摘要
通过建立央行反应函数以及对冲销系数的估计,发现我国央行在1994-2008年第三季度所采取的各种冲销政策手段,包括再贷款、再贴现、调整准备金率以及公开市场操作等干预手段,在一定程度上有效地对冲了由大量国际收支双顺差所带来的被动增加的货币供给;而且随着公开市场操作的逐步成熟,冲销力度有所加大。这在一定程度上保证了汇率水平的相对稳定和货币政策的独立性。
Through establishing reaction function for the central bank of China and estimating the offsetting coefficient, this paper has found that the different means of offsetting policy adopted by the centre bank from 1994 to the third quarter of 2008, including such means as refinancing, rediscount, adjustment of reserve rate, making market operation public, etc., have effectively hedged the passively expanded monetary supply caused by large amount of double balances of the international payments surplus to some extent; with the maturity of the open market operation, the strength of offsetting is increasing. This can guarantee to some extent the relative stability of the exchange rate and the independence of the monetary policy.
出处
《当代财经》
CSSCI
北大核心
2009年第6期53-58,共6页
Contemporary Finance and Economics
关键词
冲销干预
冲销系数
央行反应函数
offsetting intervention
offsetting coefficient
reaction function of the central bank
