米什金《货币金融学-英文第12版》PPT课件-第十三章-央行和联邦储备系统.docx

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1、Chapter4CentralBankingandtheConductofMonetaryPolicy CentralBanks TheMoneySupplyProcess ToolsofMonetaryPolicy TheConductofMonetaryPolicy:StrategyandTacticsSwUEqIRIlUgoJOSUaPUadgPUISwUEqWJlU3。Jo3.11TPIUlSSwUEqIE上USOJoSSaUlSiIqSWUFqIE&U3SwUFHIFJJU3。6OJnjJ9】LearningObjectives Recognizethehistoricalconte

2、xtofthedevelopmentofcentralbanks. Describethekeyfeaturesandfunctionsofcentralbanks. Assessthedegreeofindependenceofothermajorcentralbanksaroundtheworld. Recognizepolicytools.SwUFaIEU3OIEBd1. CentralBanks1.1 CentralBanks(P306)Acentralbankisafinancialinstitutiongivenprivilegedcontrolovertheproductiona

3、nddistributionofmoneyandcreditforanationoragroupofnations.Inmoderneconomies,thecentralbankisusuallyresponsiblefortheformulationofmonetarypolicyandtheregulationofmemberbanks.中央银行是一个金融机构，控制对一个国家或国家集团的货币和信贷的生产和分配的特权。在现代经济中，中央银行通常负责制定货币政策和对成员银行进行监管。1. CentralBanks1.1 CentralBanks(P306)Centralbanksareinh

4、erentlynon-market-basedorevenanti-competitiveinstitutions.Thecriticalfeatureofacentralbank-distinguishingitfromotherbanksisitslegalmonopolystatus,whichgivesittheprivilegetoissuebanknotesandcash.中央银行本质上是非市场化的甚至是反竞争的机构。中央银行区别于其他银行的关键特征，是它的法律垄断地位，这使它有发行银行券和现金的特权。1. CentralBanks1.2TheOriginofCentralBank

5、s(P306)Theniaiuproblemsfacingthebankingindustyiuthelate18thandearly19thceutiniesIf，1、/,IssueofbanknotesEstablishmentoftheclearingsystemLenderoflastresortproblemFinancialRegulatory7ProblemThewaycentralbanksareestablished: Evolvedfromcommercialbanks:theBankofEngland(1694) Directlycreated:theFederalRes

6、erve(1913)1. CentralBanks1.3BasicFeaturesofCentralBanks Businessobjectives:Centralbanksdonotaimatmakingprofitsandensuretherealizationofmonetarypolicyobjectives. Businesstarget:Governmentandfinancialinstitutions. AssetLiquidity:Holdinghighlyliquidassets. Institutionestablishment:Centralbanksdonotsetu

7、pbranchesabroad.我国将央行的职能总结为：发行的银行、政府的银行、银行的银行、管理金融的银行BusinessofCentralBanksAssetsLiabilitiesReserveMoneyCurrencyIssuesDepositsOfFinancialCorporationsDepositsofOtherDepositoryCorporationsDepositsofOtherFinancialCorporationsDepositsofNon-financialCorporationsDepositsOfFinancialCorporationsExcludedfrom

8、ReserveMoneyBondIssuesForeignLiabilitiesDepositsofGovernmentOwnCapitalOtherLiabilitiesOtherAssetsForeignAssetsForeignExchangesMonetaryGoldOtherForeignAssetsClaimsonGovernmentOfwhich:CentralGovernmentClaimsonOtherDepositoryCorporationsClaimsonOtherFinancialCorporationsClaimsonNon-financialSectorStruc

9、tureofCentralBanks3.1StructureoftheFederalReserveSystemCongressintheU.SwroteanelaboratesystemofchecksandbalancesintotheFederalReserveActof1913,whichcreatedtheFederalReserveSystemwithitstwelveregionalFederalReserveBanks.CONGRESShefde*alReserveSystemanditsenhbes.ThecoreinstitutionistheBoardofGovernors

10、oftheFederalReserveSystem.FEDRAlOPENMARKETCOMMI11EEconsistsofthemwt*11OfmeBoardMGownorso11dReerveBjnkpcewkntsTheChairoftheBoacdistheFOMCChairBOARDOFGOVERNORSisanindependentagencyofIhfederalgowme11t.3.1StructureoftheFederalReserveSystemBoardofGovcnor*Sevenmembers.Inciudingtheca11nan.appointedbythepre

11、sidentoftKUnitedState*andcxxfrmedbyteSenateAppointsthreedirectorsIoeachFRBTwelveFdrlReserveBanks(FRBs)Eachwitninedirectors,sixofWfXxTlappointpresidentandotherofficers”theFRBElectsaxdirectorstoeachFRBMemberBanksAround2.000mmtcommercialbanks3.1 StructureoftheFederalReserveSystemReserveSystem.FederalRe

12、serveBankcitiesSanAntOniOFederalReservebranchcities-BndanesofFederalReservedistricts(AlaskaandHawaiiareinDistrict12)3.2 StructureofPeoplesBankofChina中国人民银行分支机构改革前，设有9个分行，2个营业管理部，以及上海总部。中国人民银行（总行），中国人民银行上海总部（地区总部）。营业管理部：北京营业管理部；重庆营业管理部。上海分行）对应辖区范围为上海市、浙江省和福建省天津分行）对应辖区范围为天津市、河北省、山西省和内蒙古自治区沈阳分行，对应辖区范围为

13、辽宁省、吉林省和黑龙江省南京分行）对应辖区范围为江苏省和安徽省济南分行，对应辖区范围为山东省和河南省武汉分行,广州分行,成都分行,西安分行,对应辖区范围为湖北省、对应辖区范围为广东省、对应辖区范围为四川省、对应辖区范围为陕西省、湖南省和江西省广西省和海南省贵州省、云南省和西藏自治区甘肃省、青海省、宁夏回族自治区和新疆维吾尔自治区。3.3 StructureofPeople*sBankofChina统筹推进中国人民银行分支机构改革蟠新华.分享到：。根据国务院关于提请审议国务院机构改革方案的议案，统筹推进中国人民银行分支机构改革。撤销中国人民锄j大冬箜及分行营业管理部、总行直属营业管理部和省会城市

14、中心支行,在31个省（自治区、直藕市）设立省级分行,我圳、雉、宁波、青岛、厦门设立计划单列市分行。中国人民银行北京分行保留中国人民银行营业管理部牌子，中国人民银行上海分行与中国人民银行上海总部合署办公。不再保留中国人民银行县（市）_支色相关职能上收至中国人民银行地（市）中心支行。对边境或外贸结售;匚业务量大的地区，可根据工作需要，采取中国人民银行地（市）中心支行派出机构方式履行相关管珊员务职能。IndependenceofCentralBanks4. IndependenceofCentralBanks4.1 IndependenceofCentralBanksTwodifferenttype

15、sofindependenceofcentralbanks: Instrumentindependence:theabilityofthecentralbanktosetmonetarypolicyinstruments（工具独立J性） Goalindependence:theabilityofthecentralbanktosetthegoalsofmonetarypolicy.（目标独立性）4. IndependenceofCentralBanks4.2IndependenceoftheFed ThelegalsystemguaranteestheindependenceoftheFede

16、ralReserve. TheFederalReservehasstrongindependenceintermsoforganizationalstructureandpersonnelappointmentsandremovals. TheFederalReservehastherighttoindependentlyformulatemonetarypolicy,anddecidethemeasurestobetakenandthemonetarypolicytobeused. TheFedhasindependentandsubstantialsourceofrevenuefromit

17、sholdingsofsecuritiesandfromitsloanstobanks.4. IndependenceofCentralBanks4.3IndependenceoftheEuropeanCentralBank TheMaastrichtTreaty,whichestablishedtheECBandESCB.TheMaastrichtTreatyspecifiesthattheoverriding,long-termgoaloftheECBispricestability. ThemembersoftheExecutiveBoardhavelongterms(eightyear

18、s),whileheadsOfNationalCentralBanksarerequiredtoserveforatleastfiveyears. Eurosystemdeterminesitsownbudget,andthegovernmentsofthemembercountriesarenotallowedtoissueinstructionstotheECB.AJFUIUmS概念rTheOriginofCentralBanks中央银行的建立BasicFeaturesofCentralBanks央行的特征和职能BusinessofCentralBanks贫产业务和贝声业分夬行的业务Off-Balance-SheetActivities表外业务CentralBanksStnictureOfCentralBanksStiuctureoftheFederalReserveSystem夬行的树StructureofPeople,sBankofChinaInstalmentindependence工具独立性IndependenceofCentralBanks_LGOaIindependence目标独立性央行的独立性k-IndependenceoftheFed-IndependenceoftheEuropeanCentralBank