备付金集中存管对货币政策的影响  

The Impact of Centralized Depository of Reserves on Monetary Policy

作　　者：李鑫[1] Li Xin(Research Institute,China Minsheng Bank,Beijing 100031,China)

机构地区：[1]中国民生银行研究院,北京100031

出　　处：《金融理论探索》2023年第5期39-45,共7页Exploration of Financial Theory

摘　　要：为了整治非银行支付机构风险,自2017年4月起,支付机构备付金逐步交存至央行,2019年1月实现备付金100%交央行集中存管。支付机构备付金存管模式转换给货币供应量带来复杂的影响,大量备付金存款退出市场,给整个资金市场带来阶段性的扰动。而在集中存管后,支付机构备付金仍给货币发行流通带来一定影响,并且增加了货币政策操作的复杂性。尽管从货币供应总量上讲,支付机构备付金规模变化已不再对广义货币乘数产生明显的影响,却仍然给货币供应量结构带来复杂的影响。这也意味着与备付金集中存管前相比,货币政策的传导机制或发生了某些改变。此外,客户资金在银行账户体系和支付机构账户体系之间的转换,成为在银行存款和央行高能货币之间的切换,这势必会增加央行在货币市场进行调节的难度。未来央行政策可从压降备付金规模、将存管受益反哺行业、重新回归备付金商业银行存管等方面,着力减轻支付机构备付金对货币政策的干扰。In order to resolve risks in payment market,reserves of non-bank payment institutions had gradually been deposited with the Central Bank since April 2017.By January 2019,100%of the reserves were centrally deposited by Central Bank.The conversion of the depository mode has a complex impact on money supply.The withdrawal of a large number of reserve deposits from the deposit market has brought phased disturbance.After that,non-bank payment institution’s reserves still have impacts on the currency issuance and circulation,and increases the complexity of monetary policy operations.Although the change in the size of reserves of non-bank payment institutions no longer significantly affects the broad money multiplier,it still has a complex impact on the structure of the money supply.This may indicate some changes in the transmission mechanism of monetary policy.In addition,when a customer transfers funds between the bank account system and the non-bank payment institution account system,the funds will change from commercial bank deposits to Central Bank high-energy currencies,or vice versa.This does increase the difficulty to regulate the money market for Central Bank.In the future,Central Bank can introduce policies around reducing the scale of reserves of non-bank payment institutions,feeding back the payment industry with the profits generated by depository of the reserves,and handing over the reserves to commercial banks for depository,in order to reduce the interference of non-bank payment institutions’reserves on monetary policy.

关 键 词：支付机构 备付金 集中存管 货币政策 货币供应量 货币乘数 货币流通速度 

分 类 号：F832.2[经济管理—金融学]