中美公开市场业务运行基础的比较分析

Market Operation between China and America

公开市场业务以其主动性、灵活性和微调性的优点成为市场经济发达国家中央银行运用频率最高的货币政策工具。美国公开市场业务从 2 0世纪 2 0年代就已开始实施 ,在长期的实践中积累了许多经验 ,建立了一个成熟、完善的公开市场业务的运行基础体系。从1 996年进行了首次主要以国债为操作对象的公开市场业务操作以来 ,公开市场业务在我国已经开展了四年 ,但并未取得预期的效果。针对这个问题 ,本文以国债作为主要研究对象 ,对比分析了中美公开市场业务的运行基础 ,认为当前我国公开市场业务薄弱和不完善的运行基础是严重制约我国公开市场业务有效开展的重要原因之一。

Open market operation is the most frequently monetary policy tool used by developed market economies that has the characters of initiative, flexibility and coordination. Since 1920s, the Federal Reserve has started to make open market operation. In the long-term practices, the Federal Reserve has accumulated many experiences and set up a matured and perfect system of open market operation. The People's Bank of China carried out open market operation with respect to national debt for the first time in 1996, but with four years pasted, open market operation hasn't achieved its expected goal. With the question, this paper, mainly based on treasury securities, compares the operating foundations of open market operation in Chiba with that in the United States. Finally this thesis makes conclusions that open market operation's foundations are not perfect, which in turn constrain the efficient implementation of open market operation in China.