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本文从理论上梳理了最后贷款人制度的职能和作用,通过我国与美国最后贷款人职能的比较,总结出了我国最后贷款人制度独有的特点。我国中央银行实际上履行第一贷款人功能,主要提供资本而非紧急流动性援助。在此基础上,本文定量分析了我国央行最后贷款人制度对基础货币和物价稳定的影响,以及利率市场化改革对增强中央银行独立性、规范央行最后贷款人制度的作用。形成利率市场化改革所需的条件有助于现代最后贷款人制度的建立。
This paper combs the function and function of the system of the lender of last resort in theory. Through the comparison of the functions of the lender of last resort in our country and that of the United States, it summarizes the unique features of the system of the lender of last resort in our country. Our country’s central bank has actually fulfilled the role of first lender by providing capital rather than emergency liquidity assistance. On this basis, this paper quantitatively analyzes the impact of the last lender system of China’s central bank on the stability of the base currency and prices, as well as the role of market-based interest rate reform in enhancing the independence of the central bank and regulating the lender of last resort in the central bank. The conditions required for the formation of a market-based interest rate reform will help to establish the system of the modern lender of last resort.