我国的央行票据发行与公开市场操作
发布时间：2018-11-03 09:58
【摘要】：央行票据是由中国人民银行发行、用以对冲外汇占款的短期债券,是我国实施公开市场操作的主要工具。它是我国外汇大量持续流入、国债市场不发达、央行资产负债结构不合理的产物。央行票据这种替代性操作工具和国债相比,利息成本的承担机制不同。央行票据的利息支付构成了新的货币扩张因素,呈现"反对冲"效应,增大通胀压力,其对冲操作效率也不断降低。与发达国家相比,我国目前还不存在成熟的公开市场操作,未来我国应努力建设多层次发达的国债市场,以提高公开市场操作的效率和货币政策的有效性。
[Abstract]:The central bank paper is issued by the people's Bank of China to hedge against foreign exchange holdings of short-term bonds, is the main tool for China to implement open market operations. It is the product of the continuous inflow of foreign exchange, the underdevelopment of the national debt market and the irrational structure of the central bank's assets and liabilities. Central bank note this alternative operation tool and national debt, interest costs bear mechanism is different. Interest payments on central bank bills constitute a new element of monetary expansion, showing a "backlash" effect, increasing inflationary pressures and reducing the efficiency of hedging operations. Compared with the developed countries, there is no mature open market operation in China at present. In the future, China should strive to build a multi-level and developed national debt market in order to improve the efficiency of the open market operation and the effectiveness of monetary policy.
【作者单位】： 中国人民大学财政金融学院;
【基金】：教育部人文社会科学研究基地项目“现代财政金融理论的中国渊源”(08JJD790123)
【分类号】：F822.0
[Abstract]:The central bank paper is issued by the people's Bank of China to hedge against foreign exchange holdings of short-term bonds, is the main tool for China to implement open market operations. It is the product of the continuous inflow of foreign exchange, the underdevelopment of the national debt market and the irrational structure of the central bank's assets and liabilities. Central bank note this alternative operation tool and national debt, interest costs bear mechanism is different. Interest payments on central bank bills constitute a new element of monetary expansion, showing a "backlash" effect, increasing inflationary pressures and reducing the efficiency of hedging operations. Compared with the developed countries, there is no mature open market operation in China at present. In the future, China should strive to build a multi-level and developed national debt market in order to improve the efficiency of the open market operation and the effectiveness of monetary policy.
【作者单位】： 中国人民大学财政金融学院;
【基金】：教育部人文社会科学研究基地项目“现代财政金融理论的中国渊源”(08JJD790123)
【分类号】：F822.0
【参考文献】
相关期刊论文 前1条
1 李扬;国债规模:在财政与金融之间寻求平衡[J];财贸经济;2003年01期
【共引文献】
相关期刊论文 前10条
1 王宏伟;是相机抉择还是保持中性?——从国外货币政策实践看21世纪中国货币政策的选择[J];商业研究;2002年15期
2 王江;浅议我国货币调控基准利率选择[J];重庆职业技术学院学报;2005年02期
3 史高飞;破解国债"高尔丁死结"——积极财政政策淡出下国债政策的选择分析[J];南方金融;2004年11期
4 陈力峰;论我国开展金融衍生品交易的若干必要微观条件[J];南方金融;2005年09期
5 ;见证失衡——双顺差、人民币汇率和美元陷阱[J];国际经济评论;2010年05期
6 卞宇立;;我国国债规模合理性实证研究[J];经营管理者;2010年06期
7 余良;国债规模之我见[J];华东经济管理;2004年03期
8 闵晓平;;基于基准利率选择的利率期限结构形成研究[J];河南金融管理干部学院学报;2008年04期
9 张园园;积极财政政策淡出下国债政策选择分析[J];海南金融;2005年08期
10 肖俊峰;;国债发行的空间和动力分析[J];教师教育科研;2006年05期
相关博士学位论文 前10条
1 张Z，
本文编号：2307459
本文链接：https://www.wllwen.com/guanlilunwen/bankxd/2307459.html
