我国存款准备金工具逆国际趋势运用的思考

发布时间：2018-06-30 02:51

本文选题：存款准备金工具 + 弱化趋势　；参考：《河北大学》2012年硕士论文

【摘要】：法定存款准备金工具素为货币政策“三大法宝”之一，制度选择及其在货币政策工具领域不断变化的作用和特点，一直是我国的重要议题。尤其是近年来，各国纷纷削弱法定准备金工具的政策作用，而我国却频繁运用该工具，故研究我国存款准备金工具逆势操作的原因和效果，从而判断这项制度在我国的发展趋势，探讨如何能使其更有效地发挥作用，这一论题意义深远。 2006年以来，我国频繁运用准备金工具，至今5年多时间内已使用准备金工具37次之多。工具操作由建立之初的低频率、大幅度操作，转变为高频率、小幅度频繁运用，政策的积极效果表现在短暂影响信贷规模、实现政策目标同时未引起市场剧烈波动、优化资金结构等方面。同时，也存在阻碍金融市场改革及货币政策工具创新、对冲房价调控政策等不利影响。但现阶段我国准备金工具的逆势操作具有一定的现实意义，究其原因主要有以下几点：1、我国市场经济仍处初级阶段，，金融市场尚不发达；2、间接融资占据我国金融市场的主体地位；3、我国特有的存款准备金付息制度；4、我国货币政策中介目标仍为货币供应量；5、我国流动性保障工具缺失。长远来看，当金融市场发展到一定水平后，我国存款准备金工具运用终将顺应国际潮流呈现逐渐弱化的态势。然而，在很长一段时期内仍将沿用，故需要对工具本身及其传导过程及存在的准备金付息、监管漏洞、市场传导不利等问题进行改进。相应优化措施主要有：推行利率市场化，扩大准备金工具作用范围，丰富差别存款准备金制以及“叫停”准备金付息制等。
[Abstract]:Legal deposit reserve instrument is one of the "three magic weapons" of monetary policy. The choice of institution and its changing role and characteristics in the field of monetary policy instruments have always been an important topic in our country. Especially in recent years, many countries have weakened the policy function of the legal reserve instrument, but our country has frequently used the tool, so the reason and effect of the countertrend operation of the deposit reserve tool in our country are studied. Therefore, judging the development trend of this system in our country and exploring how to make it work more effectively is of far-reaching significance. Since 2006, our country has frequently used reserve fund tools. So far more than five years have used reserve tools 37 times. The tool operation changed from low frequency and large scale operation at the beginning of its establishment to high frequency and small scale frequent use. The positive effect of the policy is that it affects the scale of credit briefly, realizes the policy goal and does not cause the market to fluctuate violently. Optimize capital structure and so on. At the same time, there are some negative effects, such as financial market reform and monetary policy innovation, hedging housing price regulation policy and so on. However, the countertrend operation of reserve instruments in our country at present has certain practical significance. The main reasons are as follows: 1. The market economy of our country is still in the primary stage, and the financial market is not developed. (2) indirect financing occupies the main position of financial market in our country, the special system of deposit reserve and interest payment in our country is 4%, the intermediate target of monetary policy is still money supply, and the liquidity guarantee tool is missing in our country. In the long run, when the financial market develops to a certain level, the use of deposit reserve instruments in China will eventually conform to the international trend and gradually weaken. However, it will still be used for a long period of time, so it is necessary to improve the tool itself and its transmission process, as well as the existing reserve payment, regulatory loopholes, market transmission disadvantages and so on. The corresponding optimization measures are as follows: carrying out interest rate marketization, expanding the scope of reserve instruments, enriching the differential deposit reserve system and "stopping" the reserve interest payment system and so on.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0

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