论我国中央银行开展公开市场业务的难点与对策.docVIP

PAGE 目 录 TOC \o 1-3 \h \z \u 一、我国中央银行开展公开市场业务的现状 1 二、我国中央银行开展公开市场业务的难点 4 （一）经济市场化及宏观经济运行的不平衡 4 （二）财政政策与货币政策的未得到有效结合 4 （三）国债是影响公开市场业务开展的关键因素 5 三、我国中央银行开展公开市场难点的成因 5 (一)市场机制不完善 5 （二）我国银行间债券市场发展困境 6 （三）金融市场欠发达 6 （四）我国利率市场化 6 四、我国中央银行开展公开市场业务的对策 7 (一)完善市场机制 7 （二）进一步发展银行间债券市场 7 （三）推进发展金融市场 8 1、发展公开市场操作 8 2、公开市场业务目标 8 （四）加快推进利率市场市场化 9 参考文献 10 致 谢 11 PAGE I 摘 要 随着中国社会主义市场经济体制改革的不断深入和发展，金融领域也在发生着深刻的变革，特别是为刚加入WTO的我国银行业应对各种机遇和挑战，中央银行货币政策操作方式正在由行政性的直接调控逐渐转向以市场为基础的间接调控方式，而推动公开市场业务发展正是建立货币政策间接调控方式的重要内容之一。近年来我国国债市场的发展为公开市场业务的开展建立了良好的财政基础，货币市场和债券市场的发展为公开市场业务开展提供了操作的空间，正在推进的利率市场化改革更是促进了公开市场业务操作目标的逐渐转变，因此，发展公开市场业务是和财政政策与货币政策的协调配合、利率市场化改革、债券市场以及金融市场发展等重要问题都有紧密联系的重大问题。 关键词：中央银行；公开市场业务；经济发展 PAGE 9 Abstract With the continuous deepening of the reform of Chinas socialist market economic system and the development, there are profound changes in financial field, especially for the first entry into the WTO of our country banking industry to deal with all kinds of opportunities and challenges, the central banks monetary policy operation mode is directly by the administrative regulation has moved towards a market-based way of indirect regulation and control, and promote the development of open market operations is to build one of the important content of indirect monetary policy regulation way. The Treasury bond market in China in recent years the development of open market operations of the establishment of a good financial foundation, the development of monetary market and bond market provided the space of operation for the open market operation in, is to promote market-oriented interest rate reform is to promote a gradual change in the open market operation target, therefore, is the development of open market operations and the coordination between fiscal policy and monetary policy, interest rate marketization reform, bond market and financial market development are major issues closely related. Key words: central bank; O