我國央行票據(jù)的沖銷有效性研究.pdf

1、學位論文獨創(chuàng)性聲明本人鄭重聲明：所提交的學位論文是本人在導師指導下進行的研究工作和取得的研究成果。本論文中除引文外，所有實驗、數(shù)據(jù)和有關材料均是真實的。本論文中除引文和致謝的內容外，不包含其他人或其它機構已經發(fā)表或撰寫過的研究成果。其他同志對本研究所做的貢獻均已在論文中作了聲明并表示了謝意。學位論文作者簽名：張強日期：如I午6中學位論文使用授權聲明研究生在校攻讀學位期間論文工作的知識產權單位屬南京師范大學。學校有權保存本學位論文的電子和

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3、temationaIbalanceofpayments，wedotheresearchonMonetarySterilizationThispaperfirstdescribestheEconomicsreasonwhichleadCentralBanktocarryoutlargescaleInterventionofforeignexchangeandmonetarysterilizationofundertheopeneconom

4、yThenweshowadetailedreviewabouttheactualmonetarysterilisationsincethelastcentury90years，atthesametimewemakesomecommentsontheadvantagesanddisadvantagesofmonetarypolicytoolsuesdindifferentlfistoricalstagesInthetheoreticalp

5、art，weusetheportfoliobalancemodelandthecentralbank’Sbalancesheet幻analysetheprincipleandmechanismofsterilizationbythecentralbankbillThen，weusetimeserieseconometricstocarryoutempiricalanalysisofcentralbankbillsTheempirical

6、resultsshowthattheCentralBankBillsareissuedbythepassiveincreaseinforeignexchange，reducingthemonetarysupplybasedonfreezingthemonetarybase，whichCanmaintainastableexchangeratdComparedwithM1，thesterilizationeffectonM2donebyt

7、heCentralBankBillsoniSprettygoodthanofM1intimeandamplitudeThoughThereexistssomecertaindelayinthesterilizationofM2Fromtheanalysisabove，wecanconcludethatfacingtheexcessliquiditytheCentralBankwilltakesomeMonetarypolicytools

8、toachievethetargetofM2firstlyInaddition，theissuanceofCentralBankBillsCanhaveflsignificantimpactonChinasmarketinterestafteracertainperiodoftime，whichwillattracttheforeigncapitalinflowsAsaresult，themonetarysterilizationpre

9、ssureisimprovedOnthewhole，wethinkChinasCentralBankBillsisnotaperfectpolicytool，butbasicallyreachedthepurposeofhedgeexcessliquidityInthespecificnationalconditions，itisstillthebestchoiceintheshorttermFinallyweofferthepolic

10、ysuggestionsfromthefollowingaspectsImprovethedegreeofMarketization，reducethemonetarysterilizationpressure；intheshorttimetakesortieeffortstoimprovethecentralb戤出billsitself；inthelongterm，trytousethenationaldebtsasmonetarys