摘要
本文主要对中央银行外汇市场干预的有效性进行了分析。中央银行干预外汇市场的基本方式包括冲销式干预和非冲销式干预,前者不会引起国内货币供应量的变动,可以借助利率机制间接强化干预效力。由于我国的利率形成机制尚未市场化,加上对资本项目的严格管制,非冲销式干预难以发挥其应有的作用。因此,增强我国中央银行对外汇市场干预效力的关键是要创造有利于市场干预的制度。
This article mainly analyses the central bank＇s effectiveness of intervention with the foreign exchange market. The intervention has two basic modes, including the sterilized intervention and the non-sterilized intervention. The former doesn＇t affect the money supply in the domestic market, and it can use the interest rate mechanism to strengthen the intervention＇s effectiveness indirectly. Because China＇s interest rate is not determined by the market, in addition to the strictly controlled capital account, it is difficult for the non-sterilized intervention to play its role. Therefore, the key to strengthen effectiveness of PBOC ＇ s intervention is to create a system, which is conducive to market intervention.
出处
《国际金融研究》
CSSCI
北大核心
2006年第7期57-61,共5页
Studies of International Finance
基金
教育部哲学社会科学重大研究项目<金融体制改革与货币问题研究>(编号:04JZD0013)的部分研究成果。
关键词
中央银行
外汇市场干预
干预效力
Central Bank
Foreign Exchange Market Intervention
Effectiveness of Intervention
