从日元升值看下调存款准备金率及其影响
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摘要
2011年底至2012年5月不到6个月的时间内,央行连续3次下调存款准备金率,业内专家学者对这三次下调存款准备金率的原因分别进行了分析,如第一次降存款准备金率可能是因为通胀压力逐渐趋缓、缓解市场资金过度紧张及避免经济出现衰退;第二次降存款准备金率的可能原因是春节过后,市场对资金需求提升,降存款准备金率是为了释放银行体系流动性,缓解资金紧张的压力;第三次降存款准备金率的可能原因是经济增长态势不乐观,增加市场流动性,稳定经济增长。央行降存款准备金率除了以上学者分析的原因之外,还有深层的原因。日元升值对日本经济造成的巨大危害可从一定角度揭示央行下调存款准备金率的深层原因。
Within less than six months,from the end of 2011to May 2012,the Central Bank cut the deposit reserve requirement ratio three times consecutively.Analysis into the causes for the three cuts carried out by domestic experts shows that the first cut results from less inflation pressure and the intention to ease market capital tension and avoid economic recession.The second cut is likely to arise from the purpose of releasing the liquidity in the banking system and reducing the pressure of cash after Spring Festival when the market demands more cash.The third cut aims to promote market liquidity and stabilize economic growth in economic stagnation.This paper argues that there are some underlying causes for the cuts in addition to the above-mentioned ones.An underlying reason for lowering the deposit reserve rate on the part of the Central Bank is elaborated from the perspective of the considerable damage of Japanese yen's appreciation to Japan's economy.
Within less than six months,from the end of 2011to May 2012,the Central Bank cut the deposit reserve requirement ratio three times consecutively.Analysis into the causes for the three cuts carried out by domestic experts shows that the first cut results from less inflation pressure and the intention to ease market capital tension and avoid economic recession.The second cut is likely to arise from the purpose of releasing the liquidity in the banking system and reducing the pressure of cash after Spring Festival when the market demands more cash.The third cut aims to promote market liquidity and stabilize economic growth in economic stagnation.This paper argues that there are some underlying causes for the cuts in addition to the above-mentioned ones.An underlying reason for lowering the deposit reserve rate on the part of the Central Bank is elaborated from the perspective of the considerable damage of Japanese yen's appreciation to Japan's economy.
引文
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[6]黄倩,孙文军.“广场协议”对人民币汇率的启示[J].云南农业大学学报:社会科学版,2011(1):37-40.
[2]佟珺.日元升值:背景、影响与启示[J].中国货币市场:2010(5):18-21.
[3]钟锦.从日元升值看人民币升值及其影响[J].理论探索,2006(3):90-92.
[4]张志华.日元升值影响的三种假说及对人民币汇率调整的启示[J].财经科学,2011(4):9-12.
[5]刘华.议浮动汇率制下货币政策的调节机理[J].华中农业大学学报,2008(3):39-40.
[6]黄倩,孙文军.“广场协议”对人民币汇率的启示[J].云南农业大学学报:社会科学版,2011(1):37-40.