| | | | | 从汇率制度视角看我国商业银行的流动性过剩 | | | 李成;姜柳 | | | 从汇率制度角度透视我国当前的商业银行流动性过剩现象,目的在于为经济金融的进一步开放提供理论依据和决策参考。本文通过对“三元悖论”理论的解读和1998～2006年各季度数据的实证检验,揭示了我国商业银行流动性过剩与汇率制度之间存在密切相关性,即在我国现行的汇率制度下,外汇储备的不断增加直接导致了商业银行存差的扩大,造成金融系统乃至整个社会的流动性过剩。基于上述研究,作者提出了如下相关建议:完善我国汇率形成的市场机制,培育相对均衡汇率;深化我国外汇管理体制改革,有序开放资本市场;汇率制度改革要与其他政策改革协调配合。
【作者单位】：西安交通大学经济与金融学院;西安交通大学经济与金融学院
【关键词】：商业银行;流动性过剩;汇率制度;三元悖论;外汇体制改革
【基金】：西安交通大学“211”、“985”工程二期项目资助。
【分类号】：F822
【DOI】：cnki:ISSN:1009-9190.0.2006-09-010
【正文快照】：
近年来,我国商业银行“存差”逐年扩大,2006年6月底全国金融机构存差已突破10万亿元。尽管人民银行将超额准备金利率下调到0.99%,存款准备金率再次上调0.5%,但商业银行超额准备金水平仍居高不下,超额准备金率始终在3%以上。此外,狭义货币M1和广义货币M2之间的“剪刀差”也明显扩大。这些充分表明我国商业银行已经出现了较为严重的流动性过剩问题。流动性过剩降低了商业银行的盈利水平,削弱了货币政策的有效性。如何有效地解决流动性过剩的问题已成为金融理论和决策焦点之一。为此,本文基于“三元悖论”理论对我国现行汇率制度下的货币政策… | | |  推荐 CAJ下载  PDF下载 | | | CAJViewer7.0阅读器支持所有CNKI文件格式，AdobeReader仅支持PDF格式 | | | | Excessive Liquidity in Our Commercial Banks Viewed from the Perspective of Exchange Rate | | | LI Cheng JIANG Liu | | | The purpose of viewing excessive liquidity in our commercial banks from the perspective of exchange rate is to provide a theoretical foundation and decision-making reference for the further opening of our economy and finance. In this paper, the theory of trilemma is studied and quarterly data from 1998~2006 are testified empirically. It is revealed that there is close connection between excessive banking liquidity and exchange rate system. Under the prevailing exchange system, the ever expanding foreign exchange reserve contributes directly to widening the gap between deposit and loans of commercial banks, leading to excessive liquidity in financial sector and the society as a whole. Based on this analysis, it is proposed that we should improve the market mechanism of exchange rate formation, cultivate a balanced exchange rate, deepen the reform of foreign exchange control, open the capital market orderly and coordinate exchange rate reform with policy reform.
【Keyword】：commercial banks;excessive liquidity;exchange system;teilemma;reform foreign exchange system |
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