中央银行的资本金:文献综述

A Literature based Discussion on the Capital of Central Banks

中央银行是一个经济体的货币当局,也是一个独特的金融机构。本文基于文献,讨论中央银行的资本金及相关问题。文章首先从如何理解央行资本金的基本性质出发,然后围绕中央银行是否需要资本金这一问题展开。通过对一些国家中央银行的实证观察和理论上论证,大多数文献都认同了资本金对于中央银行货币政策执行和效果的作用。接着,本文进一步探讨中央银行的适量资本金水平、资本金缺乏时的补充机制、以及在一些新的演进背景下资本金角色等相关问题,从若干不同的角度分析资本金对中央银行货币政策效果的作用。

Central bank is the monetary authority of an economy, as well as a special financial institute. This paper is to discuss the capital of central banks and related issues based on the literature. Firstly, it starts with the nature of central banks＇ capital, and proceeds with the question whether a central bank needs capital. According to the empirical observations on some countries and theoretically logical analysis, most literatures agree on the positive influence of capital on central hanks, which may affect the conduct and performance of monetary policy. Then, this paper goes further to discuss the issues including the adequacy level of capital for central banks, the recapitalization mechanism and some new evolvements of central banks. These discussions also figure out how the capital could have impact on the performance of central banks＇ monetary policy.