央行负债证券化调控手段探究——国际经验、约束条件及其在中国的应用

发布时间：2018-11-27 19:53

【摘要】：国际经验表明,央行负债证券化调控手段并不必然隐退,原因在于制度环境内生负债证券化调控需求及负债证券化调控方式派生出有利于提高央行货币政策调控效率的制度安排。理论研究表明,服务于冲销外汇储备功能的央行负债证券化调控手段,在固定汇率制及国内外资产利率差异的情况下,可持续的前提是货币投放等于负债证券化调控利息成本与外汇储备资产的收益之差。服务于货币政策调控功能的央行负债证券化调控手段,可持续的前提是央行负债证券化调控产生的央行票据余额必须等于货币投放累积之和。进一步从国家信用角度看,当经济增长率大于包含中央银行票据及国债在内的政府债务利率时,央行负债证券化调控手段具有可持续性。较结合经验数据实证分析表明,我国当前央行负债证券化调控并没有偏离可持续水平,未来这种调控手段仍将持续发展。
[Abstract]:International experience shows that the central bank's debt-backed securitization control means do not necessarily retreat. The reason lies in the demand of endogenous debt securitization regulation and control in the institutional environment and the derivation of the regulation and control mode of debt securitization, which is conducive to improving the efficiency of the central bank's monetary policy regulation. The theoretical study shows that, under the fixed exchange rate system and the difference of asset interest rates at home and abroad, the central bank's debt-backed securitization means, which serve the function of sterilizing foreign exchange reserves, The premise of sustainability is that money placement is equal to the difference between the interest cost of debt securitization and the return of foreign exchange reserve assets. The regulation and control of central bank debt securitization, which serves the function of monetary policy regulation and control, can only be sustained if the balance of central bank paper produced by the control of central bank debt securitization must be equal to the sum of accumulated money. From the point of view of state credit, when the economic growth rate is higher than the interest rate of government debt, including central bank bills and treasury bonds, the regulation and control measures of central bank debt securitization are sustainable. The empirical analysis shows that the current regulation and control of debt securitization of China's central bank has not deviated from the sustainable level and will continue to develop in the future.
【作者单位】：中共中央党校;
【基金】：中共中央党校2012年青年课题资助
【分类号】：F832.51;F822.0;F224

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