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无货币供给量变动:西方国家利率调控的新模式 被引量:1

A New Mode of Interest Rate Adjustment in Western Countries: No Fluctuation in Money Supply
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摘要 电子结算系统的创新和电子货币的发展大大减少了基础货币的需求,使得加拿大等国的中央银行转向了无基础货币供给的利率调控,这种调控模式操作简单,而且有成功的实践经验支持。这就提示我们要做好相应的准备,以应对电子结算系统和电子货币对我国宏观调控理论与实践的挑战。 The innovation of electronic settlement system and development of electronic money have greatly reduced the demand of base money. For this reason, the central banks in countries like Canada has started to adjust interest rate without the fluctuation of base money supply. The effect of such regulation can be proved through mathematic model and figure map, and even through experience. Therefore, we should make good preparations for the challenges from the development of electronic settlement system and electronic money.
机构地区 上海交通大学
出处 《河北经贸大学学报》 2003年第5期42-45,共4页 Journal of Hebei University of Economics and Business
关键词 货币供给量 电子货币 利率调控 西方国家 电子结算 money supply electronic money interest rate adjustment mode
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参考文献5

  • 1Benjamin M. Frideman, (2000), Decoupling at the Margin:The Threat to Monetary Policy from the Electronic Revolution in Banking[J]. International Finance.
  • 2Bennett T. McCallum, (2001), Monetary Policy Analysis in Models Without Money[R]. NBER Working Paper No. 8174.
  • 3Graeme Guthrie, & Julian Wright, (2000), Open Mouth Operations [J]. Journal of Monetary Economics.
  • 4Kevin Clinton, (1997), Implementation of Monetary Policy in a Regime with Zero Reserve Requirements[R]. Bank of Canada Working Paper.
  • 5Michael Woodford, (2001), Monetary Policy in the Information Economy[R]. NBER Working Paper No. 8674.

同被引文献5

  • 1郝其荣.利率市场化初期的同业拆借利率[J].南京财经大学学报,2005(2):44-45. 被引量:2
  • 2Julius Moschitz.The determinants of the overnight interest rate in the Euro Area[R]. Job Market Paper, October 2003: 2 - 42.
  • 3Craig Furfine, 2003, "The Fed's New Discount Window and Interbank Borrowing", Federal Keserve Bank of Chicago working paper May:2 - 18.
  • 4Craig Furfine, Standing facilities and interbank borrowing: Evidence from the Federal Reserve's New Discount Window[R] .Federal Reserve Bank of Chicano working paper, January,2004: 3 - 27.
  • 5Michael Woodford, Monetary Policy in a World Without Money, NBER Working Paper No.7853 ,Aug.2000.

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