央行连续上调存款准备金率的原因与预期效应

从2006年7月到2007年1月,央行已经连续4次上调存款准备金率.本文通过对我国目前宏观经济形势的分析,阐述了此项货币政策实施的深层原因及其必要性.在此基础上,探析诸多因素影响下上调存款准备金率的预期效应,继而认为:央行必须实施多种货币政策的组合,配合其他部门的各种宏观政策,尤其应该提高低收入群体的收入水平,加大对社会保障部门的投入才能更好地控制资金的流动性.

Causes and Expected Effects of Continual Increasing Deposit Reserve of PBC

The Central Bank of China have already raised the rate of deposit reserve for three times in 2006. This text regards the conduction mechanism of the monetary policy as the theoretical foundation, analyses the in- depth reasons and necesaity of raising the rate of deposited reserve under the macro economy situation at present China, predicts the influence and effect of this policy. The author holds that the central bank should implement mixed monetary policies to cooperate with other macro policies, and in particular, raise the income level of low- income people and increase investment in social security so as to better control liquidity.