流动性“紧平衡”与货币政策操作——对结构性流动性短缺操作框架的思考

发布时间：2019-06-27 16:18

【摘要】：由于商业银行资产扩张速度较快,加之外汇流入变缓甚至出现外汇净流出的情况,我国金融市场由结构性流动性盈余反转为结构性流动性短缺。结构性流动性短缺的货币政策操作框架有助于中央银行主动采取公开市场操作以实现其政策意图,提高货币政策有效性。中央银行可通过公开市场操作引导市场利率的变化,当市场利率达到目标水平时,相应调整利率走廊的区间,然后进行常规性操作使利率中枢保持在走廊区间内运行。为了防止金融市场出现超调,中央银行有必要加强与市场的沟通并把握沟通的力度,对系统重要性金融机构加强指导和监测。同时,各类市场主体要逐步适应新的货币政策操作框架,通过对利率中枢和利率走廊区间的分析来准确理解中央银行业务操作的政策意图。
[Abstract]:Due to the rapid expansion of the commercial bank's assets and the net outflow of foreign exchange, the financial market of our country is reversed from the structural liquidity surplus to the structural liquidity shortage. The monetary policy operation framework of the structural liquidity shortage can help the central bank to take the open market operation to realize its policy intention and improve the effectiveness of the monetary policy. The central bank can guide the change of the market interest rate through the open market operation. When the market interest rate reaches the target level, the section of the interest rate corridor is adjusted accordingly, and then the conventional operation is carried out to keep the interest rate hub in the corridor section. In order to prevent the overtone of financial market, the central bank has to strengthen communication with the market and grasp the communication, and strengthen the guidance and monitoring of the systemically important financial institution. At the same time, all kinds of market subjects should gradually adapt to the new operation frame of monetary policy, and understand the policy intention of the operation of the central bank accurately through the analysis of the interest rate center and the interest rate corridor.
【作者单位】：对外经济贸易大学金融学院;
【分类号】：F822.0

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