存款准备金制度起源、功能演进及启示

Reserve Requirements:Origin,Function Evolution and Implications

如今,作为传统货币政策“三大法宝”之一的法定存款准备金制度,在发达国家货币政策中的重要性明显下降,各国都将法定准备金率降至较低水平并长期保持不变,甚至很多国家实行了零准备金制度。本文从法定准备金制度起源出发,全面梳理了法定存款准备金制度由最初的支付清算和货币信贷数量调控,到当前货币价格调控模式下辅助流动性管理的功能演进过程,对20世纪初以来发展中国家将法定准备金制度应用于宏观审慎政策的实践进行了讨论。在对中国法定准备金政策实践全面回顾基础上,本文指出在深化利率市场化改革的当下,我国法定存款准备金制度仍存在着准备金率相对较高、管理框架过于复杂且透明度较差、政策目标过多、利率体系扭曲等问题。今后,应进一步优化包括法定准备金在内的货币政策工具体系,为顺利实现货币调控框架转型做好必要的技术性准备。

Reserve Requirements,known as one of the three most effective instruments of traditional monetary policy,play a little role in nowadays' advanced economies.The required ratios are quit low and constant and zero requirements are effective in some countries.Starting from the origin of the reserve requirements,this paper explores the history of reserve requirements from the liquidity management,credit and monetary control to the auxiliary role in liquidity management in advanced countries' current priced-orientated monetary implementation as well as the macro-prudential practices in developing countries since the beginning of this century.After reviewing the practices of reserve requirements in China,this paper analyzes the defects of China's reserve requirements arrangement,such as the relatively high level,complicated management and low transparency,too many objectives and the twisted interest payments,which should be solved to fulfill the price-based monetary reform.