| 摘要: |
| 近年来,我国宏观流动性投放逐步由以前的被动投放(外汇占款)向主动投放转变,银行业资产配置结构更趋多元化,金融创新更加活跃,这些都在一定程度上改变了金融体系流动性传导的渠道和机制,迫使我们需要重新审视流动性在金融体系中消长、转移的内在逻辑,探讨新形势下流动性管理的合理方式和路径。本文尝试将银行资产配置行为变化纳入到流动性分析框架中,通过动力系统模型模拟来分析和论证银行资产配置结构变化对市场流动性状况的影响机制,以及中央银行流动性管理工具的有效性。 |
| 关键词: 资产配置行为;流动性分层;流动性管理;动力系统模型 |
| DOI： |
| 分类号:F832.3；F832.5 |
| 基金项目: |
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| Bank asset allocation trends and central bank liquidity management——Simulation analysis based on dynamic system model |
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xiang yanbiao
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| Abstract: |
| In recent years, the release of macro liquidity in China gradually changes from passive into initiative. The banking asset allocation structure become more diversified, and financial innovation become more active. All these change the channels and mechanisms of the financial system liquidity conduction, forcing us to revisit the internal logic of liquidity in the financial system and the reasonable way and path for the liquidity management. This paper attempts to incorporate the change of bank asset allocation behavior into the liquidity analysis framework, and analyzes and demonstrates the impact mechanism of the change of bank asset allocation structure on the market liquidity conditions and the effectiveness of the central bank liquidity management tools through the dynamic system model simulation. |
| Key words: Asset allocation behavior; Liquidity stratification; Liquidity management; Dynamical system model |
