摘要
在以货币供给量为中介目标的情况下,支付系统发展提高了公开市场操作投放或回笼基础货币的效率,增加了货币乘数及货币流通速度。为达到相同的货币供给量目标,支付系统运行效率越高,公开市场操作投放(或回笼)的基础货币可越少。此外,支付系统的发展提高了资金周转效率,增加了银行体系的流动性,支付系统发展将弱化法定存款准备金率提高的效果。本文还探讨了支付系统发展对以利率为中介目标的货币政策操作效果的影响。
As the money supply is the intermediate target of monetary policy, the development of payment system will enhance the efficiency of open market operation and delivery rate of the bond. It will also increase monetary multiplier and velocity of money circulation. To achieve the same intermediate target, the higher the operating efficiency of payment system is, the less base money should be supplied. Also, the development will also increase the fund circulation rate and the liquidity of banks, thus offsets the effect of the increase of the required reserve ratio. This paper also discusses the impact of the development of payment system on the effect of monetary policy＇s operation when the intermediate target of monetary policy is interest rate.
出处
《上海金融》
CSSCI
北大核心
2010年第6期46-50,共5页
Shanghai Finance
关键词
支付系统
货币政策
中介目标
操作效果
Payment System
Monetary Policy
Intermediate Target
Operating Effect
