人民银行资产负债结构对货币政策的影响探析

Analysis of the PBC's Balance Sheet Structure's Influence on the Monetary Policy

在国家"十二五"规划中,提高货币政策宏观调控的有效性成为金融发展的重要内容,而优化人民银行资产负债结构是提高货币政策主动性和有效性的重要手段。本文从人民银行资产负债结构分析入手,在与美国联邦储备委员会、日本银行资产负债结构比较的基础上,对人民银行资产负债结构变迁的合理性及其对货币政策的影响进行研究,进而探寻优化人民银行资产负债结构以改善货币政策宏观调控的对策建议。

In the Twelfth Five-year Plan of China, improving the effectiveness of the monetary policy in macroeconomic controls has become an essential part of the financial development. Meanwhile, optimizing the balance sheet structure of the People＇s Bank of China （ PBC ） has being an important means to raise the initiative and effectiveness of the monetary policy. This paper starts with the analysis of the balance sheet structure of the PBC, and then carries out a research on the rationality of the changes of the PBC＇s balance sheet structure and its influence to the monetary policy on the basis of the comparison to the Federal Reserve and the Japanese Central Bank＇s balance sheet structure. Finally, we will try to provide some policy suggestions that may lead to the optimization of the PBC＇s balance sheet structure so as to improve the monetary policy in the macroeconomic controls.