第6章中央银行讲稿.ppt

联邦储备的体系结构 * 联邦储备银行（Federal reserves banks) 12个联邦储备区各设有一家主要的联邦储备银行 在本区的其他城市可能设有分支机构 按资产衡量，3家最大的储备银行分别是纽约、芝加哥和旧金山联邦储备银行 各联邦储备银行是准公共机构 股东为各区成员私人商业银行 职责包括 董事确定“贴现率”最终由联邦储备委员会审查决定 决定可以从联邦储备银行获得贴现贷款的银行 对OMO的决策：1from New York; 4 from rotation * 联邦储备银行 * 联邦储备银行之纽约联邦储备银行 * 6.4.2 中央银行之英格兰银行 * 5.4.2 中央银行之英格兰银行 * BOE重要职能之货币政策 货币政策 One of the Bank of Englands two core purposes is monetary stability Monetary stability means stable prices - low inflation - and confidence in the currency Stable prices are defined by the Governments inflation target Rising prices – inflation – reduces the value of money Price stability is a precondition for achieving a wider economic goal of sustainable growth and employment * BOE重要职能之金融稳定 金融稳定 以英格兰银行为核心，统一负责全面的金融稳定，设立PRA和FCA组成双峰监管模式。 PRA是英格兰银行的附属机构，负责对各类金融机构进行审慎监管；FCA是新设的独立监管机构，取代FSA，监管金融机构的业务行为。 英格兰银行内设金融政策委员会（Financial Policy Committee，FPC），识别、监控并采取措施消除系统性风险，包括对PRA和FCA在宏观审慎监管方面的履责进行建议和指导。 双峰监管模式的引入，是英国金融监管改革的重大里程碑，将从2013年开始重塑英国金融监管的面貌。 * Bank of England * 总结 What’s a central bank A central bank is not an ordinary commercial bank, but a government agency A central bank stands at the central of a nation’s financial system Virtually, all countries have a central bank. The main exception is only a case is the currency union where a number of countries share a central bank. e.g. European central bank which is a central bank to 17 European countries who share the common currency, the Euro. Burt in that case, each of the participating country does have its own central bank which is part of the overall system of the Euro. * 总结 What’s the mission of a central bank Macroeconomic stability All central banks strive for low and stable inflation; try to promote stable growth in output and employment. Financial stability Central banks try to ensure that the nation’s financial system functions properly; importantly, they try to prevent or mitigate financial panics or crises. * 总结 The policy tools of central banks Monetary policy For macroeconomic stability: