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国际经验表明,央行负债证券化调控手段并不必然隐退,原因在于制度环境内生负债证券化调控需求及负债证券化调控方式派生出有利于提高央行货币政策调控效率的制度安排。理论研究表明,服务于冲销外汇储备功能的央行负债证券化调控手段,在固定汇率制及国内外资产利率差异的情况下,可持续的前提是货币投放等于负债证券化调控利息成本与外汇储备资产的收益之差。服务于货币政策调控功能的央行负债证券化调控手段,可持续的前提是央行负债证券化调控产生的央行票据余额必须等于货币投放累积之和。进一步从国家信用角度看,当经济增长率大于包含中央银行票据及国债在内的政府债务利率时,央行负债证券化调控手段具有可持续性。较结合经验数据实证分析表明,我国当前央行负债证券化调控并没有偏离可持续水平,未来这种调控手段仍将持续发展。
International experience shows that the means of controlling the debt of the central bank’s debt securities do not necessarily recede. The reason is that the regulatory environment for endogenous liabilities and the securitization and control of liabilities derive institutional arrangements conducive to enhancing the efficiency of the central bank’s monetary policy. Theoretical studies show that under the circumstance of a fixed exchange rate system and differences in interest rates between domestic and foreign assets, the central bank’s debt securities control mechanism that serves to offset the foreign exchange reserve function is based on the premise that money launches equal the interest cost of debt securitization and foreign exchange reserve assets The difference of income. The central bank’s debt securitization and control measures that serve to regulate and control monetary policies should be based on the premise that the balance of central bank bills arising from the regulation and control of the central bank’s debt securities must be equal to the sum of money deposits. Further from the perspective of national credit, when the economic growth rate is higher than the government debt interest rate including the central bank bills and government bonds, the debt control measures by the central bank are sustainable. Compared with the empirical data empirical analysis shows that China’s current central bank debt securities control does not deviate from the sustainable level, the future of this means of control will continue to develop.