摘要
流动性管理的要点在于流动性与实体经济发展相匹配。文章刻画了流动性管理的目标函数,阐述和梳理了流动性管理的基本原理和基本方法,检验了主要流动性管理工具的实际效果。经验研究结果表明,在流动性充裕情况下,通过实施紧缩性货币政策、人民币升值、积极的财政政策对流动性管理可能无效,而通过金融创新,调整银证结构、信贷结构和投资结构,有助于进行流动性管理。
The essential of liquidity management is to match liquidity to the real economic growth. This article depicts the objective function of liquidity management, explains and sorts out the basic principles and methods of liquidity management. Empirical studies test the actual results of main liquidity management tools, indicating that tightening monetary policies to increase the effective interest rate or implementing the proactive fiscal policy may be invalid on liquidity management while financial innovation, restructuring of the financial structure will help to absorb excessive liquidity.
出处
《金融教育研究》
2011年第6期3-9,共7页
Research of Finance and Education
基金
浙江省哲社项目(11YD18YBM)
浙江省教育厅人文社科重大研究项目(ZD2009016)
关键词
宏观调控
货币政策
金融创新
流动性管理
macroeconomic control
monetary policy
financial innovation
liquidity management
