࢠ֥ۚྐუ,෮ၛࣁವ൧ӆ၂Ϯಪູૅ৳ԥ֥ૼ؇ۚႿჭbі5 2002୍ᇏနၿྛᆟҦૼ؇ᆷඔϏն০ࡆଦնჭರЧྍ༆ধೋׅೋൖႇݓૅݓ1.ᆟᇍҪ૫3331153321531a.ᆞൔଢѓ1ll015ll015l015b.ਈ߄ଢѓ1ll0llll0c.ᇅ؇νஆ1lll11l10152.ࣜ࠶Ҫ૫2215215115321153215a.ࣜ࠶ඔऌ015l1111ll1b.ᆟҦଆ11l0100llc.နྛყҩ015015015015l101510153.ӱҪ૫1ll233132a.ૼಒᅞ1ll0l11l0b.߶ၰ࠺0001ll0l1c.ௐ࠺0001110114.ᆟҦҪ૫115221153321153a.ࠣൈ܄҃1111111l1b.ᆟҦࢳ015110151ll0151c.ᆟҦౠཟ000011l015.ҠቔҪ૫1152211523015215115a.ॖ॥༂ҵ1ll0151l015llb.Ԯ֝ѯ01501501501501510l0c.ིݔܙ0015015015015l0015015ሹ ࠹910151015814147151310ሧਘটჷ:۴ऌEijffingerބGeraats(2005)ᆜb (三)实证检验E&Gᆷඔ๙ݖࡹ৫ࠊлᆟҦૼ؇֥ۀྟॿࡏ,఼ט෮ྐ༏ᄝࠊлᆟҦᇅקݖӱᇏ֥҂ቔႨ,ᆃ֤ھᆷඔॖၛФႨႿؓંࢲંࣉྛൌᆣဒbଢభ,ᆃٚ૫ൌᆣ࣮֥໓ངᇶေࠢᇏᄝဒૼ؇ᆷඔ֥ࣜဒཌྷܱ,ྟࠧဒૼ؇ӱ؇ّؓ႘ޡܴࣜ࠶ඣ֥ᇶေᆷѓ֥႕ཙ,ၛࠣဒૼ؇ᆷඔ֥۲۱Ҫ૫֥ཌྷؓᇗေྟbChortareasaStasavageބStern]e(2002[10)๙ݖ8۱ݓࡅ֥ࢩ૫ඔऌ,ؿགྷؓໃটᆟҦყҩ֥ࢠۚૼ؇Ⴕ০Ⴟࢆ֮न๙ࠊளᅮඣb൞ႋھु,֞ႮႿ҂ݓࡅૼ؇ᄹࡆѩ҂൞၂֥(і4),෮ၛ,Ⴈࢩ૫ඔऌࣉྛൌᆣ࣮թᄝ໙;ีDemertzisބHallett(2003[11])࣮ਔE&Gᆷඔ֥ࣜဒཌྷܱྟ,ఃൌᆣࢲݔіૼᇏနၿྛૼ؇ᆷඔაन๙ᅮੱބनӁԛᆭࡗીႵཁᇷ֥࠹ഈ֥ཌྷܱྟ,ࠧૼ؇э߄ؓनӁԛބ๙ᅮ֥႕ཙ҂նbѩ,ૼ؇֥۲۱Ҫ૫ؓन๙ᅮඣބӁԛ֥႕ཙٚཟ҂ປಆ၂ᇁbૌؿགྷ,ૼ؇э߄ؓࣜ࠶໗קӁളࢠն႕ཙ,ࠧૼ؇ᄀۚ,Ӂԛބ๙ᅮ֥ѯږ؇ᄀཬ;GeraatsބEijffinger(2004[12])ᄎႨൈࡗਙّ႘ࠊлᆟҦૼ؇֥э߄,ૌؿགྷૼ؇ᆷඔ֥ิۚႵ০Ⴟࢆ֮#39#
财经论丛 2006年第6期؋௹০ੱbਸ਼ຓ,ߎႵ၂োൌᆣ࣮ᇶေࠢᇏႿ:აࠊлᆟҦႵܱ֥ࣁವ൧ӆّႋ,ೂClareބCourtenay[13](2001)aKohnބ[14][15][16]Sack(2003)aPooleބRasche(2003)aSwanson(2004)֩,ᆃུ໓ང֥܋ԩᄝႿ,Ϝࢠ֥ۚࠊлᆟҦૼ؇აࠊлᆟҦ֥ࢠݺყҩྟ߃֩ݼb൞൙ൌഈ,ࠊлᆟҦ֥ॖყҩྟაૼ؇൞҂ཌྷؓႋ,֥ၹູᆟҦ֥ॖყҩྟ҂ࣇ౼थႿૼ؇,ߎაຓᄝ֥Ԋࠌ൞ڎթᄝႵܱb২ೂ,ൌᆣဒᇏ၂ཛࠊлᆟҦऎႵࢠݺ֥ॖყҩྟ,ᆃ၂ࢲંॖିᆺ൞ၹູ֒௹ࣜ࠶ᇏ֥Ԋࠌࢠཬ,ط҂൞ၹູิۚਔა܄ᇙ֥ࢌੀbਸ਼ຓ,ؓຓࠣൈࠊлᆟҦଢѓ֥؋௹טᆜ,Ⴕ০Ⴟิۚૼ؇,൞ՖӉ௹টु,Ⴕॖିࢆ֮ᆟҦ֥ॖყҩྟb三a简要评析࣐ܵଢభݓຓ໓ངᇏؓࠊлᆟҦૼ؇֥؇ਈᇶေ൞ҐႨૼ؇ᆷඔ,൞ᆃᇕٚمЧദթᄝ၂ུಌׄ:1.ܙ֥ٚمթᄝ໙ีଢభᄝࠫެ෮Ⴕ֥ࡎٚمᇏ,ቋᇔ࠹ෘᆴ൞ᆷѓุ༢ᇏૄ۱ᆷѓ֤ٳ֥ࡥֆࡆሹ,ࠧૄ۱ሰཛଢФڮჍཌྷ֥ಃᇗ,ѩ,ᄝщᇅaٳোၛࠣಃᇗ֥ഡקٚ૫ߎЇওྸ؟ᇶܴ؎bEijffingerބGeraats(2005)္ಪູ,ᆃ۱ࡆሹ֥ࢲݔѩ҂൞ؓૄ۱ሰཛଢ֥ቋݺูս,ၹູીႵु֞۲۱ᆷѓᇗေӱ؇҂֥ҵၳ,ቋམ֥൞๙ݖൌᆣটಒ৫ૄ၂ཛ֥҂ಃᇗbૌಪູૼ؇ᆷඔ֥ቋնࡎᆴ҂ᄝሹ֥ٳඔ,طᄝႿ۲۱ሰཛଢ෮Їݣ֥پڶྐ༏bᄝၛު֥ڿࣉᇏ,ॖၛႨ/ૹۋྟٳ༅0ٚمটࡨഒૼ؇ᆷඔഡ࠹ᇏ֥ᇶܴ؎ၹ,ᄹ఼ఃሙಒྟބग़ܴྟb2.ૼ؇ᆷඔᆺିᄝ၂קӱ؇ഈّ႘၂ݓࠊлᆟҦ֥ૼ؇ඣၹູ,၂ٚ૫,ᄝࡹ৫ܙᆷѓุ༢ൈ,࣮ᆀᇿᇗ֥൞ᆟک܄֥҃໓ࡱބᆟکؓᆟҦၩ֥܄षіൕ,ᆃ֤ܙࢲݔ҂၂קିሙಒّ႘གྷൌ౦ঃbбೂ,ᄝ၂ུؿᅚᇏݓࡅ,ᆟکѩ҂߶ೂ܄ᇙ෮༐ຬ֥ପဢ,۬οᅶ໓ࡱࠇ܄षᆟҦ࿆ۡটᆳྛࠊлᆟҦ,ࠧᆟҦᆳྛݖӱᇏթᄝྸ؟҂ಒק;ྟਸ਼၂ٚ૫,ܱႿૼ؇֥ޙਈԢਔ၇ौᆟک܄֥҃໓ࡱބؓᆟҦၩ֥܄षຓ,ߎടࠣྸ؟ၛ܄ᆞਈ߄֥ၹ,ೂܱႿࠊлᆟҦᇅקᇏ֥߶ၰ࠺ބௐ࠺,ॖၛؓყҩᇏနၿྛໃটᆟҦྛູิ܂၂ק֥ཌ෬,൞ᆃུ࠺֥ҕॉቔႨᆺି൞٤ᆰࢤ֥aၛᆣൌ֥,ਸ਼ຓ,ૼ؇ॖିߎടࠣᇏနၿྛაᆟکࡗ֥٤ᆞൔνஆaၿྛᇗေದ֥ྟ۬֩ၹb3.ᇿၩݓљҵၳՖభ૫֥ൌᆣࢲંॖၛु,֞ႮႿ۲ݓᇏနၿྛ֥ྐუa۲ݓࣜ࠶֥໗קӱ؇ၛࠣൎ໓߄М֥ࣟҵၳ,۲۱ݓࡅᇏနၿྛؓᆟҦૼ؇۲۱Ҫ૫෮ܱᇿ֥ӱ؇൞҂֥bѩ,ଢభݓຓ໓ངᇏᄎႨૼ؇ᆷඔؓݓљࠊлᆟҦࣉྛܙ,֥ᇶေ൞ടࠣ༆ٚؿղݓࡅބ၂ུൌྛ๙ᅮଢѓᇅ֥ྍྖݓࡅ,طࢠഒടࠣؿᅚᇏݓࡅ,ᆃᄝ၂קӱ؇ഈაؿᅚᇏݓࡅᇏနၿྛ৫ྟࢠҵ,ؓࠊлᆟҦૼ؇֥ࡹഡߎېఏ҄ႵܱbGeraats(2002)္֥࣮ؿགྷ,ؓႿ৫ྟӱ؇҂֥ᇏနၿ,ྛิۚૼ؇֥ቔႨ൞ປಆ҂֥bؓႿ৫ྟࢠҵ֥ᇏနၿྛ,ิۚૼ؇߶ႮႿᆟᇍۄყطӁളࢠҵི֥ݔb෮ၛ,ؓႿ๙ݖഡ࠹ૼ؇ᆷѓุ༢࠹ෘԛ֥ૼ؇ᆷඔ,ᄝࣉྛݓљဒൈ,ႋऎุॉ੮҂োݓࡅ֥҂หᆘ,ၛ/ཌྷؿᅚো0ࠇᆀ/ऎႵཌྷ֒ࣜ࠶ؿᅚӱ؇0ູѓሙࣉྛ߃ٳ,ᆃဢॖၛьႿॉ੮҂োݓࡅૼ؇ٚ૫֥༢ྟҵၳ,֤ఃࢲݔ۷Ⴕॖбྟބඪڛྟbਸ਼ຓ,۲ݓࡹ৫Чݓ֥ࠊлᆟҦૼ؇ܙุ༢ൈ,ᄝᆷѓሹุࢲܒഈაݓ࠽ุ༢ࠎЧЌӻ၂ᇁ,ऎุᆷѓ֥ಃᇗᄵႋ۴ऌЧݓ֥ऎุݓ౦ࣉྛൡ֒טᆜ,֤ᆷѓุ༢ऎႵ۷఼֥ൡႨྟބॖҠቔྟb#40#
肖 崎 货币政策透明度指数研究ҕॉ໓ང:[1]ఫཬν.ࠊлᆟҦܿᄵ[M].Кࣘ:അༀႆܶ,2002.[2].(2002)./Centralbanktransparency0,EconomicJournal112.[3]Bernanke,.,Laubach,T.,Mishkin,,.(1999).InflationTargeting:lessonsfromtheinternational experience,PrincetonUniversityPress,Princeton,NewJersey.[4]Blinder,A.,Goodhart,C.,Hildebrand,P.,Lipton,DandWyplosz,C.(2001)./Howdocentralbankstalk?0,GenevareportontheWorldEconomy3,ICMB.[5]Bin-iSmaghi,,D.(2001).IstheECBsufficientlyaccountableandtransparent?.[6]DeHaan,.(2002).Anon-transparentEuropeancentralbank?Whoistoblame?UniversityofGroningen,ppl-18.[7]Fracasso,A.,Genberg,,C.(2003),Howdocentralbankswrite?AevaluationofInflationTargetingCentralBanks,,CentralforEconomicPolicyResearch.[8].(2005)./Howtansparentarecentralbanks?0Aworkingpaperpresentedataconference/Monetarypolicytransparency0attheBankofEngland,July.[9]./Transparencyofmonetarypolicy:doestheinstitutionalframeworkmatter?,July.[10]Chortareas,G.,Stasavage,,G.(2002)./Doesitpaytobetransparent?[11]MariaDemertzisandAndrewHughesHallett.(2003)./,CentreforEconomicPolicyResearch,January.[12],(2004)./Doescentralbanktransparencyreduceinterestrates?(ESSIM),Tarragona,May26-29.[13]Clare,,R.(2001)./Assessingtheimpactofmacroeconomicnewsannouncementsonsecuritiespricesunderdifferentmonetarypolicyregimes0,BankofEnglandWorkingpaper125.[14]Kohn,,.(2003),/Centralbanktalk:Doesitmatterandwhy?-55.[15]Poole,,.(2003),/TheimpactofchangesinFOMCdisclosurepracticesonthetransparencyofmonetarypolicy:aremarketsandtheFOMCbetter-synched.?(2),1-9.[16]Swanson,.(2OO4),/FederalReservetransparencyandfinancialmarketforecastsofshort-terminterestrates0,FederalReserveBoardFinanceandEconomicsDiscussionSeries,(DepartmentofFinance,CollegeofEconomics,XiamenUniversity,Xiamen361005,China) Abstract:Recently,,thepaperintroducestheabroadstudyaboutevaluationsystemoftransparencyofmonetarypolicy,:monetarypolicy;transparency;index(ᄳщࠠ:ᅦ)#41#
