全球流动性管理与中央银行的作用

Global Liquidity Management and the Role of Central Banks

本文以20国集团框架下对全球流动性的政策讨论为背景,对国际货币基金组织和国际清算银行对全球流动性的定义、度量和监测方法进行了介绍和比较,探讨了全球流动性管理的国际框架和面临的主要课题,讨论了货币供应量、流动性总量概念的动态演变以及对中央银行实施货币政策的影响。最后简要讨论了围绕全球储蓄过剩和外汇储备投资的几个争议问题。

With policy discussion on global management under the G20 framework as the background,this articleintroduces and compares the definition,measurement and monitoring of global liquidity by the IMF andBIS.It discusses the international framework of global liquidity management and the major issuesinvolved.Special focus has been put on the dynamic evolution of monetary and liquidity aggregate andtheir impact on the implementation of monetary policy by the central banks.It also touches uponseveral disputed issues surrounding the global savings glut and investment of foreign exchange reserves.