基于支付清算安排对中央银行货币政策预微调机制的实证研究

2011年11月16日,中国人民银行发布《2011年第三季度中国货币政策执行报告》(以下简称《报告》)指出,下阶段央行将继续实施稳健货币政策,同时密切监测国内外经济金融形势发展变化,把握好政策的力度和节奏,适时适度进行预调微调。那么,如何理解货币政策的预微调机制,支付清算系统作为金融市场的核心基础设施和资金汇划的主干道,是否能够通过应对流动性风险的清算安排获取预微调机制的参考信息。本文将对此进行研究分析。

Empirical Research on Expected Fine Tuning Mechanism of Monetary Policy of PBOC based on Defrayal and Clearing Arrangement

According to the papers about the monetary polices which published by the PBOC recently,the Chinese government will continue to carry out the steady monetary policy.In that way,how to understand the expected fine tuning mechanism mentioned in this paper,and as the core basement in financial market and the main channel of the capital exchange,could the defrayal and clearing system get the reference information of expected fine tuning mechanism for the defrayal and clearing arrangement of liquid risk.This paper will analyze all problems.