我国中央银行管理流动性的有效性研究

发布时间：2019-01-05 02:51

【摘要】：加强流动性管理,维持流动性的合理适度充裕是中央银行肩负的重要责任。近年来,在内外因素的作用下,我国的流动性问题日益凸显,有效管理流动性成为了持续困扰我国中央银行货币政策操作的一个重大问题。从流动性管理的能力与意愿两个层面对我国中央银行管理流动性的有效性进行分析后得知,我国中央银行既拥有能够有效控制流动性的政策工具,又具有管理流动性的坚定意愿,是能够有效管理流动性的;但是,当前我国中央银行尚缺乏足够有效的日常平滑流动性供给的手段,难以维持一个持续稳定的适度宏观流动性环境,调控流动性客观上容易加大宏观经济波动。因此,我国中央银行还需进一步丰富流动性管理手段,改进流动性管理水平。
[Abstract]:Strengthening liquidity management and maintaining reasonable and adequate liquidity are the important responsibilities of the central bank. In recent years, under the influence of internal and external factors, the liquidity problem in China has become increasingly prominent, and the effective management of liquidity has become a major problem that continues to haunt the operation of monetary policy of the Central Bank of China. Through the analysis of the effectiveness of liquidity management in China's central bank from the two aspects of ability and willingness of liquidity management, it is concluded that the central bank of our country has not only the policy tools that can effectively control liquidity, but also the effectiveness of liquidity management. And has the firm will to manage liquidity, is able to effectively manage liquidity; However, at present, the central bank of our country still lacks sufficient effective means to smooth the supply of liquidity on a daily basis. It is difficult to maintain a steady and moderate macro-liquidity environment, and it is easy to increase macroeconomic fluctuations objectively by regulating and controlling liquidity. Therefore, China's central bank should further enrich liquidity management tools and improve liquidity management level.
【作者单位】：中国人民银行南京分行;
【基金】：国家社科基金青年项目“金融开放背景下中央银行的货币量调节机制研究”(10CJY077)
【分类号】：F832.31

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