| 我国外汇占款变动与货币政策有效性研究 |
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| 引用本文： | 李保林,郭广伟.我国外汇占款变动与货币政策有效性研究[J].石家庄师范专科学校学报,2013(4):16-21. |
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| 作者姓名： | 李保林 郭广伟 |
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| 作者单位： | [1]中央财经大学金融学院,北京100081 [2]衡水学院经济管理学院,河北衡水053000 |
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| 摘 要： | 在人民币升值预期不断加强和经济内外失衡的条件下,央行通过外汇占款渠道所投放的基础货币,在货币乘数的作用下,造成商业银行信贷规模的不断扩张,流动性泛滥。外汇占款余额的不断增加给我国货币政策的实施带来了一些不确定性。在流动性扩张过程中,外汇占款所表现出来的溢出效应,短期内对我国货币政策的影响较小,但长期不可忽视,从而解释了央行的外汇冲销手段只存在短期效应。因此,为了降低外汇占款对我国货币政策的影响,我们应大力发展债券市场,逐步放开资本账户,通过建立人民币离岸金融市场等推动人民币走向国际化。
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| 关 键 词： | 外汇占款 货币供应量 金融信贷 货币政策 |
A Study of Funds Outstanding for Foreign Exchange and Monetary Policy Effectiveness |
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| LI Bao-lin,GUO Guang-wei.A Study of Funds Outstanding for Foreign Exchange and Monetary Policy Effectiveness[J].Journal of Shijiazhuang Teachers College,2013(4):16-21. |
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| Authors: | LI Bao-lin GUO Guang-wei |
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| Institution: | 2 (1.School of Finance, Central University of Finance ＆ Economics,Beijing 10008 l,China; 2.Dept. of Economics ＆ Administration, Hengshui University, Hengshui, Hebei 053000, China) |
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| Abstract: | Under the increasing expectation of RMB appreciation and internal and external imbalances of economy, base currency put by the central bank through the channel of foreign exchange leads to the expansion of commercial bank credit scale and proliferation of liquidity in the role of money multiplier. Increasing foreign exchange balance has brought some uncertainty to the implementation of monetary policy in China. In the process of liquidity expansion, spillover effect of foreign exchange has little effect on China＇s monetary policy in the short term,but long-term effects cannot be ignored. That accounts for short-term effects of the central bank＇s write-off means of foreign exchange. Therefore,in order to reduce the effects of foreign exchange on China＇s monetary policy, efforts need to be made to vigorously develop the bond market, the gradual liberalization of the capital account, and to promote the internationalization of RMB through the establishment of offshore financial markets. |
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| Keywords: | foreign exchange money supply financial credit monetary policy |
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