政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/137807
English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  全文笔数/总笔数 : 113303/144284 (79%)
造访人次 : 50796111      在线人数 : 509
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
搜寻范围 查询小技巧：
  • 您可在西文检索词汇前后加上"双引号"，以获取较精准的检索结果
  • 若欲以作者姓名搜寻，建议至进阶搜寻限定作者字段，可获得较完整数据
    •  进阶搜寻
    政大機構典藏 > 學術期刊 > 東亞研究 > 期刊論文 >  Item 140.119/137807


    请使用永久网址来引用或连结此文件: https://nccur.lib.nccu.edu.tw/handle/140.119/137807


    题名: 匯率、利率與金融改革－轉型時期中國人民銀行的貨幣管制政策及其社會經濟後果
    Foreign Exchange Rate, Interest Rate and Financial Reforms: People`s Bank of China`s Monetary Policies and its Socioeconomic Consequences in the Reform Era
    作者: 曹海濤
    Tsao, Hai-Tao
    劉柏定
    Liu, Po-Ting
    贡献者: 東亞研究
    关键词: 中國人民銀行 ; 金融改革 ; 固定匯率制度 ; 利率管制 
    Economics diplomacy and statecraft ; economic security ; China-Southeast Asian relations ; ASEAN ; free trade agreements ; One Belt and One Road
    日期: 2019-06
    上传时间: 2021-11-17 09:03:41 (UTC+8)
    摘要: 本文透過中國大陸的中央銀行－中國人民銀行，探討中國大陸的金融問題。我們指出，中國人民銀行利用貨幣政策工具對匯率和利率的操作，是近年中國大陸重大金融問題形成的主要原因之一。中國人民銀行長期干預匯率，累積了巨量外匯存底，同時因釋放等量的基礎貨幣形成大量負債。由於外匯資產的收益率很低，無法為其負債付出更高利率，中國人民銀行遂不斷以發行央行票據和提高存款準備金率等方式，鎖住基礎貨幣，維持其資產負債表的平衡。另一方面，存款準備金率提高增加了國有商業銀行的資金成本。為補貼商業銀行，中國人民銀行對利率進行管制，透過壓低存款利率維持國有商業銀行的高存貸款差額。這種匯率干預和利率管制的政策，產生社會經濟損失。
    The attempt of this paper is to elucidate financial problems in transitional China through analyzing the operation of People`s Bank of China (PBoC) on monetary policy instruments. Prolonged exchange rate intervention, the PBoC has accumulated massive foreign exchange reserves (assets). The PBoC also released the same amount of Renminbi money base (debt) by sterilization operations. However, the rate of return of PBoC`s foreign assets is very low, and it is unable to pay a higher interest rate for its debt. Under the circumstance, the PBoC continuously raises the ratio of reserve requirement so as to lock the money base and to maintain the balance of its balance sheet. Thus, the PBoC`s major debt is the reserve deposited by the state-owned commercial banks. The Increase of the reserve ratio has enhanced the cost of capital of the state-owned commercial banks. As for a subsidy, the PBC lower the deposit interest rate and maintain a large gap between deposit interest rate and loan rate of the state-owned commercial bank. The ultimate aim of the PBC is to make up for low yields of its foreign exchange reserve. Policy regulations, foreign exchange rate intervention and interest rate control, give rise to profound socio-economic impacts on the China`s economic development.
    關聯: 東亞研究, 50(1), 1-28
    数据类型: article
    显示于类别:[東亞研究] 期刊論文

    文件中的档案:

    档案 描述 大小格式浏览次数
    115.pdf2375KbAdobe PDF2310检视/开启


    在政大典藏中所有的数据项都受到原著作权保护.


    社群 sharing

    著作權政策宣告 Copyright Announcement
    1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
    The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

    2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
    NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - 回馈