存款准备金政策与货币供给

存款准备金政策通常被认为是中央银行调控货币供给的有效工具。但是,从理论和实践可以证明,这一政策工具对货币供给的影响是很有限的。在商业银行有充裕的超额准备金时,法定准备金比率的调整只改变商业银行的准备金构成,而不改变准备金的总额,因而对基础货币和货币乘数都没有影响,或影响都很小;而当商业银行没有超额准备金或只有很少超额准备金时,法定准备金比率的上调将使准备金总额增加,从而使货币乘数缩小,但使基础货币增加。于是,货币乘数缩小对货币供给的影响将被基础货币增加对货币供给的影响所抵消。

Deposit Reserve Policy and Money Supply

Deposit reserve policy is considered an effective instrument of central banks to control money supply.But,this instrument is proven to have limited effect.If commercial banks have abundant excess reserves,an adjustment in reserve ratio can only chang the composition of reserves,while not chang the amount of reserves.Thus,the policy will have little effect on base money and money multiplier.If commercial banks have only little excess reserves,a rise in reserve ratio would on one hand increase the amount of reserves,then decrease the money multiplier,and on the other hand increase base money.