CAJ | 학술논문

随着近年来国库现金的迅速增加，万亿国库现金波动对央行货币供给政策造成显著影响，国库现金管理制度改革日益迫切，国库现金转存商业银行成为我国当前的重要课题。为此，本文构建国库现金转存商业银行的分析框架，研究表明，国库现金转存商业银行仍然会通过商业银行的资产负债结构影响货币供给政策，国库现金协议定期存款促使商业银行定期存款对活期存款比重上升，以此影响商业银行储备水平与信贷能力，同时，国库现金需要商业银行提供抵押品，抵押比例越高，商业银行必须留出越多的储备购买债券，促使国库现金转入商业银行后社会可用资金下降，导致商业银行向中央银行寻求更多的储备资金，从而国库现金增加将引起利率水平上升，并且通过信贷传导机制引起均衡信贷水平发生改变，最终引起货币供给水平产生波动。在平滑国库现金影响的政策选择上，中央银行表现出一定的被动性，通过加强监管、选择抵押品比例等方式是央行调控国库现金影响货币供给政策的重要手段。
수착근년래국고현금적신속증가，만억국고현금파동대앙행화폐공급정책조성현저영향，국고현금관리제도개혁일익박절，국고현금전존상업은행성위아국당전적중요과제。위차，본문구건국고현금전존상업은행적분석광가，연구표명，국고현금전존상업은행잉연회통과상업은행적자산부채결구영향화폐공급정책，국고현금협의정기존관촉사상업은행정기존관대활기존관비중상승，이차영향상업은행저비수평여신대능력，동시，국고현금수요상업은행제공저압품，저압비례월고，상업은행필수류출월다적저비구매채권，촉사국고현금전입상업은행후사회가용자금하강，도치상업은행향중앙은행심구경다적저비자금，종이국고현금증가장인기리솔수평상승，병차통과신대전도궤제인기균형신대수평발생개변，최종인기화폐공급수평산생파동。재평활국고현금영향적정책선택상，중앙은행표현출일정적피동성，통과가강감관、선택저압품비례등방식시앙행조공국고현금영향화폐공급정책적중요수단。
In this paper, we modeled the analysis framework to analyze monetary supply policy effect of the treasury funds depositing in commercial banks. As a result, we found that the treasury cash multiplier would influence the commercial bank loans. On the other hand, the mortgage debt required by the treasury funds had negative relationship with the commercial bank loans. Especially, when the mortgage debt exceeded some degree, the commercial bank loans would shrink. When it comes to problem that how to decrease the influence exerted by the treasury funds, the central bank can resort to the reserve ratio of the treasury funds.