基于宏观政策框架下的美国国库现金管理演变逻辑及经验

The Evolution Logic and Experience of U.S. Treasury Cash Management Based on Macro Policy Framework

美国国库现金管理开展较早、经验成熟,翻译文献较多,但基本仅限于对操作框架的介绍,缺乏对框架构建的背景、目的及其背后逻辑的分析。本文主要围绕美国国库现金管理目标"是什么""为什么"和"做什么"的逻辑顺序,以金融危机为节点,从前后操作的变化入手,分析其现金管理的演变逻辑,并有针对性地为我国国库现金管理提供可行的借鉴路径。

The United States Treasury cash management conduct,experience,mature early,translation literature is more,but largely limited to the introduction to operation framework,the lack of background,purpose and build the framework of the analysis of the logic behind.This article mainly around the United States Treasury cash management target＂what＂and＂why＂and＂do＂logical order,with the financial crisis for the node,starting from the change of before and after operation,analyzes the evolution logic of cash management,and targeted to the state Treasury cash management in our country provides feasible reference path.