CAJ | 학술논문

在我国现行的外汇管理体制下，外汇储备增长导致了基础货币供应量的增长。为维持汇率稳定和防止流动性过剩，央行采取冲销干预手段对冲外汇占款。本文通过固定效应模型实证分析得出：冲销干预通过影响信贷资金的区域供给状况，进而影响区域信贷利率。据此，本文提出进一步完善汇率制度、改善金融生态环境等相关政策建议。
재아국현행적외회관리체제하，외회저비증장도치료기출화폐공응량적증장。위유지회솔은정화방지류동성과잉，앙행채취충소간예수단대충외회점관。본문통과고정효응모형실증분석득출：충소간예통과영향신대자금적구역공급상황，진이영향구역신대리솔。거차，본문제출진일보완선회솔제도、개선금융생태배경등상관정책건의。
In China＇ s current foreign exchange management system, the growth of foreign exchange reserve led to the rapid growth of basic money supply. To maintain stability of exchange rate and prevent excess liquidity, the central bank use sterilized intervention to hedge foreign exchange. Through the analysis on the fixed effect model of panel data, the paper holds that sterilized intervention affects the regional supply situation of the credit funds, thereby affecting the regional credit interest rates. Finally, the paper puts forward related policy recommendations to improve the exchange rate system, financial ecological environment and so on.