资产负债表工具:基于中国央行资产负债表的研究

Study on the Balance Sheet of the People's Bank of China

金融危机后,中国货币政策框架处在重构过程之中,作为其中重要组成工具的央行资产负债表,其未来的变化值得关注。为了更加清楚地解读我国央行资产负债表,文章在央行资产负债表趋势与结构特征基础上,详尽阐释了央行资产负债表特征背后体现的货币政策目标,货币政策目标的实现效果,以及制约央行货币政策目标实现的一些问题。文章认为,资产负债表结构调整决定着货币政策目标的效果,其关键在于汇率政策目标与货币政策目标的权衡。

After the financial crisis,China's monetary policy framework is restructuring. As an important monetary policy tool,future changes of China's central bank balance sheet deserve attention. In order to clearly understand the trends and characteristics of China's central bank balance sheet,this paper explains monetary policy target reflected from the characteristics of the central bank's balance sheet,the effects of monetary policy target,and problems restricting the central bank' s monetary policy goals.This paper argues that the adjustment of the balance sheet structure determines the effect of monetary policy target,and the key is the tradeoff between the exchange rate policy target and the monetary policy target.