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央行冲销干预的渠道分析

Distribution Channels Analysis on the Central Bank Sterilized Intervention
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摘要 20世纪70年代初布雷顿森林体系崩溃后,国际货币体系实行浮动汇率制度,各国中央银行和财政部对外汇市场加以干预,反击汇率干扰,降低市场波动性。当前,应按照外汇市场冲销干预有效性渠道的发展顺序,详细分析外汇市场冲销干预的资产组合渠道、信号预期渠道、噪声交易者渠道和微观市场结构渠道。运用微观结构框架对冲销干预有效性进行分析是具有前景的研究发展趋势。 International Monetary System carry out floating exchange rates,all Central Bank and Ministry of Finance of different countries intervene in foreign exchange markets,counteract interference of foreign exchange rate and low the market fluctuation after the collapse of the Breton Woods System since 1970.At present,it is necessary to analyze the portfolio channel,signal channel,noise trader channel and microcosmic market structure channel according to the development order of efficiency channel of Sterilized Intervention of foreign exchange market.It is a development trend with prospect that analyzes the efficiency of Sterilized Intervention in the frame of microstructure.
作者 张媛媛
出处 《长春金融高等专科学校学报》 2010年第4期8-11,共4页 Journal of Changchun Finance College
关键词 资产组合平衡渠道 信号预期渠道 噪声交易者渠道 微观市场结构渠道 portfolio balance channel signal channel noise trader channel microcosmic market structure channel
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