开放条件下外汇储备变动对货币政策的影响

The Impact of Fluctuation of China's Foreign Exchange Reserves on Monetary Policy in Open Situation

基于我国外汇储备持续增长的现状及国际比较,分析了开放条件下外汇储备与货币政策的内在逻辑联系以及冲击路径。研究发现:外汇储备变动主要通过货币供应量、货币供给结构、货币内生性及″三元悖论″等渠道影响我国货币政策的实施效果。进一步阐明了在开放经济条件下,我国应改革现行的外汇管理制度,加大公开市场业务操作力度,促使国际收支结构平衡,以提高货币政策实施的自主性和灵活性。

This paper analyzes the relationship between foreign exchange reserves and monetary policy on the basis of our country＇s growing foreign reserve. It also analyzes that foreign reserve influences monetary policies through money supply and its structure, endogenous money supply and ＂Ternary Paradox＂. Under the opening economy circumstances, China should reform the current foreign exchange administration system, enhance the open market operation and facilitate the balance of payments to improve the implementation of independence and flexibility of monetary policy.