河北北方学院学报（社会科学版）
河北北方學院學報（社會科學版）
하북북방학원학보（사회과학판）
Journal of Hebei North University (Social Science Edition)
2015年
5期
82-86
,共5页
外汇储备%货币政策%理论%实证%影响
外彙儲備%貨幣政策%理論%實證%影響
외회저비%화폐정책%이론%실증%영향
foreign exchange reserve%monetary policy%theory%empirical study%influence
改革开放以来，中国对外贸易不断发展，外汇储备也随之快速增长，巨额的外汇储备一方面提高了中国调节国际收支和稳定外汇市场的能力；另一方面也加剧了中国的通货膨胀，限制了货币政策的独立性和有效性。基于中国2006年第一季度以来的时间序列数据，对相关研究进行梳理，从理论和实证两个方面论证了外汇储备对中国货币政策的影响，从而得出结论：相比于再贴现及贷款、对存款货币银行的债权，外汇储备对货币供应量影响最为强烈。着眼于论证结果，对保持中国外汇储备合理增长提出相应的建议。
改革開放以來，中國對外貿易不斷髮展，外彙儲備也隨之快速增長，巨額的外彙儲備一方麵提高瞭中國調節國際收支和穩定外彙市場的能力；另一方麵也加劇瞭中國的通貨膨脹，限製瞭貨幣政策的獨立性和有效性。基于中國2006年第一季度以來的時間序列數據，對相關研究進行梳理，從理論和實證兩箇方麵論證瞭外彙儲備對中國貨幣政策的影響，從而得齣結論：相比于再貼現及貸款、對存款貨幣銀行的債權，外彙儲備對貨幣供應量影響最為彊烈。著眼于論證結果，對保持中國外彙儲備閤理增長提齣相應的建議。
개혁개방이래，중국대외무역불단발전，외회저비야수지쾌속증장，거액적외회저비일방면제고료중국조절국제수지화은정외회시장적능력；령일방면야가극료중국적통화팽창，한제료화폐정책적독립성화유효성。기우중국2006년제일계도이래적시간서렬수거，대상관연구진행소리，종이론화실증량개방면론증료외회저비대중국화폐정책적영향，종이득출결론：상비우재첩현급대관、대존관화폐은행적채권，외회저비대화폐공응량영향최위강렬。착안우론증결과，대보지중국외회저비합리증장제출상응적건의。
Since reform and opening-up,China’s foreign trade has been developing continuously and the foreign exchange reserve growing rapidly with it.On the one hand,the substantive foreign change reserve boosts China’s capacity of adjusting balance of payments and stabilizing foreign exchange market;on the other hand,it also exacerbates China’s inflation and restricts the independence and effectiveness of mone-tary policy.Based on China’s time series data since the first quarter of 2006,the paper combs correlation studies and argues the influence of foreign exchange reserve on China’s monetary policy theoretically and empirically with the conclusions that,compared with rediscount,loans and creditor’s rights of deposit banks,the influence of foreign exchange reserve on money supply is the most intensified.Finally,aiming at the research results,the paper offers some corresponding suggestions of maintaining the rational growth of China’s foreign exchange reserve.
