我国外汇占款规模变动对货币政策影响研究

发布时间：2018-06-15 00:07

本文选题：外汇占款 + 货币供应量　；参考：《现代财经(天津财经大学学报)》2014年05期

【摘要】：自2005年人民币汇改后,在人民币升值预期和国内外利差的双重影响下外汇占款规模快速增长。外汇占款规模的快速增长所导致的基础货币被动投放,对央行货币政策的施行效果造成了的影响。本文通过抛补平价说和蒙代尔—弗莱明模型从理论上对造成这种情况的原因进行了说明,并通过建立对数模型对不同时期外汇占款对货币供应量的影响进行分析。结果表明,外汇占款的变动对货币供应量的变动存在着明显的影响。为了降低其影响,建议央行加快利率市场化改革,加大人民币汇率的浮动区间和加速人民币国际化的进程。
[Abstract]:Since the reform of RMB exchange rate in 2005, the scale of foreign exchange has increased rapidly under the influence of the expectation of RMB appreciation and the spread of interest rate at home and abroad. The passive placement of the base currency caused by the rapid growth of the scale of foreign exchange accounts for the effect of the monetary policy of the central bank. In this paper, the reasons for this situation are theoretically explained by the theory of subsidy parity and the Mondal-Fleming model, and the influence of foreign exchange occupation on money supply in different periods is analyzed by establishing logarithmic model. The result shows that the change of foreign exchange account has obvious influence on the change of money supply. In order to reduce its influence, the central bank should speed up the reform of interest rate marketization, enlarge the floating range of RMB exchange rate and accelerate the process of RMB internationalization.
【作者单位】：中国人民银行金融研究所;
【分类号】：F832.6;F822.0

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