摘要
我国的结构性货币政策工具兼具引导信贷投向和投放基础货币功能,随着宏观政策调控框架的更新演进,工具不断发展完善。通过模拟银行资产负债表变动可细致分析工具投放基础货币、补充金融机构流动性的机制,本文利用2021年第一季度至2023年第一季度银行间债券回购市场交易数据,分析表明结构性货币政策工具的选用对银行间货币市场流动性分层现象有明显影响,支农、支小再贷款使用增加有助于改善中小银行和非银机构的流动性环境。建议继续完善工具箱,加强政策间协调配合,提高市场机构对各项工具的认识,实现结构性货币政策工具组合对银行间流动性的有效补充,为实体部门发展创造适宜的货币环境。
The function of China's structural monetary policy tools includes both motivating financial institutions to provide financing services to designated areas and sectors by linking central bank funding to credit supply and injecting base money into the banking system.With the evolution of the nation's macroeconomic policy framework,the policy tools continue to develop and improve.The mechanism of structural monetary policy tools in base money injection and the supplementing of liquidity to financial institutions can be analyzed in detail by simulating changes in the banking system's balance sheet.An analysis of data from the interbank bond repo market from the first quarter of 2021 to the first quarter of 2023 shows that the selection and use of tools in the policy toolbox has had a significant impact on interbank money market liquidity stratification.The increasing use of central bank lending for rural development and central bank lending for micro and small businesses(MSBs)can improve the liquidity conditions of small and medium-sized banking institutions and non-banking institutions.This study offers policy recommendations which include continuing to develop the monetary policy toolbox,strengthening policy coordination and cooperation,guiding financial institutions to more deeply understand the various policy tools and using proper tool combinations to achieve effective liquidity supplements for the market to create a suitable monetary environment for the real economy.
作者
张时闰
王孝佳
ZHANG Shirun;WANG Xiaojia(Huaan Securities Co.,Ltd.)
出处
《金融市场研究》
2023年第8期21-36,共16页
Financial Market Research
