外汇占款下降对我国货币供给机制的影响研究

发布时间：2018-04-13 13:33

本文选题：外汇占款 + 货币供给机制　；参考：《世界经济研究》2016年08期

【摘要】：2002年以来,外汇占款一直是我国货币供给的主渠道,但2015年我国外汇储备连续多个季度出现净额下降,导致外汇占款不断下降。文章通过对2002~2015年的月度数据进行分析,研究外汇占款下降对我国货币供给机制的影响。研究结果表明:自2011年开始,外汇占款对我国货币供给的影响较之前有所下降,央行更多地通过公开市场操作、再贷款和创新性货币政策工具主动供应基础货币,大量增加金融机构贷款来补充流动性。未来央行应积极面对新的变化,构建新常态的货币供给机制,稳定市场的总体流动性水平。
[Abstract]:Since 2002, the foreign exchange account has been the main channel of our country's money supply, but in 2015, China's foreign exchange reserve has declined in net for many consecutive quarters, which led to the continuous decline of foreign exchange.Based on the analysis of monthly data from 2002 to 2015, this paper studies the influence of the decline of foreign exchange on the mechanism of money supply in China.The results show that since 2011, the impact of foreign exchange on China's money supply has declined, and the central bank has been more open market operation, re-lending and innovative monetary policy tools to actively supply base money.A large increase in loans from financial institutions to replenish liquidity.In the future, the central bank should actively face the new changes, construct the new normal money supply mechanism, and stabilize the overall liquidity level of the market.
【作者单位】：华南理工大学经济与贸易学院;
【基金】：广东省软科学研究计划项目“新常态下广东自贸区特色金融创新研究”(批准号:2016A070705016) 广州国际金融研究院课题“广东自贸区南沙片区跨境人民币业务创新研究”(批准号:GFI152B01)资助
【分类号】：F832.6;F822.2

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