CAJ | 학술논문

本文对中央银行回收银行体系多余流动性应该使用何种政策工具进行了深入研究。虽然使用中央银行票据作为政策工具有实践依据,但由于政府债券对金融部门和实体经济具有正的外部效应,流动性管理工具的最佳选择应是政府债券。政策工具选择应主要考虑三个因素：中央银行操作的独立性、金融市场发展需要、货币政策传导的有效性。
본문대중앙은행회수은행체계다여류동성응해사용하충정책공구진행료심입연구。수연사용중앙은행표거작위정책공구유실천의거,단유우정부채권대금융부문화실체경제구유정적외부효응,류동성관리공구적최가선택응시정부채권。정책공구선택응주요고필삼개인소：중앙은행조작적독립성、금융시장발전수요、화폐정책전도적유효성。
This paper discusses the challenging question of whether central banks should use treasury bills or central bank bills for draining excess liquidity in the banking system. While recognizing that there are practical reasons for using central bank bills, the paper argues that treasury bills are the first best option especially because positive externalities for the financial sector and the rest of the economy. However, the main considerations in the choice should be ： operational independence for the cen- tral bank; market development; and the strengthening of the transmission of monetary policy impulses.