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国际资本流动与央行干预:抵消和冲销的博弈 被引量：3

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摘要 开放条件下,国际资本流动将部分地抵消中央银行货币政策的效果;为避免资本流动的负面影响,中央银行又将采取冲销干预政策予以应对。来自2000年～2011年的中国月度数据显示,由于严格的资本管制等原因,国际资本流动对货币政策的抵消效应并不明显,而过度增加的净国外资产使得央行冲销操作的难度日益增大,递归的冲销系数显示,央行冲销程度不断降低。
作者 谢海林 胡菊莲 楼凤丹
机构地区 中南财经政法大学金融学院 中南财经政法大学统计与数学学院
出处 《经济学动态》 CSSCI 北大核心 2012年第8期46-50,共5页 Economic Perspectives
基金 国家自然科学基金项目"突发公共事件对中国宏观经济的影响及其优化管理研究"(项目编号:71773119) 中央高校基本科研业务费 中南财经政法大学2011年度"研究生创新教育计划"项目<国际资本流动与央行的冲销干预>(2011S0415) 中南财经政法大学优秀硕士学位论文培育项目资助
关键词 资本流动 冲销干预 抵消效应
分类号 F832.6 [经济管理—金融学]
  • 相关文献

参考文献7

  • 1陈敏强.“抵消系数”模型与资本流动:东亚国家资本流动的经验分析[J].世界经济,2003,26(9):10-16. 被引量：10
  • 2黄武俊,陈漓高.中国国际资本流动与货币政策动态关系:1994—2007——基于BGT模型抵消和冲销系数分析[J].经济科学,2009(3):36-48. 被引量：33
  • 3Brissimis, S. , H. D. Gibson & E. Tsakalotos(2002) ,"A u- nifying framework for analyzing offsetting capital flows and sterilization: Germany and the ERM", International Journal of Finance and Economics 7(1) :63--78.
  • 4Ouyang, A.Y. & R. S. Rajan(2005), " Monetary steriliza- tion in China since the 1990s", Center for International E- conomic Studies Discussion Paper No. 0507.
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  • 7Ouyang, A. Y. , R. S. Rajan & T. D. Willett(2010), "China as a reserve sink: The evidence from offset and steriliza- tion coefficients", Journal of International Money and Fi- nance 29(5) :951--972.

二级参考文献23

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  • 2Brissimis, S., H. Gibson and E. Tsakalotos, 2002, "A Unifying Framework for Analyzing Offsetting Capital Flows and Sterilization: Germany and the ERM" [J], International Journal of Finance and Economics, 7, pp.63-78.
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  • 10Ouyang Y.A., Ramkishen S. Rajah and Thomas D. Willett, 2007 "China as a Reserve Sink: The Evidence from Offset and Sterilization Coefficients", Hong Kong Institute for Monetary Research Working Paper 2007-10, October.

同被引文献58

  • 1李宏,钱利.人民币升值对中国国际资本流动的影响[J].南开经济研究,2011(2):16-27. 被引量：21
  • 2王世华,何帆.中国的短期国际资本流动:现状、流动途径和影响因素[J].世界经济,2007,30(7):12-19. 被引量：170
  • 3干杏娣,杨金梅,张军.我国央行外汇干预有效性的事件分析研究[J].金融研究,2007(09A):82-89. 被引量：44
  • 4Aizenman, J., Glick, R. 2009. Sterilization, monetary policy, and global financial integration [J]. Review Of International Economics, 17(4): 777-801.
  • 5Athukorala, P., Rajapatirana, S. 2003. Capital inflows and the real exchange rate: a comparative study of Asia and Latin America [J]. The World Economy, 26: 613-637.
  • 6Blanchard, O, Adler, G. 2015. Can Foreign Exchange Intervention Stem Exchange Rate Pressures from Global Capital Flow Shocks? [R]. National Bureau of Economic Research.
  • 7Blundell-Wignall,, A, Masson, P R. 1985. Exchange Rate Dynamics and Intervention Rules [R]. IMF staff Papers, 32: 32-51.
  • 8Brissimis, SN., Gibson, H.D, Tsakalotos, E. 2002. A unifying framework for analysing offsetting capital flows and sterilization: Germany and the ERM [J]. International Journal of Finance & Economics, 7(1):63-78.
  • 9Canales-Kriljenko, JI, Ishii, S. 2003. Foreign Exchange Intervention in Developing and Transition Economics: Results of a Survey JR]. IMF Working Paper.
  • 10Combes, JL, Kinda, T, Plane, P. 2012. Capital flows, exchange rate flexibility, and the real exchange rate [J]. Journal of Macroeconomics, 34(4):1034-1043.

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二级引证文献27

经济学动态
2012年 第8期

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