CAJ | 학술논문

近年来，我国开始频繁使用准备金率工具来对冲银行体系流动性，但法定准备金要求作为一种税收，可能类似于其它政府税收，会存在一个最优准备金率。当法定准备金率上调到某一水平之后，反而会由于“税基”的流失而导致准备金率工具在流动性管理和货币控制中的功能弱化。本文基于微观经济主体最优化行为。建立了一个理论模型和分析框架，并进行了相应的计量检验和实证分析。主要结论为：当前我国的最优准备金率为23％左右，如果提高到23％以上，准备金率工具对冲流动性和控制货币信贷的效果反而会适得其反，这时就需要通过调整存贷款利率、存贷款利差和准备金存款利率等方式来进一步拓展准备金率工具的使用空间。但随着利率市场化的不断推进，存贷利差将会发生变化，准备金率工具的使用空间也可能会受到制约。
근년래，아국개시빈번사용준비금솔공구래대충은행체계류동성，단법정준비금요구작위일충세수，가능유사우기타정부세수，회존재일개최우준비금솔。당법정준비금솔상조도모일수평지후，반이회유우“세기”적류실이도치준비금솔공구재류동성관리화화폐공제중적공능약화。본문기우미관경제주체최우화행위。건립료일개이론모형화분석광가，병진행료상응적계량검험화실증분석。주요결론위：당전아국적최우준비금솔위23％좌우，여과제고도23％이상，준비금솔공구대충류동성화공제화폐신대적효과반이회괄득기반，저시취수요통과조정존대관리솔、존대관리차화준비금존관리솔등방식래진일보탁전준비금솔공구적사용공간。단수착리솔시장화적불단추진，존대리차장회발생변화，준비금솔공구적사용공간야가능회수도제약。
In recent years, PBC has carried out monetary policy by means of reserve requirements policy frequently in an effort to drain the excess liquidity in the banking system. But just like other government taxes, reserve requirements maybe have an optimal required reserve ratios（RRRs）. When the RRRs have been over-raised to the optimal level, the effect of reserve requirements policy in money control and liquidity sterilization should also be withered due to the loss of the ＂tax base＂. Thus, we establish a theoretical model and analysis framework and make the corresponding econometric test and empirical analysis. The main conclusions are as follows ： The optimal RRRs in China at present is about 23 percent. If the RRRs need be further raised above 23 percent, the monetary authority should adjust the deposit and loan interest rates, the bank spreads or the reserve requirements interest rate to expand the use space of the reserve requirements policy.