中国人民银行资产负债结构的经济学分析

中国人民银行资产负债表反映了我国的货币政策操作,与发达国家中央银行高政府债权比例和高通货比例的情形完全相反,高外汇资产比例与低通货比例是它的突出特征。从货币政策作用于宏观经济的收益成本来看,人行资产负债结构的变迁具有合理性。但是,货币发行以"外汇资产——人民币"为主的模式降低了人民币的信用价值。不合理的资产负债结构揭示了我国金融运行中的潜藏风险。文章提出了改善人民银行资产负债结构的有益思路。

An Analysis of Asset-Liability Structure of the People's Bank of China

The balance sheet of PBC reflects our monetary policy operation.While central banks in developed economies have high ratios of government claims and currency,PBC owns a totally opposite feature,a high ratio of foreign currency assets and a low ratio of currency.Though such asset-liability structure is to some extent explainable,given the special role of monetary policy in the economic transformation.However,this distorted structure entails some potential financial risks.The paper proposes some useful ideas to improve the current asset-liability structure of PBC.