准备金政策新框架与内需结构调整

New Policy Framework of Reserve Requirements and the Adjustment of Domestic Demand Structure

因存款准备金制度软化、存款准备金减少带来了货币政策低效或无效的局面。通过中央银行对商业银行的资产各项贷款征收法定准备金,构建了一个准备金政策新框架,可用来分析货币政策的需求结构效应,以实现针对性地调节总需求结构。并且,实行贷款准备金政策可以消减存款准备金的制度缺陷、重建准备金制度的威力、强化货币政策的效果。

The softening of the reserve against deposit system and reducing of the reserve have led to a situation of low efficiency or even inefficiency of the monetary policy.This paper constructs a new framework for the reserve policy that the central bank levies legal reserve on the assets and loans of commercial banks,which can be used to analyze the demand structure effect of the monetary policy,so as to realize the targeted adjustment of the total demand structure.In addition,to put the loan reserve policy into practice can achieve such effects as eliminating or reducing the institutional defects of the reserve against deposit system,regain the power of the reserve system,and strengthen the monetary policy.