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存款准备金制度的国际比较及启示
Sou Hu Cai Jing·2025-08-06 04:38

Core Viewpoint - The article discusses the advantages and disadvantages of the reserve requirement system, noting that its quantitative control and liquidity assurance functions have gradually been replaced by other monetary policy tools. It emphasizes the importance of excess reserve interest rates in exercising price-based control functions through the interest rate corridor mechanism. The article explores the future development direction of China's reserve requirement system in the context of financial deepening and monetary policy transformation [1]. Group 1: Research Background - The reserve requirement system is a core tool of modern monetary policy, ensuring liquidity and financial stability by requiring commercial banks to deposit a certain percentage of their deposits as reserves with the central bank. It has both quantitative and price-based control attributes, allowing for adjustments in the reserve ratio to regulate the money supply and setting reserve interest rates to participate in the interest rate corridor mechanism [2]. Group 2: Advantages and Disadvantages of the Reserve Requirement System Advantages - The reserve requirement system contributes to financial stability by ensuring the payment and clearing capabilities of commercial banks, thus avoiding liquidity risks [3]. - It regulates market liquidity by adjusting the reserve ratio during periods of excess or insufficient liquidity, maintaining market stability [3]. - It helps suppress inflation by reducing the money supply during economic overheating [4]. - It can mitigate capital inflows and unilateral exchange rate fluctuations through differentiated reserve requirements for foreign institutions [4]. Disadvantages - Adjustments to the reserve requirement can lead to significant liquidity changes, causing excessive reactions from financial institutions and market volatility [5]. - The low interest rates on required reserves can act as a tax on banks, potentially leading to higher costs for customers and affecting competition with non-bank financial institutions [5]. - Financial innovations have weakened the money multiplier effect, with the elasticity coefficient of M2/GDP in China declining by 0.3 from 2015 to 2020 [5]. - The functions of the reserve requirement system have diminished, as financial stability can now be achieved through stricter capital adequacy requirements and liquidity indicators established by Basel III [5]. Group 3: Historical Evolution and Current Status of Reserve Requirement Systems in Major Countries United States - Before the 1980s, the Federal Reserve used the reserve requirement system to control money supply, but reliance shifted to open market operations and discount windows due to financial innovations. Following the 2008 financial crisis, the reserve requirement system was effectively phased out, with the Federal Reserve focusing on maintaining sufficient reserves to directly influence short-term market rates [6]. United Kingdom - The Bank of England initially implemented a mandatory reserve requirement but later transitioned to a zero reserve requirement to enhance competitiveness. In 2006, it adopted a voluntary reserve system, paying interest on agreed reserve amounts [7]. Eurozone and Japan - Unlike the U.S. and U.K., the European Central Bank and the Bank of Japan have maintained low reserve requirements while focusing on interest rate tools to achieve monetary policy goals [8]. Emerging Economies - Emerging economies continue to utilize reserve requirements as a macroprudential policy tool to stabilize financial markets and manage capital flows, with countries like Brazil and India successfully implementing dynamic reserve requirements to address liquidity issues [9]. Group 4: Current Status of China's Reserve Requirement System - China continues to implement the reserve requirement system, which plays a role in regulating money supply and serves as a macroprudential policy tool. However, the reserve interest rate has not yet become a significant part of the price control system [11]. Group 5: Future Development Directions of China's Reserve Requirement System Overall Conditions - China is positioned to consider the cancellation of the reserve requirement system as a quantitative control policy, while still needing to maintain a low ratio of required reserves for daily payment and clearing needs [15]. Price-Based Control Policies - The central bank is advancing a price-based control policy centered on interest rate adjustments, having already relaxed restrictions on interest rate fluctuations [16]. Recommendations - It is suggested to retain a certain level of required reserves to ensure daily payment and clearing needs, while optimizing the interest rate corridor to enhance the effectiveness of interest rate guidance [19].