“利率走廊”调控与准备金制度功能的异化

Tunnel Regulation and Dissimilation of Reserve System Function

在“利率走廊”调控模式中,存款准备金制度可以被证明能够克服“零准备”的局限,改善“利率走廊”调控中货币需求曲线的形状,平滑中央银行无货币量变动调控的偏差,从而提高利率调控的效果。这给我们带来启示,我国的存款准备金制度不仅不会阻碍我国在条件成熟时实行“利率走廊”调控,甚至还能提高这种调控的效果。

Many central banks have reduced the rate of legal reserve since 1900. Some have implemented money policy without reserve requirement to assort the tunnel regulation, so the legal reserve system has appeared the dissimilation tendency. The history of evolvement of the legal reserve system illuminates this trend. This paper has proved that by using the model of tunnel regulation, the reserve system can break the limitation of zero reserve requirement by amending the figure of money demand curve, which improves the efficiency of regulation. This gives us some thoughts that China current reserve system can not only set tunnel regulation in the near future but also improve the efficiency.