金融亲周期性与准备金政策新框架——兼论对资产价格的调控
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财经研究 2010 年 第 36 卷第 03 期, 页码：125 - 133
摘要
参考文献
摘要
金融系统的亲周期性在金融市场上的表现是信贷和资产价格的繁荣—萧条周期,并对现行货币政策框架提出了新的挑战。文章结合存款准备金政策的国际性软化发展趋势,提出贷款准备金政策操作框架以改革和完善现行的准备金制度,目的是通过差异贷款准备金率来实现货币政策的结构效应与总量效应和对资产价格的调控机制,以及逆周期性调节。
[3]目前,大量研究表明(Goodhart,1989;Friedman,2000),中央银行事实上是以短期利率为目标,听任货币供应量内生调整。国际经验表明,同业市场拆借利率,一直被认为是信贷资金或丰裕或短缺的风向标,是发达国家中央银行货币政策最重要的操作工具。
[8]在《巴塞尔新资本协议》的资本充足标准要求下,一笔贷款被注销将迫使银行消减对风险资产的持有,紧缩信贷是与增加股权资本相比易行的方案。
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[2]黄飞鸣.金融控制与贷款准备金政策工具的选择[J].广东金融学院学报2009b,(2):34-43.
[3]黄飞鸣.开放经济下的货币政策独立性:一个理论框架[J].国际金融研究2009c,(11):13-18.
[4]瞿强.资产价格波动与宏观经济政策困境[J].管理世界,2007,(10):139-149.
[5]吴兰君.建立贷款准备金制度刍议[J].经济管理,1999,(5):58-59.
[6]张亦春,邱崇明.开放进程中的中国货币政策研究——基于“入世”背景[M].北京:北京大学出版社,2008.
[7]Allen F,D Gale.Bubbles and crises[J].The Economic Journal,2000,110:236-255.
[8]Bernanke B S,M Gertler.Should central banks respond to movements in asset prices-[J].American Economic Review,2001,91(2):253-257.
[9]Bordo M D,OJeanne.Boom-busts in asset prices,economic instability,and monetary policy[R].NBER Working Paper No.8966,2002.
[10]Clinton K.I mplementation of monetary policy in a regi me with zero reserve require-ments[R].Bank of Canada Working Paper,1997:97-98.
[11]Demyanyk Y,O V Hemert.Understanding the subpri me mortgage[R].Federal Re-serve Bank of St.Louis Working Paper,Dec,2007.
[12]Finkelstein J M.The macroeconomic i mpact of a loan reserve requirement[J].The Fi-nancial Review,1980,8:24-35.
[13]Friedman B.The future of monetary policy:The central bank as an army with only a signal crops[J].International Finance,1999,2(3):321-338.
[14]Friedman B.The role of interest rates in federal reserve policymaking[R].NBER Working Papers,No.8047,2000.
[15]Gehrig B.Geldmenge und mindestreserven:Aktiven oder passiven als bemessungs-grundlage-[D].Universitat Bern,Paul Haupt,1976.
[16]Geromichalos A,J-M Licari,J Suarez-Lledo.Monetary policy and asset prices[J].Reviewof Economic Dynamics,2007,10:761-779.
[17]Goodhart C.The conduct of monetary policy[J].Economic Journal,1989,99:293-346.
[18]Guthrie G,J Wright.Open mouth operations[J].Journal of Monetary Economics,2000,46(2):489-516.
[19]Palley T.Stabilizing finance:The case for asset based reserve requirements,financial markets and society[R].The Financial Markets Center,Philomont,VA,August,2000.
[20]Palley T.Asset-based reserve requirements:Reasserting domestic monetary control in an era of financial innovation and instability[J].Review of Political Economy,2004,(1):43-58.
[21]Reinhart C M,K S Rogoff.Is the2007U.S.sub-pri me financial crisis so different-Aninternational historical comparison[R].NBER Working Paper No.13761,2008.
[22]White W R.Procyclicality in the financial system:Do we need a new macrofinancial stabilisation framework-[R].BIS Working Paper No.193,2006.
[23]Woodford M.Monetary policy in a world without money[R].NBER Working Paper,No.7853,2000.
[8]在《巴塞尔新资本协议》的资本充足标准要求下,一笔贷款被注销将迫使银行消减对风险资产的持有,紧缩信贷是与增加股权资本相比易行的方案。
[1]黄飞鸣.金融危机与货币政策:一个理论框架[J].金融评论,2009a,(1):73-83.
[2]黄飞鸣.金融控制与贷款准备金政策工具的选择[J].广东金融学院学报2009b,(2):34-43.
[3]黄飞鸣.开放经济下的货币政策独立性:一个理论框架[J].国际金融研究2009c,(11):13-18.
[4]瞿强.资产价格波动与宏观经济政策困境[J].管理世界,2007,(10):139-149.
[5]吴兰君.建立贷款准备金制度刍议[J].经济管理,1999,(5):58-59.
[6]张亦春,邱崇明.开放进程中的中国货币政策研究——基于“入世”背景[M].北京:北京大学出版社,2008.
[7]Allen F,D Gale.Bubbles and crises[J].The Economic Journal,2000,110:236-255.
[8]Bernanke B S,M Gertler.Should central banks respond to movements in asset prices-[J].American Economic Review,2001,91(2):253-257.
[9]Bordo M D,OJeanne.Boom-busts in asset prices,economic instability,and monetary policy[R].NBER Working Paper No.8966,2002.
[10]Clinton K.I mplementation of monetary policy in a regi me with zero reserve require-ments[R].Bank of Canada Working Paper,1997:97-98.
[11]Demyanyk Y,O V Hemert.Understanding the subpri me mortgage[R].Federal Re-serve Bank of St.Louis Working Paper,Dec,2007.
[12]Finkelstein J M.The macroeconomic i mpact of a loan reserve requirement[J].The Fi-nancial Review,1980,8:24-35.
[13]Friedman B.The future of monetary policy:The central bank as an army with only a signal crops[J].International Finance,1999,2(3):321-338.
[14]Friedman B.The role of interest rates in federal reserve policymaking[R].NBER Working Papers,No.8047,2000.
[15]Gehrig B.Geldmenge und mindestreserven:Aktiven oder passiven als bemessungs-grundlage-[D].Universitat Bern,Paul Haupt,1976.
[16]Geromichalos A,J-M Licari,J Suarez-Lledo.Monetary policy and asset prices[J].Reviewof Economic Dynamics,2007,10:761-779.
[17]Goodhart C.The conduct of monetary policy[J].Economic Journal,1989,99:293-346.
[18]Guthrie G,J Wright.Open mouth operations[J].Journal of Monetary Economics,2000,46(2):489-516.
[19]Palley T.Stabilizing finance:The case for asset based reserve requirements,financial markets and society[R].The Financial Markets Center,Philomont,VA,August,2000.
[20]Palley T.Asset-based reserve requirements:Reasserting domestic monetary control in an era of financial innovation and instability[J].Review of Political Economy,2004,(1):43-58.
[21]Reinhart C M,K S Rogoff.Is the2007U.S.sub-pri me financial crisis so different-Aninternational historical comparison[R].NBER Working Paper No.13761,2008.
[22]White W R.Procyclicality in the financial system:Do we need a new macrofinancial stabilisation framework-[R].BIS Working Paper No.193,2006.
[23]Woodford M.Monetary policy in a world without money[R].NBER Working Paper,No.7853,2000.
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黄飞鸣. 金融亲周期性与准备金政策新框架——兼论对资产价格的调控[J]. 财经研究, 2010, 36(3): 125–133.
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