统计研究 ›› 2019, Vol. 36 ›› Issue (9): 32-.doi: 10.19343/j.cnki.11-1302/c.2019.09.003

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中国货币当局资产负债表结构与货币政策调控方式转变

刘生福 韩雍   

  • 出版日期:2019-09-25 发布日期:2019-09-25

China’s Monetary Authorities Balance Sheet Structure and Changes in the Way of Monetary Policy Regulation

Liu Shengfu & Han Yong   

  • Online:2019-09-25 Published:2019-09-25

摘要: 货币当局资产负债表是分析央行行为与货币政策执行情况的一个重要报表。我国货币当局资产负债表科目随着经济金融结构的演变经历了多次调整,本文梳理了我国货币当局资产负债表结构及其演变过程,重新编制1999-2018年的年度可比货币当局资产负债表,通过解析各科目余额及其结构的动态变化特征,揭示统计数据背后的经济逻辑与政策实践、以及重要资产负债科目间的勾稽关系。研究发现:外汇占款和对其他存款性公司的债权是我国货币当局投放基础货币的主要渠道。过去20年中,两种渠道此消彼长反映出我国基础货币投放方式和货币政策调控方式的两次重要转变与创新。在外汇占款大幅增长时期,货币当局曾通过频繁提高法定存款准备金率和发行央行票据回笼过剩流动性。随着国际收支顺差收窄和国内经济由高速增长向高质量发展转变,公开市场操作和创新型再贷款工具将成为货币当局主动投放基础货币的重要渠道。

关键词: 中央银行, 资产负债表, 货币政策调控方式, 基础货币

Abstract: his paper analyzes the structure and evolution of the China’s monetary authority balance sheet. On this basis, the annual comparable monetary authority balance sheet from 1999 to 2018 is re-compiled to analyze the balance of each account and the changing track of its structure, and reveal the economic logic and policy practice behind the statistics, as well as the articulations between important assets and liability accounts. It is found that foreign exchange and claims to other depository companies are the main channels for monetary authorities to launch base money. In the past 20 years, the rise and fall of the two channels reflects two important changes and innovations in the way of basic money supply and monetary policy tools in China. During the period of sharp increase in foreign exchange holdings, the monetary authorities used to drain excess liquidity by frequently raising the required reserve ratio and issuing central bank bills. As the balance of payments surplus narrows and the domestic economy shifts from high-speed growth to high-quality development, open market operations and innovative re-lending tools will become an important channel for monetary authority to actively launch base money.

Key words: Central bank, Balance sheet, Way of Monetary Policy Regulation, Base Monetary