汇率变动、央行票据与冲销成本:2004-2009  

Exchange Rate Fluctuations,Central Bank Bills and Sterilization Costs: from 2004 to 2009

作　　者：唐文进[1] 谢海林[1] 

机构地区：[1]中南财经政法大学金融学院,湖北武汉430073

出　　处：《财经研究》2011年第3期114-123,共10页Journal of Finance and Economics

基　　金：国家社会科学基金重点项目(08AJL006);国家自然科学基金项目(70773119)

摘　　要：在中央银行通过央行票据进行货币冲销的操作中,过高的成本一直被国内外学者认为是央行票据不适宜作为长期冲销工具的重要理由。2004-2009年的中国数据显示,在不考虑汇率因素的情况下,3月期和1年期央行票据冲销操作均表现为盈利;而在考虑汇率变动的情况下,央行票据冲销操作在财务成本的动态变化中盈亏互现。可见,汇率因素对央行票据冲销操作的财务成本产生了重要影响。考虑汇率因素后,尽管冲销操作总体上表现为亏损,但亏损较为有限,所以不能仅从成本角度质疑央行票据冲销操作的可持续性。In the process of sterilization operation of central bank bills, the higher costs have been considered by many scholars at home and abroad as an important reason for the non-appropriateness of central bank bills taken as long-term sterilization instruments. The evidence from the data of China from 2004 to 2009 shows that, without the consideration of exchange rates,sterilization operation of 3-month or 1-year central bank bills makes profits; with the consideration of exchange rates, financial costs derived from the sterilization operation of central bank bills makes profits or losses. Exchange rates have important effects on financial costs derived from the sterilization operation of central bank bills. With the consideration of exchange rates, as a whole, sterilization operation makes losses, but the losses are limited,so we can not challenge the sustainability of sterilization operation of central bank bills from the cost angle.

关 键 词：央行票据 冲销 汇率 财务成本 

分 类 号：F822[经济管理—财政学]