基于资产负债表的央行调控能力分析

Analysis on the Central Banks' Regulation Capacity Based on Balance Sheets

本文通过对中、美、日和欧四国和地区的中央银行资产负债表分析,揭示了它们在负债结构、资产结构等方面的特点,分别指出了中国人民银行在负债结构和资产结构方面的缺陷,这些缺陷引致了其调控能力的不断降低。要避免资产负债关系的进一步恶化,中国人民银行的资产负债表必须予以调整完善,具体措施包括:逐步提高"发行货币"占"储备货币"和总负债的比重,降低"金融性公司存款"和"发行债券"的比重;细化"其他负债";增加"货币资产"科目;逐步降低"外汇资产"的数量及其占总资产中的比例;细化"对其他存款性公司债权"和"对其他金融性公司债权",增大在这些科目的资产配置数量。

This paper analyzes central banks' balance sheets of China,America,Japan and European Union and discloses their characteristics of structures of liability and asset.It points out the default of liability structure and asset structure respectively,which results in constantly decline of central bank's regulation capacity.To avoid further worsening of relations between debts and assets,the People's Bank of China must adjust its balance sheet.The measures include:to raise the ratio of 'issuing currency' among 'Reserve money' and total liabilities gradually;to decrease the ration of 'financial corporate deposits' and 'issuing bonds';to specialize 'the other liabilities';to add to the subject of 'monetary assets';to decrease the amount of 'foreign exchange assets' and its ratio to the total assets;to specialize 'claims on the depositing companies' and 'claims on the other financial companies' and increase the quantity of assets allocations to these subjects.