央行运用冲销工具的成本和影响研究  

Analysis on Cost and Influence of the Utilization of Sterilized Tool by Central Bank

作　　者：赵先立[1] 

机构地区：[1]中央财经大学金融学院

出　　处：《亚太经济》2012年第2期31-37,共7页Asia-Pacific Economic Review

摘　　要：央行票据冲销外汇占款的微观成本在2004—2010年为盈利,从国内角度来说,央行使用央行票据冲销流动性的微观成本高于存款准备金率的微观成本。央行票据和存款准备金率对宏观经济的影响利弊共存,但就冲销流动性的效果而言,央行票据使用更为灵活,存款准备金率的冲销力度更大。In this paper, central bank bills and deposit reserve ratio has been studied from micro-cost and macro-economic impact. Results showed that： the central bank bills sterilized foreign exchange generate profits in 2004-2010. From a domestic point of view, the central bank use of central bank bills sterilization the cost of the micro-mobility had higher cost than the deposit reserve ratio. Central bank bills and deposit reserve rate have Positive and negative impact on the macroeconomic. But in terms of effect, central bank bills is more flexible, and the deposit reserve ratio is greater intensity.

关 键 词：央行票据 存款准备金率 冲销成本 

分 类 号：F830.31[经济管理—金融学]