国库现金转存商业银行对货币供给政策的影响——基于商业银行资产负债框架的扩展分析

发布时间：2018-06-08 00:10

本文选题：国库现金 + 商业银行资产负债结构　；参考：《金融研究》2010年07期

【摘要】：随着近年来国库现金的迅速增加,万亿国库现金波动对央行货币供给政策造成显著影响,国库现金管理制度改革日益迫切,国库现金转存商业银行成为我国当前的重要课题。为此,本文构建国库现金转存商业银行的分析框架,研究表明,国库现金转存商业银行仍然会通过商业银行的资产负债结构影响货币供给政策,国库现金协议定期存款促使商业银行定期存款对活期存款比重上升,以此影响商业银行储备水平与信贷能力,同时,国库现金需要商业银行提供抵押品,抵押比例越高,商业银行必须留出越多的储备购买债券,促使国库现金转入商业银行后社会可用资金下降,导致商业银行向中央银行寻求更多的储备资金,从而国库现金增加将引起利率水平上升,并且通过信贷传导机制引起均衡信贷水平发生改变,最终引起货币供给水平产生波动。在平滑国库现金影响的政策选择上,中央银行表现出一定的被动性,通过加强监管、选择抵押品比例等方式是央行调控国库现金影响货币供给政策的重要手段。
[Abstract]:With the rapid increase of treasury cash in recent years, the fluctuation of trillion treasury cash has a significant impact on the central bank's money supply policy. The reform of treasury cash management system is becoming increasingly urgent, and the transfer of treasury cash to commercial banks has become an important issue in our country. Therefore, this paper constructs the analytical framework of treasury cash transfer commercial banks. The research shows that the treasury cash transfer commercial banks will still influence the money supply policy through the structure of assets and liabilities of commercial banks. Treasury cash agreement term deposit causes the commercial bank to increase the proportion of time deposit to demand deposit, thus affecting the level of reserve and credit ability of commercial bank. At the same time, the treasury cash needs commercial bank to provide collateral, the higher the mortgage ratio, The more reserves commercial banks must set aside to buy bonds, the lower the amount of money available in society after the transfer of treasury cash to commercial banks, leading commercial banks to seek more reserve funds from the central bank. Therefore, the increase of treasury cash will cause the interest rate to rise, and the equilibrium credit level will change through the credit transmission mechanism, and finally cause the fluctuation of the money supply level. In the policy choice of smoothing the influence of treasury cash, the central bank has shown certain passivity. Through strengthening supervision and choosing the proportion of collateral, it is an important means for the central bank to control the influence of treasury cash on money supply policy.
【作者单位】：北京大学中国经济研究中心;浙江大学经济学院;
【分类号】：F832.33;F822.0

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