浅析存款准备金率下调对商业银行运营的影响

法定存款准备金政策、再贴现政策、公开市场业务,被称作中央银行为实现货币政策目标而使用的"三大法宝"。其中法定存款准备金政策因为它的货币乘数效应而给社会经济和金融带来较大的影响,因此中央银行往往谨慎的使用这一货币政策工具。本文将主要分析中央银行下调存款准备金率对商业银行的盈利情况的影响。     

通货膨胀目标制:加拿大银行的政策实践与启示

在加拿大的通货膨胀目标制政策框架下,中央银行定期向公众宣布政策通货膨胀目标,然后根据通货膨胀预测值与政策目标之间的差距来确定调控方向;在实践中,加拿大银行通过使用利率操作区间和公告操作,从而很好地实现了对市场流动性及短期利率目标的调控,进而影响到市场主体的经济决策,并最终成功实现了实际通货膨胀率稳定地波动在中央银行的目标范围内。基于此,我国有必要借鉴加拿大银行的做法,建立一个更为简单透明的政策操作框架,以保证货币政策操作的效果。     

国外几种特殊的贷币政策工具

货币政策工具又称为货币政策的操作度量，是中央银行为实现货币政策的最终目标而采用的措施和手段。通常各国中央银行普遍采用的一般性政策工具，主要包括法定存款准备金率，调整再贴现率和公开市场操作，一般把‘6们称作是中央银行的三大法主。除此之外，西方国家在经济发展特殊时期，为了实现预期的政策目标，往往也要相应运用一些其他的金融货币政策工具，来作为中央银行“三大工具”的一种有力手段，其中主要有：1、道义劝告。中央银行运用自己在金融体系中的特殊地位和威望，通过对银行或各个金融机构的信贷活动采取劝告的方式去影响其…     

日本法定存款准备金率政策的借鉴意义

法定存款准备金率起源于18世纪的英国,长期以来是各国中央银行重要的货币政策工具。日本这个经历二战后迅速崛起,成为世界第二经济大国,可想其宏观经济政策颇有成效。日本中央银行在1957年5月确立法定存款准备金制度,20世纪80年代以前调整法定存款准备金率的货币政策还是比较有效的。但此后日本中央银行开始逐步放弃这一货币政策,这个可否作为日本中央银行没有更好的发挥调控经济作用的原因呢?不得而知。日本中央银行20世纪90年代以来就没有采用这一货币政策工具却是一个客观事实。     

再回首,看法定存款准备金

在介绍和分析了法定存款准备金制度及其作用机制后,回顾了2006—2007年两年内我国中央多次频繁的法定存款准备金操作及作用。并基于存款准备金制度本身和中国的现实国情,分析了作为三大货币政策工具之一的存款准备金制度存在的主要问题。     

我国货币政策的实施效果、原因及改善

货币政策是中央银行根据宏观经济形势和目标的要求,运用货币政策工具实现货币政策操作目标,通过操作目标实现货币政策中介目标,从而达到货币政策最终目标的总方针和措施。货币政策在经济增长中的作用是其他任何政策不可取代的。分析近年货币政策的效果及成因,提出有针对性的建议,有利我国货币政策取得较理想的效果。     

我国法定存款准备金政策操作及存在的主要问题分析

法定存款准备金政策是我国央行使用频率最高的货币政策,文章通过对央行300次的准备金率的调整探讨我国为何频繁使用法定存款准备金制度,以及自身存在的问题。     

基于市场利率波动测度的货币政策操作风险研究

在货币政策操作过程中,中央银行对宏观经济形势的认识偏差,货币政策工具及政策调控时机的选择不当,以及政策信息的披露不及时等,都有可能误导公众预期,增加市场不确定性,从而引致货币政策操作风险。文章通过利用中国货币市场上同业拆借和债券回购的利率数据进行实证,结果表明,中央银行政策操作透明度不高以及对宏观经济形势进行判断的前瞻性不足,是引致我国货币政策操作风险的重要原因。     

我国货币政策中利率对消费、投资的影响

<正>一、我国的货币政策与利率(一)我国的货币政策工具一个国家的中央银行,作为经济的监管者和调控者,其调控经济主要靠经济政策,或者说是货币政策。而货币政策工具是中央银行为达到货币政策目标而采取的手段。     

中国法定存款准备金率调控有效性分析

我国近年来频繁调节法定存款金率这一西方国家"束之高阁"的货币政策工具,本文简要讨论了西方各国不使用该工具的原因和我国频繁使用法定存款准备金作为调控宏观经济的重要手段的原因,并对其实施的效果进行了分析,对其产生这种效用的原因进行了探讨,最后针对如何改善法定存款准备金政策的效用提出建议。     

Combining monetary policy and prudential regulation: an agent-based modeling approach

This paper explores the interaction between monetary policy and prudential regulation in an agent-based modeling framework. Firms borrow funds from the banking system in an economy regulated by a central bank. The central bank carries out monetary policy, by setting the interest rate, and prudential regulation, by establishing the banking capital requirement. Different combinations of interest rate rule and capital requirement rule are evaluated with respect to both macroeconomic and financial stability. Several relevant policy implications were drawn. First, the efficacy of a given capital requirement rule or interest rate rule depends on the specification of the rule of the other type it is combined with. More precisely, less aggressive interest rate rules perform better when the range of variation of the capital requirement is narrower. Second, interest rate smoothing is more effective than the other interest rate rules assessed, as it outperforms those other rules with respect to financial stability and macroeconomic stability. Third, there is no tradeoff between financial and macroeconomic stability associated with a variation of either the capital requirement or the smoothing interest rate parameter. Finally, our results reinforce the cautionary finding of other studies regarding how output can be ravaged by a low inflation targeting.

     

论煤炭企业集团应对当前经济形势的融资策略

央行自4月21日起上调存款准备金率0.5个百分点,为2011年来第四次上调,也是去年紧缩周期以来第10次上调,这将使大型金融机构存款准备金率达到20.5%历史高位。在偏紧的货币政策下,正在扩张中的H大型煤炭企业集团积极研究多种金融融资工具特点,为偏紧的货币政策开出适宜企业集团发展的融资良方。     

Targeted monetary policy and agriculture business loans

This study examines the effect of a Targeted Easing (TE) policy, an unconventional monetary policy tool initiated by the Chinese central bank to reduce reserve requirement ratios of agricultural financial institutions. Utilizing a longitudinal sample of Chinese agriculture companies and a matching sample of industrial firms between 2012 and 2017, we find that the TE policy successfully achieves its intended policy goal to boost lending to the agriculture sector. Results from our difference-in-differences estimations indicate that loan levels of agriculture firms increases significantly more than that of matching nonagricultural firms under TE relative to the non-TE period. We also document heterogeneous TE effects and find that agricultural firms with smaller agency costs, larger financing constraints, and larger loan intensity levels benefit significantly more from a TE policy than their counterparts. In addition, the TE policy effect is more salient during a contractionary period than in an expansionary period.     

我国存款准备金政策调整的效应分析

为解决我国流动性过剩问题和防范金融危机,中国人民银行近些年频繁调整存款准备金政策。本文以我国存款准备金政策的历史演变、政策的效果、存在的问题为切入点,分析其所产生的经济效应,提出了存款准备金政策运用中需关注的问题。     

Inventory management effects,isolated: Evidence from the federal funds market

The federal funds market is highly competitive, has uniform information, and does not have most order-processing cost components of equity markets. Hence, it provides an opportunity to study the effect of inventory management on the bid-ask spread in an isolated fashion. Using a unique data set of daily borrowing and lending federal funds quotes posted by a large commercial bank, we find that the bank maintains a fairly constant bid-ask spread throughout a two-week reserve maintenance period. It acts similarly to a market maker facilitating flow of funds between depository institutions throughout the reserve maintenance period. The bank becomes more active toward the end of the period. In particular, on settlement Wednesday it increases the bid and ask quotes relative to the effective federal funds rate in an apparent attempt to manage its reserve inventory and satisfy its own reserve requirements.     

Unconventional government debt purchases as a supplement to conventional monetary policy

In response to the Great Financial Crisis, the Federal Reserve, the Bank of England and many other central banks have adopted unconventional monetary policy instruments. We investigate if one of these, purchases of long-term government debt, could be a valuable addition to conventional short-term interest rate policy even if the main policy rate is not constrained by the zero lower bound. To do so, we add a stylised financial sector and central bank asset purchases to an otherwise standard New Keynesian DSGE model. Asset quantities matter for interest rates through a preferred habitat channel. If conventional and unconventional monetary policy instruments are coordinated appropriately then the central bank is better able to stabilise both output and inflation.     

Robust monetary policy in a small open economy

We study how a central bank in a small open economy should conduct monetary policy if it fears that its model is misspecified. Using a new-Keynesian model of a small open economy, we solve analytically for the optimal robust policy rule and the equilibrium dynamics, and we separately analyze the consequences of central bank robustness against misspecification concerning the determination of inflation, output, and the exchange rate. We show that an increase in the preference for robustness makes the central bank respond more aggressively or more cautiously to shocks, depending on the type of shock and the source of misspecification.     

Low interest rate policy and the use of reserve requirements in emerging markets

This paper sheds light on the link between the interest rate policy in large advanced economies with international funding and reserve currencies (the United States and the euro area) and the use of reserve requirements in emerging markets. Using reserve requirement data for 28 emerging markets from 1998 to 2012, we provide evidence that emerging market central banks tend to raise reserve requirements when interest rates in international funding markets decline or financial inflows accelerate, most likely to preserve financial stability. In contrast, when global liquidity risk rises and funding from the large advanced economies dries up, emerging markets lower reserve requirements.     

货币区建设与货币政策的独立性：一个分析框架

美国次贷危机引发了全球性金融危机,这凸显了以美国为核心的“金融资本主义模式”和以美元为核心的国际货币金融体系的制度性缺陷,改革现行的以美元为核心的国际货币金融体系势在必行,建立货币区是较为现实的选择。但在现行货币政策框架下,货币区不可避免会出现“三元悖论”困境。本文提出的贷款准备金政策框架模型,能够解决货币区在保证其内在要求的资本自由流动和汇率稳定基本前提下,区内各个成员保持货币政策的独立性问题。     

Convergence of interest rate pass-through in a wider euro zone?

This study investigates interest rate pass-through convergence for the eight Central and Eastern European countries (CEECs) that joined the European Union. Based on a unifying empirical pass-through model that allows for thresholds, asymmetric adjustment, and structural changes, we find that the pass-through in many CEECs has become faster over time and is generally more complete than in the euro zone. We find evidence for convergence across CEECs with market concentration, bank health, foreign bank participation and monetary policy regime as conditioning factors. No convergence of the CEEC pass-through is found vis-à-vis the heterogeneous euro zone.