清華大學(xué)貨幣銀行學(xué)講義考研必備ch-資料下載頁(yè)
2024-10-04 18:43本頁(yè)面
【正文】 or Policy: Quantity controls usually consisted of target rates of growth of bank credit being laid down by the central bank, with penalties if they were exceeded. Effects: the policy avoided fluctuations in interest rates. In particular, a tight moary policy could be operated without high interest rates. However it has shorting of direct control (nonprice rationing). （ 7） Price adjustment on bank loan to the nonbank private sector ? Policy: central bank adjustment the rediscount rate or directly regulated on the interest rate of bank?s loan. ? Effects: When the central bank raise (lower) the level of shortterm interest rates. Other things being equal, it moves the nonbank private sector up (down) its demand curve for bank credit. Assuming some negative interestelasticity, bank loan fall (rise) and MS reduce. 16 （ 9） The size of PSB ? Policy: adjustment size of PSB. Other things being equal, the larger the PSB the greater will be the amount that the government has to borrow from banks and, the greater the flow of new loans and deposits. ? Effect: However, adjusting the PSB for moary control purposes is impractical at most of time. (10) Price effects on government debt sales to the NBPLg ? Policy: Selling government debt to the general public at interest rates higher than those currently prevailing interest rate. ? Effects： The policy is often a feature of a tight money policy. it is intended more to limit the quantity of new money created by bank lending to government and firms rather than to achieve a particular quantity change in reserves. Since that the deposits of government will reduce at following period and funds will flowing to private sectors. 17 (11) Quantity effects on government debt sales to the NBPLg ? Policy: Moary authorities (forced) sell government debt to general public. ? Effects: forced loan to government usually oppose by public. This policy is harmful to the reputation of the authority. ( China,80s).Moary authorities do not normally impose requirements that the general public should lend to the government. (12) price and quantity adjustments on the external impact on deposit growth ? Policy: sterilization the money growth caused by capital inflow with reversed policy such as…...tight policies. When there is capital inflow, in order to reduce moary growth, the mechanism needs to be reversed. In other words a capital outflow as well as other sterilization policy needs to be induced. ? Effects: And herein lies the major difficulty with the manipulation of external flows for moary control purposes.
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