存款准备金与资本充足率监管的货币政策效应

Monetary Policy Effect of Reserve Requirement and Capital Adequacy Ratio System

法定存款准备要求与资本充足率监管是金融当局对商业银行施加的最重要的两项管制制度。从功能上看,这两项制度都有约束商业银行信贷扩张的效果,基于这种联系,将这两项制度结合起来进行细致研究显得十分必要。法定存款准备金被作为传统的货币政策工具,其对货币政策的影响早已引起广泛的关注。在新的金融发展背景下,商业银行资本金监管产生的货币政策效应,已经渗透到许多原有货币政策工具都暂时无法达到的领域。这也正是国外资本充足率监管逐渐覆盖存款准备金制度的深刻根源。由于资本充足率监管已经被引入我国并逐渐发挥作用,同世界上其他国家一样,货币政策和银行监管之间的关系已经发生了若干新的重大变化,并且随着监管的深入,不断跟踪与研究资本充足率与货币政策之间的关系显得更加迫切。

Legal requirements of reserve and capital adequacy ratio are the most important part of the financial regulations against banks. Functionally, these two regulat ion terms will effect as a tool to limit the loan expansion of commercial banks. As a traditional tool, the effect of legal reserve requirement on monetary poli cy has been researched and cared for a long time. The monetary policy effect of regulation against the capitals of commercial banks is so important in the new f inancial development environment that it has reached some areas that other monet ary policy tools have not ever reached. That the capital adequacy ratio system h as been introduced to and functioned in China has changed the relationship of mo netary policy and financial regulation of the country. Along with the enhancemen t of financial regulation, it is more and more important to track the change of the relationship of capital adequacy ratio and the monetary policy.