摘要
1994年以来，我国国际收支持续顺差、外汇储备保持快速增长，央行被动大量收购外汇并以外汇占款方式投放大量基础货币。为此，央行运用了调控再贷款规模、公开市场操作、发行央行票据、存款准备金比率等措施来消除外汇储备持续快速增长对国内货币供给量的影响。运用VAR模型实证研究2002年9月-2007年8月期间央行货币冲销措施的操作和冲销效果，发现提高准备金和再贷款控制的中长期冲销效果优于央行票据。
Our country＇s constant surplus in balance of payments has made its foreign exchange reserves keep increasing dramatically since 1994, and therefore the central bank has had to purchase foreign exchanges passively in great quantities and issued large number of foundation eurrendes simultaneously. In fact, the central bank made many efforts, such as the adjustment of loan scale, open market operations, central hank rotes, savings reserve ratio etc., to eliminate the impacts of the increasing foreign exchange reserves on the local currency supplies. With VAR model this paper empirical tested the effectiveness of monetary sterilization instru-ments adopted by the central bank based on the seasonal data during Sep. 2002 to Aug. 2007. And it finds that the effectiveness of the adjustment of savings reserve and loan scale is more significant than that of central bank notes.
出处
《财经理论与实践》
CSSCI
北大核心
2008年第4期20-25,共6页
The Theory and Practice of Finance and Economics
关键词
外汇占款
货币冲销措施
VAR模型
Funds outstanding for foreign exchange
Monetary sterilization instruments
VAR model
