人民币离岸中心建设对货币供求的影响:兼论货币政策弱效  

The Impact of the Construction of the Offshore Financial Center of Renminbi on the Supply and Demand of Currency:And on the Weakness of Monetary Policy

作　　者：方显仓 FANG Xiancang

机构地区：[1]华东师范大学经济与管理学部

出　　处：《金融发展》2018年第2期104-112,共9页Financial Development

摘　　要：文章从理论上分析人民币离岸金融中心建设将改变人民币的货币持有结构、使货币需求函数的影响因素更复杂、货币需求的不稳定性增加;同时,扩大了货币供给主体、可能使货币乘数变大、货币供给曲线由陡直变为平缓。由此对市场利率的影响也变得更为复杂、在一定程度上削弱我国货币政策的独立性和有效性。因此应遵循适度渗透的内外分离型离岸金融模式,探索新的货币政策调控模式,强化离岸监管。the article theoretically analyzes that the construction of RMB offshore financial center will change the currency holding structure of RMB,make the influencing factors of the monetary demand function more complex,the currency demand more volatile;At the same time,the construction of RMB offshore financial center will lead to increase in the types and number of?the institutions of money supply,which may expand the currency multiplier and make the money supply curve from steep to flat.As a result,the impact of the offshore center construction on market interest rates become more complex and to a certain extent weaken the independence and effectiveness of China’s monetary policy.Therefore,we should follow financial pattern of the inshore-offshore separating and properly incorporating into each other,explore new regulatory patterns of monetary policy,and strengthen offshore supervision.

关 键 词：人民币离岸中心 货币需求 货币供给 利率 货币政策 

分 类 号：F832.6[经济管理—金融学] F822.0