我国公开市场业务操作中存在的问题及对策研究

公开市场业务以其主动性、灵活性及微调性的三大优点逐渐发展成基础货币投放的主渠道,我国央行进行日常货币管理的最重要的工具之一。但由于我国的经济、金融市场化程度不高,我国的公开市场操作存在许多问题。本文通过对我国目前的公开市场业务操作现状进行分析,并与发达国家的公开市场业务操作进行对比,指出目前我国公开市场操作存在的主要问题,分析其成因及对我国货币政策影响,并结合中国的实际情况对进一步发展公开市场业务的政策措施进行了有益探索。

PROBLEMS EXISTING IN OPEN MARKET OPERATION AND COUNTERMEASURES FOR THEIR SOLUTION

Open market operation ( OMO) , characterized by the initiativeness, flexibility and micro - regulation, has become the major channel for money input and one of the most important monetary policy - based tools of the central bank. Many problems are present in the operation of the open market in China due to the poor marketization of her economy and finance. Based on an analysis of the operation on the open market in China and a comparison of the operation modes in China and developed countries, this paper highlights the main problem present in our OMO, discusses the causes behind their formation and puts forward some measures to improve the situation.