央票作为我国公开市场操作手段的局限

Deficiency of Bank Note as an Open Market Operation Instrument

央票同国债是性质不同的两类公开市场操作工具,美联储调控基础货币的手段是买卖国债,而我国的公开市场操作手段则是发行央票。这两种不同的金融工具针对回收市场流动性产生的效果是不一样的,发行央票只能暂时缓解市场流动性过剩的状况,并且通过协整检验和GRANGER因果检验证明我国的央票利率与市场利率间存在稳定的相关关系,用央票进行公开市场操作成本高昂。由于央票的运用存在缺乏有效性和成本高的局限,所以我国应进一步加强金融市场建设,逐步减少公开市场操作对央票这一工具的依赖。

Bank note, as an open market operation instrument is different from Treasury bill. The Federal Reserve uses the latter to control the money base while our central bank uses the former one. Bank note and Treasury bill have different effects on the market. Issuing bank notes can only temporarily ease the fluency in the market. Through the co - integration test and Granger test, this essay can prove there is a stable relation between bank note interest rate and market interest rate. The cost of using bank note to do open market operation is very high. Due to the inefficiency and high cost of bank note, the use of it to implement open market operation be should reduced.