摘要
流动性管理的目标在于流动性与实体经济发展相匹配。本文检验了主要流动性管理工具的实际效果,结果表明,在流动性充裕情况下,加息、人民币升值等紧缩性价格型工具对流动性管理可能失效,只能过度依赖于数量型工具;而通过运用结构型工具,推动金融发展,调整银证结构、信贷结构和投资结构,有助于进行流动性管理。通过引入虚拟变量以及选取不同的样本区间,本文发现流动性管理工具在不同的国际国内宏观经济背景下,其效果存在不对称性,这为在特定国内外经济金融形势下流动性管理工具的选择提供了经验基础和政策支持。
The essence of liquidity management is to match liquidity to the real economic growth.This article explains and sorts out the principles and methods of liquidity management.Empirical studies test the actual results of main liquidity management tools,indicating that,by tightening monetary policies to increase the effective interest rate may be invalid on liquidity management.The adjustment of the financial structure will help to absorb excess liquidity.By introducing dummy variables and selecting different sample periods,we find that the effect of liquidity management tools,under different international and domestic macroeconomic circumstances,performed great asymmetry,which provide experience-based policy support to make the choice of liquidity management tools in particular domestic and international economic and financial situation.
出处
《金融评论》
2012年第6期106-113,124,共8页
Chinese Review of Financial Studies
基金
浙江省哲社项目“金融宽度、区域金融创新与农民增收机制研究”(11YD18YBM)
浙江省科技厅软科学研究项目“基于发展转型的浙江金融双中心建设路径研究”(2011C35041)的资助
关键词
宏观调控
货币政策
金融发展
流动性管理
IPO
Macroeconomic Control
Monetary Policy
Financial Development
Liquidity Management
