当前流动性管理两难背景下对存款准备金制度的再审视

Reflection on Required Reserve Ratio in the Dilemma of Current Liquidity Management

在金融市场短期流动性吃紧与长期流动性过剩的复杂背景下,中央银行对存款准备金货币工具的运用应更为审慎。以往的存款准备金制度对货币供应量的调控具有一定的效果,但信贷的扩张和资本市场的活跃使得存款准备金对冲流动性的有效性受到极大冲击。在当前流动性管理两难背景下审视我国存款准备金法律制度,不难发现其仍存在一些亟需克服的缺陷。本文从剖析存款准备金制度的价值目标为逻辑起点,审视与反思制度的缺陷,尝试选择重构路径以完善我国存款准备金法律制度。

Under the circumstance of short- term tight liquidity and long- time liquidity surplus in the fi- nancial market, People＇s Bank of China must be more prudent in utilizing monetary tools of required reserve ratio. Previous required reserve ratio system is effective in adjusting monetary supply. But credit expansion and dynamic capital market offset the effects of required reserve ratio on liquidity. Reflecting on the legal system of China＇s required reserve ratio, it is not di^cult to discover the defects that need to be overcome. This paper studies the value goal of required reserve ratio system, reflects on the defects of its system, at- tempts to select reconstruction path to perfect the legal system of China＇s required reserve ratio.