货币创造渠道的变化与货币政策的应对

发布时间：2018-04-04 02:25

本文选题：货币　切入点：货币创造　出处：《国际金融研究》2012年10期

【摘要】：过去近10年间,外汇占款成为中国基础货币供应的主渠道。但2011年第四季度以来,这种情况发生了显著变化。由于人们过去多年习惯了外汇流入的情形,近期这种局面反而引起各界对货币政策操作以及中央银行实现货币增长目标的担忧。本文通过考察商业银行资产负债表的变化,在理论上分析了传统货币创造渠道的扩展问题。我们认为,随着商业银行资产业务的多元化,货币创造的渠道也日益多样化,除了传统的贷款创造货币外,商业银行购买外汇、债券等业务也会创造货币。在分析各种货币创造机制在中国实践的基础上,本文提出未来应更加关注非外汇渠道对货币创造及货币总量的影响。货币政策操作应更注重"逆向思维",强化数量型调控、价格型调控和宏观审慎政策的协调配合等。
[Abstract]:Over the past 10 years, foreign exchange has become the main channel for China's basic money supply.But that has changed dramatically since the fourth quarter of 2011.As people have been accustomed to foreign exchange inflows for years, the recent situation has raised concerns about monetary policy operations and the central bank's monetary growth targets.By investigating the changes in balance sheet of commercial banks, this paper theoretically analyzes the expansion of traditional monetary creation channels.In our opinion, with the diversification of commercial bank assets, the channels of money creation are becoming more and more diversified. In addition to the traditional loan to create currency, commercial banks purchase foreign exchange, bonds and other businesses will also create money.Based on the analysis of various monetary creation mechanisms in China, this paper suggests that more attention should be paid to the influence of non-foreign exchange channels on currency creation and monetary aggregate in the future.The operation of monetary policy should pay more attention to "reverse thinking", strengthen the coordination of quantitative control, price control and macro-prudential policy.
【作者单位】：中国人民银行货币政策二司;中国人民银行货币政策司;
【分类号】：F822.0

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