基于协整分析的我国外汇储备变动对货币供给量的影响研究

Impacts of the Changes in Foreign Exchange Reserves on China's Monetary Policy in the Perspective of the Cointegration Analysis

保持充足的外汇储备有利于保证我国国民经济平稳健康发展,增加宏观调控手段,稳定人民币汇率,维护国家经济安全。外汇储备快速增长带来外汇占款大幅增加,使得基础货币投放随之增加,然后再通过乘数作用成倍放大货币供应量,导致货币供应量内生性增加,将不利于我国货币政策的有效实施,如何缓解外汇储备变动对货币政策的冲击成为货币当局急需解决的难题。因此,文中对外汇储备与货币政策之间的关系进行深入分析并且提出相关政策建议。

conomy, safeguard Sufficient foreignexchange reserves can keep a stable and healthy development of our e strengthen the macroscopic adjustment and control, stabilize the exchange rate of RMB, and our economic safety. On the other hand, the fast growth of foreign exchange reserves has al so brought some negative influences to our economic development due to the increasing RMB counter part of foreign exchange reserves and more RMB supply in China. The paper points out that the effec tive implementation of our monetary policy relies on reducing the impacts of the changes in foreignex change reserves and gives an incisive analysis of the relationship between foreignexchange reserves and the monetary policy before bringing up some policy suggestions.