当前我国法定存款准备金制度的改革

近年来 ,中国货币政策已经基本实现了由直接调控向间接调控的转变 ,取得了举世瞩目的成效。加入WTO之后 ,中国货币政策还需要进行一些调整和改革 ,需要进行新的整体的设计。其中的一项重要工作就是改革和完善目前的法定准备金制度 ,正确处理商业银行在中央银行的存款准备金问题。     

存款准备金制度工具新解——内涵、作用机理与发展趋势

本文认为,存款准备金制度不仅包括法定存款准备金率的调整,还包括需缴存准备金的金融机构、不同类型存款(资产)的存款准备金率、可以作为存款准备金的资产类型、存款准备金的计提方式、存款准备金是否付息与(付息时)付息利率,以及违反这一制度的相关罚则的确定和调整等,并详细分析了其作用机理,总结提炼其作为货币政策操作工具的特征,并简要指出这一范畴的提出对我国存款准备金制度工具的发展以及货币政策实践所具有的重要现实意义.     

竞争性货币与铸币税

铸币税是指货币发行者从发行货币而得到的收入,本文从使用共同货币的成本出发,从货币使用的成本和收益的角度分析了铸币税的存在和度量,在此基础上,将货币视为适用格雷欣法则,最后引入了哈耶克的竞争性货币,从铸币税的角度分析了通货膨胀的治理.     

中国的铸币税与通货膨胀:1952-2004

本文基于现金先行模型重新构建了我国的实际现金余额需求函数,并在实际现金余额需求函数的约束下,假定我国政府的目标是追求铸币税最大化,推导出了铸币税最大化的通货膨胀率和货币余额增长率的公式。在此基础上,探讨了铸币税征收与通货膨胀的关系,并利用我国1952—2004年的数据进行实证研究,结果表明,为了避免恶性的通货膨胀和最优化铸币税的征收,我国的货币余额增长率应当控制在22%—24%以下,通货膨胀率应当控制在11%—14%以内。     

不同汇率制度下的货币政策、财政政策与最优货币区

本文讨论了１９９９年度诺贝尔经济学奖获得者－芒德尔的主要理论贡献及其现实意义,芒德尔的开放经济中的稳定政策理论认为：稳定政策的效果取决于汇率制度。在浮动汇率制度下,货币政策是有力的而财政政策是无力的;在固定汇率制度下,财政政策是有力的而货币政策是无力的。最优货币区的判别理论为研究欧洲货币联盟（ＥＭＵ）优缺点的研究人员提供了起点。     

我国法定存款准备金政策的有效性分析

近年来我国经济出现了较大的物价上涨和通胀压力,流动性过剩现象严重。央行采取了频繁上调法定存款准备金率的措施以及其它货币政策工具来对其进行宏观调控从而取得了一些成效,但是法定存款准备金制度的缺陷也逐渐显露。本文追溯了我国法定存款准备金制度的发展变迁,分析了法定存款准备金制度的相关理论,从流动性的角度利用剑桥方程对上调法定存款准备金率的有效性进行了简要的测算分析,并据此提出了相关的政策建议。     

谈谈我国的存款准备金制度

经国务院批准,中国人民银行从2003年9月21日起,提高存款准备金率1个百分点,即存款准备金率由现行的6％调高到7％。此次存款准备金率调整的金融机构范围为国有独资商业银行、股份制商业银行、城市商业银行、农村商业银行(农村合作银行)、中国农业发展银行、信托投资公司、财务公司、金融租赁公司、有关外资金融机构等。农村信用社和     

中国股票市场发展影响货币需求的实证研究:1994～2007.

从理论上讲,股票市场通过财富效应、资产组合效应、交易效应和替代效应等途径影响货币需求,本文构建了一个包括股票市场变量的货币需求函敦,并运用1994～2007年的季度数据和协整分析方法对中国股票市场的货币需求效应进行了检验,检验结果表明股票市场已经成为影响我国货币需求的一个重要因素.在股票市场不断深化和广化的背景下,中央银行应关注资产价格的波动,货币政策的制定应考虑股票市场发展对货币需求的影响.     

Community participation in the management of wetland nature reserve：a case study of Nanjishan Nature Reserve, Jiangxi, China

In recent years, more and more conflicts have emerged in the management of nature reserves, of which themain problem is that how to carry out the campaign of conservation along with the promotion of development of localeconomics. To resolve the actual problem in Nanjishan National Wetland Nature Reserve and explore the idiographicmethod of the management of the wetland reserve, some studying methods including face-to-face interviews, informaldiscussion with local leaders and officials, group discussion with local fishers, questionnaire, and job of the conversationstation have been carried out. The results show that the education level of the local people is low; only 5% of the localpeople have an opportunity to the junior college; the main income of the local people is fishing, which accounts for 70%more or less; and the income is coming down year by year because of the unreasonable way of fishing. To cope with theproblems, some reformative way of management and the development of the reserve are introduced, such as establishingan NOG that constitutes of local fishermen to achieve the goal of community co-management, developing Bed andBreakfast and so on. Through practice of the management of the participation of the local people, we draw the conclusionthat the local people have a great desire to improve their life level, and to make the co-management of the reserve easy,it is important for the managers to play the role of pilot including engrafting the new ideas, giving some subsidy toencourage the local people to take part in the management. In addition, making local people perceive value of the reserveand the close relation between reserve conservation and the promotion of level of their life. On this basis, they incline totake part in the management of the reserve.     

Consumption tax and economic growth in an overlapping generations model with money holdings

This paper examines the effect of a consumption tax on economic growth using an overlapping generations (OLG) model with money holdings. We show that the neutrality of the consumption tax does not hold in the money-in-the-utility-function model, because a change in consumption taxation induces the substitution of money holdings for consumption, and the money is the net wealth within the OLG structure. An increase in the consumption tax rate lowers (raises) the growth rate under a low (high) monetary expansion rate. On the other hand, in the cash-in-advance model and the money-in-the-production-function model, the neutrality of consumption taxation holds even within the OLG structure, because in these models there is no substitution of consumption and money holdings.     

中国金融安全指数的估算与实证分析:1998-2007

随着中国金融市场的不断扩大开放,国家金融安全问题日益突出。当前的国际金融危机再一次警示我们,在金融业发展、开放与创新中,必须高度重视金融安全问题。结合中国实际,选择微观、宏观和国际市场三大类17个金融经济指标,采用主观赋值与主成分分析法确定指标权重,对中国1998-2007年金融安全指数进行估算,并在此基础上,选择影响金融安全的主要风险变量对中国金融安全进行的实证分析发现:银行的违约风险(不良贷款)和国际游资风险构成了中国金融安全的主要威胁;资本市场风险与中国金融安全状况同方向变动;而利率风险、汇率风险、通胀风险对中国金融安全的影响并不显著。     

东北地区制造业生产率变动分析:1993-2007年

东北三省是我国老工业基地主要分布地区,曾经为我国经济建设做过重要的贡献,可是专门针对东北三省制造业生产率评价的研究却很少。本文使用Malmquist指数法测算了1993—2007年东北地区制造业全要素生产率(TFP)并对其进行分解。结果表明,东北三省制造业TFP增速在20世纪90年代总体处于上升的态势,进入新世纪以后明显下降,2005年以来开始缓慢回升。进一步用Bootstrap方法估计东北三省制造业技术效率(TE)及其置信区间,研究发现TE在95%置信区间内的变动轨迹跟TFP增长率变化趋势基本一致,说明了Malmquist指数测算结果是稳健的。     

企业统计制度改革的误区及其思考

企业统计是企业统计人员收集、汇总企业生产经营过程中的有关数据和情报,进行整理之后提供给各级领导,使领导掌握企业的生产和经营的具体情况,作为下步的调度和决策依据。本文主要分析目前我国企业在统计制度改革过程中存在的一些误区,提出自己的建议。     

Involuntary excess reserves,the reserve requirements and credit rationing in China

Using a sample of 95 banks that covers the period 2000–2011, this article examines Chinese banks’ credit lending behaviour in response to the changes in the reserve requirement ratio in the presence of involuntary excess reserves (IERs) in the banking system. The study finds that Chinese banks with positive IERs one period after a reserve requirement shock experience a significantly increased credit supply in response to an increase in reserve requirement ratio. However, the reserve requirements have no significant impact on the credit supply in Chinese banks that have negative IERs one period after a reserve requirement shock. This article sheds lights on the effectiveness of Chinese monetary policy, which uses reserve requirements as the primary tool to sterilize excess liquidity and restrain credit expansion.     

Limited participation,private money,and credit in a spatial model of money

Summary. The purpose of this paper is to explore the implications of private money issue for the effects of monetary policy, for optimal policy, and for the role of fiat money. A locational model is constructed which gives an explicit account of the role for money and credit, and for limited financial market participation. When private money issue is prohibited, there is a liquidity effect as the result of a money injection from the central bank, but this effect goes away when private money is permitted. Private money issue changes dramatically the nature of optimal monetary policy. With private money, fiat currency is no longer used in transactions involving goods, but currency and central bank reserves play an important part in the clearing and settlement of private money returned for redemption.Received: 5 May 2003, Revised: 1 December 2003JEL Classification Numbers: E4, E5.The author thanks seminar participants at the Federal Reserve Bank of Richmond and Duke University, conference participants at the Texas Monetary Conference at U.T. Austin, February 2002, and the Conference on Recent Developments in Money and Finance at Purdue University, May 2003, as well as Gabriele Camera, Ed Nosal, Will Roberds, and two anonymous referees for their helpful comments and suggestions.