次贷危机期间我国流动性管理操作评析——基于流动性测度

本文运用相对指标法设计真实货币缺口系数来测度我国在次贷危机期间的流动性状况,并对流动性供给状况进行了区间划分。在此基础上,本文归纳了人民银行流动性管理的操作实践,并对其实践效果进行评析,指出引进计量模型用于流动性测度的必要性,认为人民银行的流动性管理操作基本满足我国流动性管理需求,流动性管理工具的作用效果存在差异,其中法定存款准备金率对于调整货币供给量的作用不明显,再贴现政策的恰当使用强化了政策的综合效应。

The Comments on Liquidity Management Operations in China during the Subprime Crisis:Based on the Liquidity Measure

In this paper,by designing the coefficient of real money gap,we use the relative index method,so liquidity in China during the sub-prime crisis could be measured,and the supply of liquidity is divided by intervals.On this basis,this paper summarizes the liquidity management operation practices of People's Bank of China(PBC) and evaluates its practical effects;the need for the introduction of econometric models to measure liquidity has also been noted.The paper points out that the practical operation taken b...