德国联邦银行货币政策工具的改革与完善（Reform and perfection of German Federal Banks monetary policy tools）.doc

德国联邦银行货币政策工具的改革与完善（Reform and perfection of German Federal Banks monetary policy tools） ... in 2 years ...... A... The reform and perfection of the German Federal Banks monetary policy tools Guang Wen he Abstract the article introduces the major monetary policy instruments of the federal bank, and analyzes the development of these policy instruments Changes and their respective functions. The Federal Banking Act provides that the federal bank may In many ways, through the interest rate and capital market funds The task of regulating the situation to accomplish its monetary control. this From the legal limit of the German Federal Bank monetary policy A policy The use of tools should not affect the free movement of market forces To compete freely with the financial sector, therefore, the German Federation Banks do not have direct restrictions on the credit needs of non banking sectors The possibility of not implementing credit scale restrictions , Nor embrace Interest rates directly on deposits, credit and securities markets The possibility of administrative intervention . Federal bank currency policy The realization of the policy target can only be carried out for commercial banks Regulation of sexual reserves and interest rate mechanisms for financial markets And indirectly control the credit supply of commercial banks Capacity and economic sector credit, money demand approach. by This way, the Bundesbank will play its monetary policy tools from play The ways of action are divided into interest rate adjustment, policy tools and flow Mobility adjustment policy tools. The former refers to the traditional discount and Mortgage policy tools . Recent years , A bond with a buy back agreement The securities business of a state bank, also known as securities The interest rate also plays an important role in the lodging business.. It often gives market participants interest rates on the Federal Bank Expectations of policy change. Classic liquidity regulation Policy instrumen