外汇流入的地区分布与区域资金供给差异  

Foreign Exchange Inflow and the Difference of Regional Fund Supply

作　　者：张文[1] 

机构地区：[1]中国人民银行货币政策司,北京100800

出　　处：《金融研究》2007年第09A期70-81,共12页Journal of Financial Research

摘　　要：本文考察了近年来我国外汇占款增多对基础货币投放的影响和中央银行采取的应对措施,通过实证分析认为,各省份当年新增存款与外贸顺差和实际利用外商直接投资额正相关,以2003年开始发行中央银行票据为分界点,随着大规模的外汇对冲操作,这种相关性显著提高。货币政策实施过程中,因受各地区经济非均质性等因素的影响,客观上会呈现出区域不对称效应,从而影响到区域间资金的均衡配置。缩小区域金融差异、促进区域均衡发展是宏观经济政策的重要目标之一,但是单纯运用货币政策工具可能难以达到这一目标。Because the accumulation of foreign exchange imposes great influence on the base money supply in recent years, the central bank has to take some kind of sterilization operations. Using the provincial data of China, this paper finds a significant and positive nexus existing between the provincial net export, FDI and new deposits. After the issue of the central bank bill in 2003, this relationship becomes prominence. The implement of monetary policy has district asymmetric effect under the asymmetric economy structure. To reduce the regional disparity is an important microeconomic goal, but it is hard to depending on the monetary policy itself to reach this goal.

关 键 词：货币政策 对冲操作 地区差距 金融发展 

分 类 号：F832.6[经济管理—金融学]