我国货币发行机制探讨——基于央行和商业银行资产负债表的分析

Study on Money Issuance Mechanism in China-An Analysis Based on the Balance Sheet of the Central Bank and the Balance Sheet of the Commercial Bank

我国外汇储备不断增加,使得外汇占款和基础货币持续增加。本文通过商业银行和中央银行的资产负债表分析了我国外汇储备增加对基础货币发行的影响机制。并比较分析了央行通过买卖央行票据和国债对基础货币发行的影响。目前,央行减少外汇储备主要通过建立投资公司,笔者分析了财政部发行特别国债购买外汇,并将外汇注资国家外汇投资公司对基础货币发行的影响。财政部发行特别国债有两种方式,一是间接向中央银行发行,二是直接向市场发行。本文还研究了这两种发行方式对货币供给的影响机制及对中央银行货币政策操作的指导意义。本文进一步分析了独立投资公司购买外汇对基础货币的影响。最后,本文给出了主要结论。

China＇s increasing foreign exchange reserves make the amount of foreign exchange and base money continue to soar. By using the balance sheet of the central bank and the balance sheet of the commercial bank, we have analyzed the impact of increasing foreign exchange reserves on base money issuance. And we have conducted a comparative analysis of the influence on money issuance through the purchase and sale of central bank bills and treasury bonds respectively by the central bank. At present, the central bank reduces foreign exchange reserves main- ly through establishing investment companies. The Ministry of Finance buys foreign exchange by issuing special treasury bonds, and makes capital injection to national foreign investment company. The paper analyzes the process to examine the effect on money issuance. There are two ways to issue special treasury bonds： one is to issue indirectly to the central bank, the other is to issue directly to the market. The two ways have different impacts on the mechanism of money supply and monetary policy operations of the central bank. We make further analysis of the foreign exchange purchasing by independent investment companies. Finally, the paper reaches main conclusions.