上调存款准备金率对于抑制流动性过剩的有效性分析

Analysis of the Validity of Raising the Deposit Reserve Ratio to Control the Excessive Liquidity

2008年6月7日,央行再次上调存款准备金率1个百分点,调高至17.5%的历史新高。这是央行2007年以来第十五次提高存款准备金率。本文分析了出台这一政策的宏观背景,从货币供应量、银行信贷、股票市场以及房地产市场等方面着重研究了上调存款准备金率对于抑制流动性过剩是否有效这一热点问题,分析了这一货币政策工具部分失效的原因,并对未来的货币政策进行了展望。

On Jun,7th,the central bank declared that the deposit reserve ratio would be increased once more by 1% to 17.5%,which would achieve the highest level on records.This is the fifteenth time to carry out this policy since 2007.This paper begins with the analysis of the domestic macro—economy background,and then makes a deep research on the validity of raising the deposit reserve ratio to control the excessive liquidity from four aspects: money supply,bank industry,stock market and real estate market.After that...