摘要
目前,公开市场业务已经成为中国中央银行货币政策实施的最重要工具之一,尽管与发达国家相比,在操作目标的选择以及操作对象使用上面,还具有多种缺憾。当前,中国中央银行公开市场业务操作只能选择基础货币作为操作目标,并通过基础货币的调节影响和控制货币供应量的变动。利率的非市场化和债券市场规模约束成为中国公开市场业务操作的缺憾。
Recently, open market business has become one of the most important methodologies in currency policy implementation of China Central Bank. Nevertheless, comparing with developed countries, there are still different defects in the choice of operational goal and the object usage in operation. At present, the open market business operation in China＇ s Central Bank can only choose fundamental currency as the operational object. Moreover, it controls the fluctuation of money supply and regulates the influences of based currency. The non - marketization of interest rate and the limitation of the scale of security market has become a shortcoming in the open market operation in China.
出处
《广东金融学院学报》
2007年第4期16-21,共6页
Journal of Guangdong University of Finance
关键词
公开市场业务
操作目标
操作对象
传导机制
Open Market Operation
Operational Objective
Operational Object
Transmission System
