优化我国外汇储备管理研究

发布时间：2018-03-20 03:09

本文选题：外汇储备　切入点：外汇储备管理　出处：《天津财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：在经历了1997年亚洲金融危机以后,我国政府强化了增加外汇储备以预防金融危机的意识。因此,预防性需求催生了我国外汇储备的疯狂增长。在不到十年间,2006年我国外汇储备额超过日本,位列世界第一至今。充足的外汇储备在给我国带来各种好处的同时,一系列弊端也逐渐显现：强制结售汇制度迫使央行为维持汇率稳定,在外汇市场购入美元,同时放出人民币,我国基础货币量进而等额增加,加剧通货膨胀压力；外汇储备高速增长造成人民币升值压力,不利于出口；央行为了控制通货膨胀,采取各种外汇冲销措施,减少货币供应总量,导致货币政策独立性受影响等。此外,由于美元在我国外汇储备中占比较大,而美元汇率相对人民币走低以及美债的低收益率,导致我国外汇储备面临甚至已经遭受巨大损失。鉴于此,国内许多专家学者在基于国情的基础上,借鉴国外外汇储备管理经验,为我国外汇储备的管理提出了许多有价值的对策建议。文章在充分学习借鉴前人经验成果的基础上,从两个方面对我国外汇储备管理进行研究：规模管理和结构管理。规模管理是从我国外汇储备的主要来源出发,分析各个来源产生的原因、现状以及对我国外汇储备的影响；结构管理则是从我国外汇储备的保值增值方面即投资获利入手,通过比较论述当前国际上一些在外汇储备管理方面比较成功的国家的经验,结合我国实际情况,综合分析了国内外研究的优缺点。得出的结论是：目前我国在管理外汇储备问题上,仅从表面上在经济全球化的不确定性下试图得到一个确定的规模和结构并没有充分的合理性,不利于我国经济的长期发展。而解决影响我国外汇储备的深层次因素如拉动内需、激发企业创造力以及培养高素质人才是根本解决之道。
[Abstract]:After the Asian financial crisis in 1997, our government strengthened the awareness of increasing foreign exchange reserves to prevent financial crisis. In less than a decade, in 2006, China's foreign exchange reserves exceeded Japan's, ranking first in the world so far. Adequate foreign exchange reserves bring all kinds of benefits to our country at the same time. A series of malpractices also gradually appeared: the compulsory settlement and sale of foreign exchange system forced the central bank to buy US dollars in the foreign exchange market and release RMB in order to maintain the stability of exchange rate. The rapid growth of foreign exchange reserves has led to the pressure of RMB appreciation, which is not conducive to exports. In order to control inflation, the central bank has taken various measures to sterilize foreign exchange to reduce the total amount of money supply, thus affecting the independence of monetary policy, and so on. Because the US dollar accounts for a large part of our foreign exchange reserves, and the dollar exchange rate is lower relative to the RMB and the low yield of US bonds causes our foreign exchange reserves to face or even suffer huge losses. In view of this, On the basis of national conditions, many domestic experts and scholars have put forward many valuable countermeasures and suggestions for the management of foreign exchange reserves based on the experience of foreign exchange reserve management. On the basis of studying and drawing lessons from previous experiences, this paper studies the management of foreign exchange reserves in China from two aspects: scale management and structural management. Scale management is the main source of foreign exchange reserves in China. This paper analyzes the causes, the present situation and the influence on China's foreign exchange reserves, and the structural management begins with the value preservation and increment of China's foreign exchange reserves, that is, the profit from investment. By comparing and discussing the experiences of some countries that have been successful in the management of foreign exchange reserves in the world at present, and combining with the actual situation of our country, This paper comprehensively analyzes the advantages and disadvantages of domestic and foreign studies, and draws the conclusion that: at present, in the management of foreign exchange reserves in China, Just trying to get a definite scale and structure under the uncertainty of economic globalization on the surface is not reasonable enough, which is not conducive to the long-term development of China's economy, and the solution to the deep-seated factors affecting China's foreign exchange reserves, such as stimulating domestic demand, is not conducive to the long-term development of China's economy. The fundamental solution is to stimulate enterprise creativity and cultivate high-quality talents.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.6

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