存款准备金率调整及其效应分析

Analysis on Reserve Ratio Adjustment and its Effect

针对我国中央银行近期多次提高存款准备金率的现象,本文首先回顾了我国存款准备金制度的历史沿革,进而对存款准备金调整从正反两个方面予以效应分析,认为近期调整带来了冻结资金效果明显、对金融市场影响温和及告示效应逐渐呈现的正面效应,同时也表现出继续上调空间有限、发挥效用有限和制度内容不完善等负面效应,并在此基础上提出了完善差别存款准备金制度和重视多种宏观政策工具组合使用等对策。

According to the fact of the continuous reserve ratio adjustment by PBC recently, this paper looks back on its history first and then analyze its effect on both sides. The positive side demonstrates its effectiveness on freezing fund, duly curbing financial market and public notification, the other shows its defects of limited room for future adjustment, limited utility and imperfect institutional content and based on these, proposals are raised to perfect reserve system, and emphasize more on policy instrument basket.