中国人民银行决定实行差别存款准备金率制度和再贷款浮息制度

经国务院批准,中国人民银行决定从2004年4月25日起实行差别存款准备金率制度。差别存款准备金率制度主要包括四方面内容。一是确定差别存款准备金率的主要依据。包括:金融机构资本充足率,金融机构不良贷款比率,金融机构内控机制状况和发生重大违规及风险情况,金融机构支付能力明显恶化及发生可能危害支付系统安全的风险情况。二是差别存款准备金率制度实施对象。差别存款准备金率制度采取统一框架设计和分类标准,实施对象为存款类金融机构。三是确定差别存款准备金率的方法。根据资本充足率等4项指标对金融机构质量状况进行分类。根据宏观调…     

实行再贷款浮息制度的效应

经国务院批准,中国人民银行决定实行再贷款浮息制度.再贷款是中央银行对金融机构的贷款,再贷款浮息制度是指中国人民银行在国务院授权的范围内,根据宏观经济金融形势,在再贷款(再贴现)基准利率基础上,适时确定并公布中央银行对金融机构贷款利率加点幅度的制度.实行再贷款浮息制度不涉及企业和居民个人.从2004年3月25日起,对期限在1年以内、用于金融机构头寸调节和短期流动性支持的各档次再贷款利率,在现行再贷款基准利率基础上加0.63个百分点.以20天以内再贷款为例,现行基准利率为2.7%,加点浮息后为3.33%.再贴现利率在现行再贴现基准利率2.97%的基础上加0.27个百分点,加点浮息后利率为3.24%.为支持农村经济发展,农村信用社再贷款浮息分三年逐步到位,且到位后加点幅度减半执行.     

差别存款准备金率政策的积极意义

2003年年中,就有消息灵通的媒体编辑向我打听有关央行拟实行差别存款准备金率事宜,我当时只能以“毫不知情因而无从做答”应之。现在,2004年的经济发展尚处于开局阶段,从宏观经济政策到各项改革措施都存在相当的可设计、可调整空间,不知差别存款准备率能否在新的一年里被当成可用的货币政策工具。 货币政策以短期和微调为基本运用特征,在体制变动不居、宏观经济形势和市场情况常常存在不确定     

对央行实行差别准备金率制度的效力分析

经国务院批准,中国人民银行决定从2004年4月25日起实行差别存款准备金率制度.据介绍,差别存款准备金制度的主要内容是,金融机构适用的存款准备金率与其资本充足率、资产质量状况等指标挂钩.金融机构资本充足率越低、不良贷款比率越高,适用的存款准备金率就越高;反之,金融机构资本充足率越高、不良贷款比率越低,适用的存款准备金率就越低.     

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.     

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。     

对农村信用社差别存款准备金率政策效应的调查与思考

本文通过分析黄冈市农村信用社执行差别存款准备金率政策效应,指出现行农村信用社差别存款准备金率政策缺陷,提出完善农村信用社差别存款准备金率政策建议。     

紧缩信贷的现实困难和出路

十三届五中全会公报明确指出,要“继续压缩社会总需求,坚持执行紧缩财政和信贷的方针,解决好国民收入超额分配的问题,下决心过几年紧日子。”实行从紧的财政信贷方针,这是紧缩社会总需求的根本性措施,但从目前情况看,银行     

群策群力,贯彻好紧缩货币、信贷的政策

今年10月底,在人民银行资金管理专业会议上,来自全国各省、市分行的资金、计划专业干部,座谈讨论了国务院关于明年收紧货币、信贷和金融今年四季度实行“软着陆”等问题,大家交换了看法,统一了认识,并从不同侧面,提出了做好紧缩工作的措施和办法。下面是几个省、市分行同志的笔谈摘要:     

存款准备金率变动对信贷投放政策效应的实证分析

我国存款准备金制度在影响商业银行资金头寸,调节信贷投放方面发挥了积极的政策效应,但通过近年来实施情况来看,这一政策效应呈逐年下降趋势,并且有明显的地区性差异。因此,在目前我国市场经济深化和金融国际化背景下,存款准备金率不宜作频繁调整,也不宜过高。同时也要根据区域经济发展水平,应实行差别化的货币政策。     

企业境外所得税收抵免政策解析

税收管辖权的重叠必然导致国际间重复课税。抵免法是各国推荐的消除重复课税的方法。本文在介绍国际税收抵免相关概念和原理的基础上,就我国企业境外所得税收抵免有关问题进行了分析解读,并比较了新旧政策的主要变化。     

信贷均衡投放政策不宜搞"一刀切"

正2009年,为应对经济危机冲击,国家实施积极的财政政策和适度宽松的货币政策,并出台了10万亿元的信贷投放计划。2010年,央行将继续实施适度宽松的货币政策,监管部门更加重视保持信贷投放节奏的均衡,尽管"适度宽松"提法未变,但综合看来,2010年货币政策的内涵与2009年大不相同。无论是央行还是银监会部透露,2010年的信贷投放上限是7.5万亿元,比2009年减少3万亿元,减幅近30%。     

Price- vs. Quantity-Based Monetary Policies and Credit Substitution Asymmetry

The literature on the informal credit channels of the transmission of monetary policy overlooks the distinction between price- and quantity-based policies. This article contributes to filling this gap by investigating the asymmetric effects of the two types of policies on trade-credit substitution for bank credit using data from the largest emerging economy, China. China presents an ideal experimental context, as the country has implemented both types of monetary policies in the past decades. We find strong evidence that quantity-based monetary policy has stronger effects on credit substitution in China. This evidence is robust under both static and dynamic specifications, which remains intact after the disentanglement of the interdependency of the two types of policies. By subgrouping, we find that large and state-controlled firms play the central role in creating the substitution asymmetry. Furthermore, international evidence indicates that India also witnesses substitution asymmetry skewed to quantity-based policies. The findings suggest the need for further reform of China’s financial system toward a market-based system to enhance the effectiveness of the proposed monetary policies.     

政策扶持和机制创新是海南省农信社发展的现实选择

目前,海南省农信社普遍存在不良资产比例过高、历年亏损占比较大、存款增长缓慢、电子化设备落后、人员综合素质低等问题.在这种现状下,海南省农信社如何改善经营状况,摆脱经营困境呢?经过长期调研,笔者认为,海南农信社走出困境的唯一出路不外乎两个方面:一是人民银行要给予一定的特殊政策的扶持,如减免欠息和罚息、提供无息或低息支农再贷款、适当延长再贷款期限、允许海南省合作金融管理办公室(以下简称"合作办")集中海南省农信社上存资金开办特种存款或参与资金拆借市场等手段帮助信用社减负和逐年消化历年亏损包袱等.二是农信社要加强运营机制的改革创新,增强自身自我生存和发展的能力.本文试就这两个方面的问题提出若干建议.     

Lending Policies of Financial Intermediaries Facing Credit and Funding Risk

This paper compares the optimal lending decisions of financial intermediaries that differ in their risk exposure. All intermediaries are assumed to face a loan demand described by a random applicant arrival process with each applicant offering a unique risk-adjusted rate of return; loan demand is therefore uncertain in both quantity and quality. The intermediaries differ in terms of their risk exposure because of disparate funding practices. Intermediaries functioning as brokers minimize their exposure by borrowing funds only as demand is realized, whereas those behaving as asset-transformers borrow in advance of realizing loan demand, thereby maintaining a loanable funds inventory and sustaining the related exposure. The optimal sequential lending policy is shown to involve setting a credit standard that becomes stricter with the length of the intermediary's planning horizon and the volume of loans outstanding. Most importantly, it is shown that brokers adopt stricter credit standards than asset-transformers and therby reduce their volume of lending.     

How Unsecured Credit Policies Influence Mortgage and Unsecured Loan Defaults

Before the global financial crisis, the proportion of households defaulting on the mortgage while remaining current on the unsecured loan was almost the same as the proportion of households current on the mortgage but defaulting on the unsecured loan. After the crisis, the former ratio became higher than the latter. By using a heterogeneous agent model with the mortgage and the unsecured loan, I examine how the order of defaults changed before and after the crisis. I then analyze the impacts of unsecured credit policies on households' mortgage and unsecured loan defaults. My quantitative exercise shows that both default rates can decrease as the cost for unsecured loan defaults increases.     

Cross-Country Evidence on Public Sector Retrenchment

This article reports the results from a survey of public sectoremployment retrench-ment episodes across a wide variety of developingand transition economies. The information collected and analyzedis primarily from internal World Bank documents and in-depthinterviews with World Bank staff having operational informationabout experiences in specific countries. Using the informationcollected on 41 retrenchment programs across 37 countries, thearticle analyzes the relationships between the factors leadingto retrenchment, the scope and nature of retrenchment, and themethods used to accomplish the retrenchment. The discussionof methods includes an analysis of the mix of involuntary andvoluntary employment reduction programs, the compensation schemesoffered, and the extent of targeting of specific types of workers.Although relevant quantitative information is limited, the articlealso attempts to evaluate the outcome of the programs on severaldimensions. The most striking findings relate to analysis ofthe factors leading a significant fraction of programs to rehireworkers separated from the public sector (thereby defeatingthe programs'objective). In addition, the article relates programcharacteristics to calculated summary financial payback indicatorsand to the nature of the labor market adjustment.     

“免抵退”税的改革与完善

现行的“免抵退”税方式，与“先征后退”方式相比较，虽具有不占用企业资金和不受国家退税指标限制的优点，但其申……     

试论我国经济刺激政策下的货币信贷政策

为应对全球金融危机,我国推出了保增长扩内需的经济刺激政策,实施适度宽松的货币信贷政策。本文在分析扩大内需、经济增长与结构关系的基础上,探讨了货币信贷政策存在过度宽松的风险。认为经济增长受经济结构及瓶颈的制约,尤其受到资源有限性的硬约束,如果不顾结构和资源的承受能力,实施过度宽松的货币信贷政策,不仅达不到推动经济高速增长的目的,而且可能导致资产泡沫和金融风险。本文最后提出了要把握适度货币信贷政策,着重完成调整结构的任务,抓住扩大就业的目标,切实防止通货膨胀的对策建议。     

从信用传导途径看中国货币政策的有效性

货币政策的有效性很大程度上取决于其传导途径的通畅.在中国利率市场化、金融市场存在缺陷和银行贷款对绝大多数企业是不可替代的资金来源的条件下,银行贷款仍为中国货币政策传导的主渠道.本文从金融机构、信贷市场和投资消费三个环节来对中国货币政策绩效进行分析,并提出提高有效性的简短思路.