关于中国外汇储备管理主导权的探讨

发布时间：2018-04-20 17:11

本文选题：外汇占款 + 外汇储备　；参考：《国际金融研究》2015年04期

【摘要】：近期,有专家学者提出由财政部通过发行特别国债筹借资金,购买部分外汇储备,从而使财政部成为外汇储备管理主体,本文针对这种观点展开分析。首先,本文分析了相关的国际经验,以及不同外汇储备管理模式的利弊及法理基础。从长远看,我国外汇储备管理体制从现行模式过渡到财政部主导的双层管理模式具有一定的合理性。其次,本文对发行特别国债并据以实现外汇储备管理主导权转移的可行性进行了分析。由于中国外汇储备数额特别巨大,且存在特殊的外汇储备形成机制,大规模发行特别国债购买外汇储备的方案可能会对金融市场、货币政策框架、央行资产负债表以及宏观经济造成巨大影响。最后,在保持中国人民银行主导外汇储备管理的前提下进行部分微调是当前的最优选择,这在改革进入最后攻坚阶段的关键时期,必须理性对待。
[Abstract]:Recently, some experts and scholars have proposed that the Ministry of Finance should raise funds by issuing special treasury bonds to purchase some foreign exchange reserves, thus making the Ministry of Finance become the main body of the management of foreign exchange reserves. First of all, this paper analyzes the relevant international experience, as well as the advantages and disadvantages of different foreign exchange reserve management models and legal basis. In the long run, it is reasonable to transfer the foreign exchange reserve management system from the current one to the two-tier one dominated by the Ministry of Finance. Secondly, this paper analyzes the feasibility of issuing special treasury bonds and realizing the transfer of foreign exchange reserve management leading power. Because the amount of China's foreign exchange reserves is particularly large and there is a special mechanism for the formation of foreign exchange reserves, the plan of large-scale issuance of special treasury bonds to purchase foreign exchange reserves may affect the financial markets and the monetary policy framework. The central bank's balance sheet and macroeconomic impact are enormous. Finally, under the premise of keeping the people's Bank of China leading the management of foreign exchange reserves, it is the best choice to make some fine adjustments at present, which must be treated rationally in the crucial period of the final stage of reform.
【作者单位】：中央财经大学金融学院;北京大学光华管理学院;
【分类号】：F832.6

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