On the shrink of the central bank s rediscount business;
对中央银行再贴现业务收缩问题的思考
As the market has developed, there is a distinct gap between rediscount, and acceptance and discount.
我国的票据业务经过了20多年的发展,实现了从市场主体扩容到市场工具丰富等各方面的突破,但是其占金融机构存贷款额的比例仍然偏低,而随着市场的发展,再贴现业务却与承兑和贴现形成了明显的剪刀差。
Based on some supposed macroeconomic models,this paper uses"the degree of dependence on rediscount" of commercial banks to analyse the rediscount policies of contraction or expansion and arrives at the conclusion that "the degree of dependence on rediscount" of commercial banks has significant influence on contraction policy,while no real influence on expansion policy.
本文从若干宏观经济假设模型出发 ,根据商业银行“再贴现依存度”的不同情况 ,对紧缩性与扩张性的再贴现政策进行分析 ,得出了商业银行“再贴现依存度”对紧缩性政策有重要影响 ,对扩张性政策没有实质影响的结论。
From such aspects as paper market evolution, banks performance in paper business, new varieties of paper business, as well as return and risks in paper discount, this paper provides an overall analysis of the RMB paper market and the paper discount business, and puts forward some viewpoints regarding the trend of discount and rediscount rates.
该文从票据市场发展历程、银行票据业务经营情况、票据业务新品种、票据贴现的收益与风险等四个方面,对当前人民币票据市场和票据贴现业务进行了分析,并对贴现率和再贴现率的末来走势提出了一些见解。
The central bank s raising of rediscount rate in 2001 caused a sharp shrink of rediscount business, which had a profound impact on the paper market in terms of its operational mode, market scope and development.
2001年中央银行调高再贴现率后再贴现急剧萎缩,对票据业务的运作方式、市场规模乃至发展格局部产生了较大的影响。