人民币跨境流动与离岸市场货币创造：兼议对我国货币政策的影响
阅读全文
下载全文 |
| Title | Money Creation Mechanism of Offshore RMB Market and its Influence on Money Supply of China
|
| 作者 | 伍戈 杨凝 |
| Author | Wu Ge and Yang Ning |
| 作者单位 | 中国人民银行货币政策二司；中国外汇交易中心 |
| Organization | The Peaple’s Bank of China |
| 作者Email | wuge@pbc.gov.cn, wugefd@hotmail.com |
| 中文关键词 | 离岸市场 货币创造 货币供应 货币政策 |
| Key Words | Offshore Market; Money Creation; Money Supply; Monetary Policy |
| 内容提要 | 近年来，跨境人民币业务和离岸人民币市场的迅速发展引发了各界对于离岸人民币市场是否会影响我国货币政策有效性的担忧，但国内外很少有对其进行深入分析的文献。本文旨在系统性地构建离岸人民币市场货币创造的理论框架，以弥补当前该研究领域的空白。具体地，我们以离岸美元市场货币创造机制为研究起点，结合目前我国跨境人民币业务和离岸人民币市场发展框架，在全面梳理人民币资金跨境流动渠道及境内外人民币账户体系的基础上，创新性地研究了离岸人民币市场的货币创造机制，并估算了有关货币乘数。进而我们尝试从境内外金融机构资产负债表和货币统计口径出发，创新性地考察离岸人民币市场的发展对我货币供应量的潜在影响等，并提出若干政策建议。 |
| Abstract | In recent years, the rapid development of cross-border RMB business and offshore RMB market has triggered concerns about its influence on the effectiveness of monetary policies of China. Based on the literatures on money creation mechanism of offshore USD market and the current framework of cross-border RMB business and offshore RMB market, we creatively analyzes the channels of RMB cross-border flow and domestic and foreign RMB accounts systems, illustrates the money creation mechanism of offshore RMB market, and evaluates offshore RMB money multiplier from relevant statistics. We further try to start from the balance sheets of domestic and foreign financial institutions and statistical scope of money, and examine the concrete influence of offshore RMB market on money supply of China. In a word, this article aims at systematically building the theoretical framework of money creation of offshore RMB market, and providing base for further study about the influence of offshore RMB market development on monetary policy of China. |
| 文章编号 | WP760 |
| 登载时间 | 2014-11-20 |
|