我國(guó)央行票據(jù)的沖銷有效性研究.pdf

1、學(xué)位論文獨(dú)創(chuàng)性聲明本人鄭重聲明：所提交的學(xué)位論文是本人在導(dǎo)師指導(dǎo)下進(jìn)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(shí)驗(yàn)、數(shù)據(jù)和有關(guān)材料均是真實(shí)的。本論文中除引文和致謝的內(nèi)容外，不包含其他人或其它機(jī)構(gòu)已經(jīng)發(fā)表或撰寫過的研究成果。其他同志對(duì)本研究所做的貢獻(xiàn)均已在論文中作了聲明并表示了謝意。學(xué)位論文作者簽名：張強(qiáng)日期：如I午6中學(xué)位論文使用授權(quán)聲明研究生在校攻讀學(xué)位期間論文工作的知識(shí)產(chǎn)權(quán)單位屬南京師范大學(xué)。學(xué)校有權(quán)保存本學(xué)位論文的電子和

2、紙質(zhì)文檔，可以借閱或上網(wǎng)公布本學(xué)位論文的部分或全部?jī)?nèi)容，可以采用影印、復(fù)印等手段保存、匯編本學(xué)位論文。學(xué)校可以向國(guó)家有關(guān)機(jī)關(guān)或機(jī)構(gòu)送交論文的電子和紙質(zhì)文檔，允許論文被查閱和借閱。(保密論文在解密后遵守此規(guī)定)保密論文注釋：本學(xué)位論文屬于保密論文，密級(jí)：叢j保J密期限為年。學(xué)位論文作者簽名：粥文日期：N啦k甲y簽蒙璐日期：山f啦6丫AbstractAbstractBasedontheactualofdoublesurplusoftheIn

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