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【摘要】：1994年我國匯率并軌后，國際收支雙順差不斷加劇，我國積累的外匯儲備越來越多。巨額的外匯儲備，不僅使人民幣長期面臨嚴(yán)峻的升值壓力，在我國現(xiàn)有外匯管理體制下，也導(dǎo)致了外匯占款的激增，使貨幣供應(yīng)量超常增長，通貨膨脹壓力日益加大。為了抑制通貨膨脹，保持利率與匯率的穩(wěn)定，貨幣當(dāng)局開始采取外匯沖銷操作，保證宏觀經(jīng)濟平穩(wěn)運行。由于上世紀(jì)90年代我國外匯儲備規(guī)模并不是很大，因此外匯沖銷力度有限。進入21世紀(jì)以來，尤其在2003年以后，外匯儲備規(guī)模迅猛增長，中央銀行的沖銷頻率和力度隨之加大。2003年以后，中央銀行開始發(fā)行央行票據(jù)，并頻繁上調(diào)存款準(zhǔn)備金率對沖外匯占款。隨著中央銀行沖銷干預(yù)的不斷加大，沖銷成本問題越來越受到界內(nèi)學(xué)者的關(guān)注。 本文以1994年匯率體制改革后，我國外匯儲備的變動為切入點，說明了央行實施外匯沖銷干預(yù)的必要性，并介紹了我國主要采取的沖銷工具，回顧了央行外匯沖銷的實踐�；�2003年以后我國外匯沖銷力度逐漸加大的事實，文章還通過定量與定性相結(jié)合的方法，著重研究了2003年以后中央銀行的外匯沖銷成本問題。 全文分為五部分：第一章為引言，先是從我國經(jīng)濟發(fā)展?fàn)顩r引出了本文的研究對象，對論文研究的意義、方法及創(chuàng)新點進行了闡述；第二章對外匯沖銷的涵義、沖銷的方式進行了介紹，著重分析了我國進行外匯沖銷的必要性；第三章回顧了1994年以來，中央銀行不同時期的外匯沖銷操作，并對外匯沖銷的效果進行了評論。隨著2003年以來中央銀行外匯沖銷力度的加大，外匯沖銷成本問題開始受到廣泛關(guān)注，因此，接下來的第四章從三個方面對2003年以來的外匯沖銷成本進行了研究，其中用數(shù)據(jù)和公式對其財務(wù)成本、機會成本進行了定量分析，用定性分析的方法對經(jīng)濟扭曲成本進行了全面闡述，，本章最后在對其綜合成本加以研究的基礎(chǔ)上，得出的結(jié)論是在我國央行當(dāng)前沖銷成本過高的條件下，外匯沖銷干預(yù)具有不可持續(xù)性；論文最后針對外匯沖銷成本高昂的結(jié)論，提出了一些政策和建議。
[Abstract]:After the merger of China's exchange rate in 1994, China's double balance of payments surplus continued to intensify, and China accumulated more and more foreign exchange reserves. The huge amount of foreign exchange reserves not only makes RMB face severe pressure of appreciation for a long time, but also leads to the surge of foreign exchange share under the existing foreign exchange management system in our country, which makes the money supply extraordinary growth and the pressure of inflation increasing day by day. In order to restrain inflation and keep interest rate and exchange rate stable, monetary authorities began to take foreign exchange write-off operation to ensure the stable operation of macro-economy. Since the scale of China's foreign exchange reserves in the 1990s is not very large, the intensity of foreign exchange write-off is limited. Since entering the 21st century, especially after 2003, the scale of foreign exchange reserves has increased rapidly, and the frequency and intensity of write-offs by the central banks have increased accordingly. After 2003, the central banks began to issue central bank bills. And frequently raise the reserve requirement ratio to hedge foreign exchange occupation. With the increasing of the central bank's write-off intervention, the problem of the write-off cost has been paid more and more attention by the scholars in the field. Based on the changes of China's foreign exchange reserves after the reform of the exchange rate system in 1994, this paper explains the necessity of the central bank's intervention in foreign exchange write-off, introduces the main sterilizing tools adopted in our country, and reviews the practice of the central bank's foreign exchange write-off. Based on the fact that the intensity of China's foreign exchange write-off has gradually increased after 2003, the paper also focuses on the issue of the foreign exchange write-off cost of the central bank after 2003 by means of the combination of quantitative and qualitative methods. The full text is divided into five parts: the first chapter is the introduction, first, the research object of this paper is drawn from the situation of our country's economic development, and the significance, method and innovation of this paper are expounded. The second chapter introduces the meaning and the way of the write-off of foreign exchange, and emphatically analyzes the necessity of carrying out the write-off of foreign exchange in our country. The third chapter reviews the foreign exchange write-off operations of central banks in different periods since 1994, and comments on the effects of foreign exchange write-offs. With the increasing intensity of foreign exchange write-off of the central bank since 2003, the issue of the cost of foreign exchange write-off has been paid more and more attention. Therefore, the fourth chapter studies the cost of foreign exchange write-off from three aspects in the following chapter. The financial cost and opportunity cost are quantitatively analyzed with data and formulas, and the cost of economic distortion is comprehensively expounded by qualitative analysis. Finally, on the basis of the study of its comprehensive cost, this chapter makes a comprehensive analysis of the cost of economic distortion. The conclusion is that the intervention of foreign exchange write-off is unsustainable under the condition of the high cost of the current write-off by the central bank of our country. At the end of the paper, some policies and suggestions are put forward in view of the conclusion that the cost of foreign exchange write-off is high.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F832.6

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