差别存款准备金率制度的经济效应及历史定位

本文通过对国内外差别存款准备金率制度的介绍,分析了在我国实施该项制度的效应和历史地位,得出以下结论:(1)存款准备金率是中央银行调节货币供应总量的工具,也是促进金融机构稳健运行、防范支付风险的有效手段;(2)该项制度是货币政策与银行监管协调配合的尝试,在具体实施过程中,货币政策和银行监管的配合机制将会受到考验;(3)该项制度的近期效应影响有限,重在对存款类金融机构的中长期效应,特别是对商业银行无理性放贷行为进行有效约束;(4)差别存款准备金率政策是基于中国经济金融环境的一项制度创新,属于一种过渡性的措施.

On the Economic Effect and Historic Position of System of Differential Deposit Reserve Ratio

With an introduction to the system of differential deposit reserve ratio at home and abroad, an analysis is given to the effect and historic position of adopting such a system in our country and a conclusion is drawn that: 1). Deposit reserve ratio is an instrument that Central Bank use to regulate the total money supply as well as an effective means to guarantee the sound development of financial institutions and guard against payment risks. 2). The system is a coordinated attempt between monetary policy and banking supervision. The coordination mechanism will stand test with system in operation. 3). Although the system has a limited near-term effect, the focus of attention is on its mid and-long term effect on deposit financial institutions, especially the effective constraint on the irrational loans extended by commercial banks. 4). The policy of differential deposit reserve ratio is a system innovation in the context of the economic and financial environment in China and therefore it is a transitory approach.