CAJ | 학술논문

本文在简要阐述现代支付体系形成特征与中央银行在支付体系中的作用的基础上，以部分西方发达国家如加拿大、新西兰、欧盟以至美国近年来的经验为背景，本文探讨了现代支付体系中中央银行货币政策机制的转变及其运行原理。其中一个重要的结论是，随着以电子支付方式为主导的支付体系的形成，中央银行对短期利率和市场流动性的调节将越来越以一国的重要大额支付系统为依托。这对于中国现代化支付体系迅速发展的今天，中国人民银行货币政策机制操作的转型具有较强的借鉴意义启示。
본문재간요천술현대지부체계형성특정여중앙은행재지부체계중적작용적기출상，이부분서방발체국가여가나대、신서란、구맹이지미국근년래적경험위배경，본문탐토료현대지부체계중중앙은행화폐정책궤제적전변급기운행원리。기중일개중요적결론시，수착이전자지부방식위주도적지부체계적형성，중앙은행대단기리솔화시장류동성적조절장월래월이일국적중요대액지부계통위의탁。저대우중국현대화지부체계신속발전적금천，중국인민은행화폐정책궤제조작적전형구유교강적차감의의계시。
This paper briefly reviews the evolution of modem payment systems, origination of central banks and their role in the payment systems. Based on the experiences of developed countries, such as Canada, New Zealand, U. S. A and ECB, The author also studies a fundamentally new monetary policy regime through the management to payment system liquidity. A significantly important conclusion is that the central bank＇s adjustment to short interest rate and market liquidity will be more and more dependent on the operation of the large value transfer system