外汇占款对我国基础货币供应量影响的实证分析

Empirical Analysis of the Effects of Foreign Exchange Purchase on Money Supply

近年来随着我国外汇储备的增加,外汇占款持续增长,同时由于人民币升值步伐的加快及其预期作用、外国直接投资及热钱的流入也导致了外汇占款的增加。外汇占款的增加已严重影响我国货币政策的独立性,并已经成为我国基础货币投放的主要渠道。基于协整检验深入研究外汇占款对基础货币供应量的影响并提出有效解决外汇占款的内生性问题、加快人民币汇率形成机制建设等政策建议。

In recent years , gradual acceleration of foreign reserves and the increasing appreciation of the RMB with its impact of anticipation, as well as foreign direct investment and hot money inflows , all have led to gradual increase in funds outstarding for foreign exchange .Acceleration of funds outstanding for foreign exchange has seriously affected the independence of monetary policy, and has become the main channel of base money .Based on cointegration test , the thesis has revealed the impact of furds outstanding for foreign exchange to the supplyment of base money and provided constructive policy recommendations to ef -fectively solve endogenous problems of furds outstanding for foreign exchange and accelerate the construction of the RMB ex -change rate formation mechanism .