金融危机期间澳大利亚储备银行公开市场操作及启示

Open market operations by Reserve Bank of Australia amid global financial crisis and its inspiration to China

公开市场操作是澳央行最主要的货币政策工具,金融危机期间,澳央行通过公开市场操作向市场提供了充足流动性,成功平抑了利率波动,为澳大利亚成为本次金融危机中最早复苏的发达国家创造了条件。中国与澳大利亚货币政策框架虽存在差别,但近期"主要运用市场化手段动态微调",和此后逐步实现调控方式由直接向间接过渡的需要,都将公开市场操作推向了金融调控的突出位置。该文借鉴澳央行经验,提出改进我国公开市场操作的相关建议。

Open market operation is the most frequently used monetary policy tool by the Reserve Bank of Australia. Amid the global financial crisis, the Reserve Bank of Australia provided adequate liquidity and successfully controlled the interest rate fluctuation through open market operations, which resulted in Australia becoming the earliest nation to recover among developed countries. Though there are some differences in the monetary policy frames between China and Australia, the use of dynamic fine tuning by market methods and the transition from direct macro-control to an indirect one requires open market operations to play more significant role. Taking Australia＇s experiences as a reference, this paper puts forth suggestions to improve open market operations in China.