英语论文网

sheet to see, the central bank's assets from net domestic assets and net foreign assets (constitute the content of the foreign exchange reserves) composition, by domestic money, the bank debt reserve, the central bank issue bonds (or notes) and other components, rights and injected into the central bank by the government in the capital of the central bank of itself and gain or loss is composed. If the increase in foreign reserves, the corresponding is the increase of equity capital (assuming that the source of the equity capital not from the government of deposit to reduce), won't cause domestic monetary expansion; If reserves increased the increase of domestic debt (central bank intervention methods are known as the sterilisation intervention), will cause the domestic short-term interest rates down, the expansion of bank credit, domestic inflation pressure will increase. If the reserve of the increased domestic assets is reduced, the central bank's this intervention is known as sterilisation intervention. Past experience has shown that one country central bank has the ability to write-off of domestic foreign currency reserves rose by the influence of the base currency. In recent years, in emerging countries, the central bank intervention of written with more and more. Considering some emerging countries the financial system is not rich and so on, in the central Banks in written policy (part sterilisation) is the process of also can bring some risks and costs, including: inflation pressure, excessive investment, asset bubbles, monetary policy, monetary authorities of the complexity of the management on the balance sheet of the potential capital loss, write-off cost, the bond market segmentation, domestic bank lending of allocation of resources such as failure.

From practice result, from January 2000 to May 2006, India, South Korea, Malaysia, Singapore and Taiwan's central bank credit and central bank net domestic non-monetary debt changes to offset the 85% of the foreign exchange reserves, Russia this ratio is 60% in China, and the proportion is 70%. It indicates that the domestic inflation low environment, foreign exchange reserves increase at the same time, the central bank emerging countries to relax domestic monetary policy, take part written off, interventionist policy.

 

Second, the foreign exchange reserves management international experience more

 

(a) Singapore, Norway: multi-level reserves management system
Singapore and Norwegian reserves management system, is dominated by the ministry of finance or ministry of finance and the central bank to led, by governments investment management company for foreign currency reserves management of positive of multi-level reserves management system.

1. Singapore's reserves management system
Singapore's foreign exchange reserves management USES is dominated by the Treasury of the Singapore government investment company (GIC) + Temasek holdings (Temasek) + Singapore financial administration (MAS) system. Singapore a vigorous foreign exchange reserves management strategy, the so-called foreign exchange reserves of active management, which is in reserve assets necessary to meet the mobility and safety, under the premise of excess reserves alone to set up a special investment institutions, and expand the reserves investment channel, extend the reserve assets investment deadline to improve foreign exchange reserves investment inco本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。