央行财务实力与货币政策成本估计-金融学专业论文.docx

A b s tr a c tS in ce 20 0 1，becau se the accou nts o f cu rrent an d captital su rp lu s, th e central bank has accum u late v ast fo reig n reserv es. In ord er to m aintain exch ang e rate stability and co ntro l o f in flatio n , the central bank w as fo rced to in crease th e ba se m on ey. O n the other hand, the central u sed so m e m on etary p o licy to the sterillize th e exp and ed m o n ey. T h is h as re su lted that the stru cture o f central b ank s b alan ce sh eet ch ang ed trem endo u sly, thereb y w h ich affected th e fin an cial strength o f central bank . T h is article n ot o n ly an a lyzed the chan ges in th is siz e and stru cture o f the centra l ban k balan ce an d its affect to m o ney m u ltip lier, bu t also an aly zed th e the m ech an ism o f action an d m utu al in flu ence of the v ario u s sterilizatio n p o licy.F in ally it discu ssed the relation b etw een the central bank s fin an cial streng th an d m o ney p o licy.T h is article is d iv id ed into fo u r ch apters. T he first ch ap ter is an intro d u ctio n , it describ ed th e b ack g ro u n d o f th is stu dy, rev iew ed the d o m e stic and fo reign sch o lars research m eth o d s o f p o licy. A n d it also d escrib ed th e m ajo r in no vatio n o f th is p ap er p o ints and d efic iencies. T he second chap ter deals w ith the structu re and the size o f th e central bank s ba lan se sheet, fo cu sed o n th e v ariation o f fo reign ex chan g e assets an d base m o n ey. It also an alyz ed the im p act o f su ch stru ctu ai ch ang es o n th e m o n ey m u ltip lier. In th e th ird chap ter, w e an aly ed th e m echan ism o f actio n o f th e tw o typ e s of steriliz ation p lo icy an d d iscu ssed th e exp licit an d im p licit co sts o f th e w ite-o ff p o licy. In th e fo urth chap ter, w e first estim ated exp end itu res based o n the revenu e o f th e central b an d assets an d liab ilities o f th e central b ank s p ro fitab ility. T h en , a m easurem e