上海金融
上海金融
상해금융
Shanghai Finance
2010年
6期
46~50
,共null页
支付系统 货币政策 中介目标 操作效果
支付繫統 貨幣政策 中介目標 操作效果
지부계통 화폐정책 중개목표 조작효과
Payment System; Monetary Policy; Intermediate Target; Operating Effect
在以货币供给量为中介目标的情况下,支付系统发展提高了公开市场操作投放或回笼基础货币的效率,增加了货币乘数及货币流通速度。为达到相同的货币供给量目标,支付系统运行效率越高,公开市场操作投放（或回笼）的基础货币可越少。此外,支付系统的发展提高了资金周转效率,增加了银行体系的流动性,支付系统发展将弱化法定存款准备金率提高的效果。本文还探讨了支付系统发展对以利率为中介目标的货币政策操作效果的影响。
在以貨幣供給量為中介目標的情況下,支付繫統髮展提高瞭公開市場操作投放或迴籠基礎貨幣的效率,增加瞭貨幣乘數及貨幣流通速度。為達到相同的貨幣供給量目標,支付繫統運行效率越高,公開市場操作投放（或迴籠）的基礎貨幣可越少。此外,支付繫統的髮展提高瞭資金週轉效率,增加瞭銀行體繫的流動性,支付繫統髮展將弱化法定存款準備金率提高的效果。本文還探討瞭支付繫統髮展對以利率為中介目標的貨幣政策操作效果的影響。
재이화폐공급량위중개목표적정황하,지부계통발전제고료공개시장조작투방혹회롱기출화폐적효솔,증가료화폐승수급화폐류통속도。위체도상동적화폐공급량목표,지부계통운행효솔월고,공개시장조작투방（혹회롱）적기출화폐가월소。차외,지부계통적발전제고료자금주전효솔,증가료은행체계적류동성,지부계통발전장약화법정존관준비금솔제고적효과。본문환탐토료지부계통발전대이리솔위중개목표적화폐정책조작효과적영향。
As the money supply is the intermediate target of monetary policy, the development of payment system will enhance the efficiency of open market operation and delivery rate of the bond. It will also increase monetary multiplier and velocity of money circulation. To achieve the same intermediate target, the higher the operating efficiency of payment system is, the less base money should be supplied. Also, the development will also increase the fund circulation rate and the liquidity of banks, thus offsets the effect of the increase of the required reserve ratio. This paper also discusses the impact of the development of payment system on the effect of monetary policy＇s operation when the intermediate target of monetary policy is interest rate.
