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目前,我国中央国库现金管理对货币政策产生日益重要的影响。文章定量分析了国库现金管理与货币供应量的关系,然后运用SVAR模型,实证考察了国库现金管理中标利率与央票利率和上海银行间同业拆放利率的关系,结果显示三者之间存在明显的正相关关系,并且国库现金管理中标利率受央票利率的影响更加明显。在此基础上,文章提出了完善国库现金管理的相关政策建议。
At present, China’s central treasury cash management has an increasingly important impact on monetary policy. The article quantitatively analyzes the relationship between the state treasury cash management and the money supply, and then uses the SVAR model to examine the relationship between the successful interest rate and the central bank bill interest rate and the inter-bank interest rate in Shanghai Treasury Cash Management. The results show that there is obvious The positive correlation between the interest rate of the cash management of the state treasury and the central bank bill rate is more obvious. On this basis, the article puts forward some suggestions on how to perfect the cash management of the state treasury.