摘要
再贴现曾是中央银行进行货币调控的三大工具之一。然而,随着公开市场业务的发展,在日常流动性管理中,再贴现只是作为中央银行的一个常设融资便利,为公开市场操作提供一个辅助性的融资手段。但在流动性危机管理中,由于再贴现机制具有针对性强、覆盖面广、定价机制灵活以及创新能力强等比较优势,其仍然是一个重要的独立货币政策工具。
Rediscount used to be one of central banks＇ three main instruments in managing money supply. However, with the development of open market operations, rediscount has evolved into a spare financing facility of the central banks, serving a supportive role for open market operations in daily liquidity management. Nevertheless, since it boasts the comparative advantages of specific targeting, broad coverage, flexible pricing and openness to innovation, rediscount and extended refinancing mechanism remains an important independent monetary policy instrument in liquidity crisis management.
出处
《上海金融》
CSSCI
北大核心
2009年第5期5-10,共6页
Shanghai Finance
关键词
中央银行
再贴现机制
流动性管理
Central Bank
Rediscount Mechanism
Liquidity Management
