我国中央银行管理流动性的有效性研究

A Study of The Effectiveness of Liquidity Management of China's Central Bank

加强流动性管理,维持流动性的合理适度充裕是中央银行肩负的重要责任。近年来,在内外因素的作用下,我国的流动性问题日益凸显,有效管理流动性成为了持续困扰我国中央银行货币政策操作的一个重大问题。从流动性管理的能力与意愿两个层面对我国中央银行管理流动性的有效性进行分析后得知,我国中央银行既拥有能够有效控制流动性的政策工具,又具有管理流动性的坚定意愿,是能够有效管理流动性的;但是,当前我国中央银行尚缺乏足够有效的日常平滑流动性供给的手段,难以维持一个持续稳定的适度宏观流动性环境,调控流动性客观上容易加大宏观经济波动。因此,我国中央银行还需进一步丰富流动性管理手段,改进流动性管理水平。

It is the duty of the Central Bank to strengthen liquidity management and maintain moderate liquidity.In recent years,the problem of liquidity in China is becoming more and more severe because of many factors both at home and aboard,so how to manage liquidity effectively has become a significant issue troubling China＇s Central Bank in its monetary policy operation.This paper analyzes the effectiveness of the liquidity management by the Central Bank from the two aspects of capability and willingness in liquidity management.The findings reveal that the Central Bank of China has both the policy instrument and the strong willingness to control liquidity effectively.At present,however,the Central Bank of China is still short of enough effective means for supply of daily smooth liquidity and is difficult to maintain a sustaining and moderate environment of macro-liquidity;and to control the liquidity will objectively bring on the volatility of the macro-economy.Therefore,it is necessary for the Central Bank of China to improve the means for and the level of liquidity management.