The difference between a general monetary policy instrument and a selective monetary policy instrume

General monetary policy tools.

It refers to the monetary policy tool that regulates the total money supply or the total amount of credit, and is often used, and has a traditional nature. There are three main general policy instruments: the statutory reserve policy, the rediscount policy and the open market business.

Selective monetary policy instruments refer to banks.

A credit adjustment instrument used for credit in certain special economic sectors or for special purposes. The main ones are as follows:

Consumer credit control refers to the control of the sales and financing of various durable consumer goods other than real estate, such as stipulating the minimum amount of down payment for the purchase of durable consumer goods in installments.

Market credit control refers to the restriction of various loans by banks on valuable transactions, with the aim of restricting the proportion of loans purchased with valuable loans.

Real estate credit control refers to the restriction of real estate lending by banks and other financial institutions such as commercial banks, the main purpose of which is to curb real estate speculation.

The preferential interest rate refers to a management measure in which the bank stipulates a lower discount rate or lending rate for the economic sectors or industries that are focused on development according to the requirements of the national industrial policy, such as basic industries and high-tech industries.

The general monetary policy instruments are the statutory reserve ratio, the rediscount rate and the open market operations ......All belong to the adjustment of monetary aggregates to affect the entire macroeconomy.

The selective monetary policy tools are selective to regulate and influence the credit of certain special areas, including consumer credit control, market credit control, real estate credit control, preferential interest rates, prepayment of import deposits, etc.

The selective monetary policy tools are as follows:

Market credit control.

Consumer credit control.

Real estate credit control.

Preferential interest rates. Advance payment of import deposits.

In countries with a market economy as the main body, the monetary policy of ** banks is mainly through the three "magic weapons" of ** banks, namely the deposit reserve ratio, the discount window policy and the open market business, these three policy tools are also known as general monetary policy tools.

In fact, there are two other tools of bank monetary policy, namely selective monetary policy tools and other monetary policy tools. There are many types of selective monetary policy tools and other monetary policy tools that are marketed in the world. Banks in various countries are generally selected and used according to their actual conditions and monetary policy objectives.

China's current market is not perfect, and there is a certain risk in the development of credit trading, but in the early stage of the development of credit trading, the scale of speculation and market risk can be controlled through a higher margin ratio. Then, with the improvement of the market and the standardization of credit trading activities, the ** margin ratio will be gradually reduced.

It is not the same as the general monetary policy tool:

The impact of selective monetary policy tools on monetary policy and the movement of the national economy is not global but local, but it can also act on the overall goal of monetary policy.

Selective monetary policy instruments refer to the monetary policy tools used by banks to target credit to individual sectors, individual enterprises or certain specific purposes. For example, there are market credit control, real estate credit control and consumer credit control.

The general monetary policy tools are: the statutory reserve ratio, the rediscount policy and the open market operations. The three major policy instruments belong to the adjustment of monetary aggregates.

Selective policy instruments include consumer credit control, market credit control, real estate credit control, preferential interest rate and prepayment of import deposits. Selective monetary policy instruments mainly regulate the credit structure and relative size.