外汇占款冲销机制对货币利率的影响途径与效果  

On Foreign Exchange Sterilization Policy over Money Rate of Interest: Its Influence Path and Effect

作　　者：姚小义[1] 肖帅[1] 吴思娴[1] 

机构地区：[1]湖南大学金融与统计学院,湖南长沙410079

出　　处：《湖南科技大学学报（社会科学版）》2015年第4期68-75,共8页Journal of Hunan University of Science and Technology(Social Science Edition)

基　　金：国家社科基金项目(13BJY170)

摘　　要：我国国际收支中长期"双顺差"的格局造成外汇占款规模不断增加,维持汇率稳定的要求迫使央行采取冲销政策回笼货币。由此造成货币政策在不同目标调控效果上出现差异,以M2流量和人民币币值为代表的汇率目标效果显著,而以利率为代表的价格调控目标和利率调控机制受到限制。通过分析不同区间政策利率对市场利率、市场利率对实体经济的调控状况,发现在利率市场化改革推进过程中,存在政策利率对市场利率调控能力下降,市场利率对实体经济资源调控不足的问题。Foreign exchange has been increasing for double surplus of balance of payments. To maintain exchange rate stable, the central bank takes sterilization policies, which leads to the differences in the effect of different targets. The amount of money has been economical and effective, and the exchange rate has been sta- ble, while the Interest rate adjustment mechanism has been limited. We will analyze the regulation ability of the policy rate to the market rate of interest, and the market rate of interest to the entity economy. With the propulsion of the marketization of interest rate, the block between the policy rate and the market rate of interest is existing. The same is with the market rate of interest and the entity economy.

关 键 词：外汇占款冲销 政策利率 市场利率 经济调控 

分 类 号：F832.0[经济管理—金融学]