货币政策成本和中央银行利润

本文以中央银行资产负债表数据为基础,测算中央银行实施宏观货币政策的财务成本,并计算其中的外汇对冲和准财政职能成本,纳入收入后形成中央银行2003年以来的利润表。结果表明,中央银行实施宏观货币政策调控付出了巨额成本,但外汇储备收入的增加使其营业利润为正,政策实施效果良好。然而,考虑外汇储备资产自身的损益后,中央银行出现亏损,这与长期以来被动的外汇干预政策有着直接联系,根本原因来自于中国货币供给的内生性。

Cost of Monetary Policy and Central Bank Profits

This paper calculates the economic cost of Central banks macro-monetary policy based on the balance sheet.Furthermore,this paper calculates the foreign exchange hedging costs and the cost of quasi-fiscal functions.After engaging in the incoming factor,this paper gives the income statement from the year 2003.The results show that the central bank costs a lot in the processed of Monetary Policy Implementation,but gains the operating profit by the income from the foreign exchanges investment.Otherwise,in terms of economic profit and loss of foreign assets,the central bank deficit,is mostly caused by the passive long-standing policy of foreign exchange intervention.Furthermore,the fundamental reasons is the endogeneity of money supply in China.