摘要
近年来,国内财政国库库款规模不断增加,但央行经理国库模式下的库款管理方式与国际惯例有一定差距,亟需提高管理效率。在此背景下,本文主要研究了国内财政国库库款的运行流程、统计口径,构建了基于财政国库库款账户设计的理论分析框架,深入讨论了国内财政国库库款与货币政策的相关性。研究发现,财政国库库款与货币政策联系机制的关键问题是央行在管理财政国库库款时如何进行角色定位,而央行在财政国库库款管理中的定位取决于库款管理的整体策略。未来应加快推进国库现金流量预测,推动国库现金余额目标管理制度;强化财政部门在政府债务管理领域的主导地位,构建财政政策与货币政策协调机制;提高广义政府存款管理效率,打通资金管理低效和阻滞环节。
This article analyzes the operating process and statistical definition of treasury deposits and constructs a theoretical framework of treasury deposits management.It then discusses the relationship between treasury deposits and monetary policy.It finds that the critical problem of the above relation is the role of central bank in managing treasury deposits.The treasury should build the prediction system of treasury cash and the regime of target management as quickly as possible.The leading role of the treasury in managing government debt should be strengthened and the coordination mechanism should be constructed.
作者
周莉萍
ZHOU Liping(Institute of Finance and Banking,Chinese Academy of Social Sciences,Beijing,100028,China)
出处
《金融评论》
CSSCI
北大核心
2019年第4期26-42,124,125,共19页
Chinese Review of Financial Studies