CAJ | 학술논문

银行体系的流动性囤积。是指银行体系持有的流动性资产数额远远超过日常经营所需水平．具体表现为银行准备金数额大规模增加，银行资产组合中高流动性资产占比增加。作为金融中介．银行体系的流动性囤积阻碍了中央银行货币政策的传导，成为当前各国必须解决的重要问题。对流动性囤积的解释包括对手方风险、投机性囤积和预防性囤积。就美国现实而言，中央银行过高的流动性供给和私人部门中长期信贷需求不足，以及银行监管要求是产生流动性囤积的主要原因．并且阻碍了货币政策的信贷渠道、利率渠道和汇率渠道传导．导致货币政策效果甚微。
은행체계적류동성돈적。시지은행체계지유적류동성자산수액원원초과일상경영소수수평．구체표현위은행준비금수액대규모증가，은행자산조합중고류동성자산점비증가。작위금융중개．은행체계적류동성돈적조애료중앙은행화폐정책적전도，성위당전각국필수해결적중요문제。대류동성돈적적해석포괄대수방풍험、투궤성돈적화예방성돈적。취미국현실이언，중앙은행과고적류동성공급화사인부문중장기신대수구불족，이급은행감관요구시산생류동성돈적적주요원인．병차조애료화폐정책적신대거도、리솔거도화회솔거도전도．도치화폐정책효과심미。
The Liquidity hoarding of banks is the phenomenon that banks hold oversized liquidity assets such as reserves and short term treasure notes compared with those under normal situations .This phenomenon becomes prominent after the financial crisis and affects the mediation function of banks and blocks the transmission of monetary policy. The relevant research have mentioned counterparty risks, speculative motivation and precautious motivation. We find that the hoarding of American banking can be explained by the overwhelming supply of high power money from Fed and the shrinking demand of long term loans of private sections, as well as strict capital regulations. The hoarding blocked the transmission of monetary policy through credit, interest rate and exchange rate channels.