我国货币发行机制探讨——基于央行和商业银行资产负债表的分析

发布时间：2019-06-24 17:41

【摘要】：我国外汇储备不断增加,使得外汇占款和基础货币持续增加。本文通过商业银行和中央银行的资产负债表分析了我国外汇储备增加对基础货币发行的影响机制。并比较分析了央行通过买卖央行票据和国债对基础货币发行的影响。目前,央行减少外汇储备主要通过建立投资公司,笔者分析了财政部发行特别国债购买外汇,并将外汇注资国家外汇投资公司对基础货币发行的影响。财政部发行特别国债有两种方式,一是间接向中央银行发行,二是直接向市场发行。本文还研究了这两种发行方式对货币供给的影响机制及对中央银行货币政策操作的指导意义。本文进一步分析了独立投资公司购买外汇对基础货币的影响。最后,本文给出了主要结论。
[Abstract]:China's foreign exchange reserves continue to increase, so that foreign exchange holdings and basic currencies continue to increase. This paper analyzes the influence mechanism of the increase of foreign exchange reserves on the issuance of basic currency through the balance sheets of commercial banks and central banks. The influence of central bank buying and selling central bank bills and treasury bonds on the issuance of basic currency is compared and analyzed. At present, the central bank mainly reduces foreign exchange reserves through the establishment of investment companies. The author analyzes the influence of the Ministry of Finance issuing special treasury bonds to buy foreign exchange and injecting foreign exchange into the national foreign exchange investment company on the issuance of basic currencies. There are two ways for the Ministry of Finance to issue special treasury bonds, one is to issue them indirectly to the central bank, and the other is to issue them directly to the market. This paper also studies the influence mechanism of these two issuing methods on money supply and its guiding significance to the monetary policy operation of the central bank. This paper further analyzes the influence of foreign exchange purchase by independent investment companies on the basic currency. Finally, the main conclusions are given in this paper.
【作者单位】：复旦大学;
【基金】：国家自然科学基金(70673011) 上海市哲学社会科学规划课题(2008BJB024) 复旦大学中国经济国际竞争力创新基地国际金融方向子课题的资助
【分类号】：F822

【共引文献】