国库现金管理对货币政策中介目标的影响分析

目前,我国中央国库现金管理对货币政策产生日益重要的影响。文章定量分析了国库现金管理与货币供应量的关系,然后运用SVAR模型,实证考察了国库现金管理中标利率与央票利率和上海银行间同业拆放利率的关系,结果显示三者之间存在明显的正相关关系,并且国库现金管理中标利率受央票利率的影响更加明显。在此基础上,文章提出了完善国库现金管理的相关政策建议。

Treasury cash management and the monetary policy's intermediate targets

At present,the treasury's cash management exerts increasing influence on monetary policy in China.This paper begins with a quantitative analysis of the relationship between treasury's cash management and money supply,then empirically explores the relationship among the winner's rate of treasury's cash management,the central bank bill rate and Shibor using the SVAR model.The results show that a positive relationship exists among these three rates and that the central bank bill rate has noticeable influences ...