一、货币流通调控工具的有效性比较货币当局进行货币流通调控主要是利用存款准备金率的变动、调整再贴现率、开展公开市场业务操作以及利用利率的调整来完成的。这三项工具对执行货币当局的意向的效果是不同的。首先,从法定存款准备金工具看,法定存款准备金制度的出现,最原始的 First, the effectiveness of monetary circulation control tools Comparison of monetary authorities to control the movement of currency is mainly the use of changes in the deposit reserve ratio, the adjustment of the rediscount rate, carry out open market operations and the use of interest rate adjustments to complete. The effectiveness of these three instruments in implementing the monetary authorities’ intentions is different. First of all, from the statutory deposit reserve tool, the emergence of the statutory deposit reserve system, the most primitive