法定存款准备金率

尝试使用事件研究法分析上调法定存款准备金率对同业拆借利率的影响，目前用该种方法对于同业拆借利率的波动性进行研究的并不多。

Attempting to analyze the impact of raising reserve requirements rate on interbank rates using event study method . So far , there is little study on the fluctuations of interbank rate by this method .

面对这一局面，我国政府已积极出台了多种调控措施，如上调法定存款准备金率、提高存贷款利率等等一些手段来回收过剩的流动性。

Face this situation ; government has introduced a variety of control measures actively , such as increasing the legal reserve requirements , raising the deposit and loan interest rates and other means of recovery of excess liquidity .

选取的货币政策变量分别是：广义货币供应量M2的同比增长指数（M2）、金融机构的贷款规模（LL）、法定存款准备金率（RR）。

Monetary policy variables include the year-on-year growth of money supply M2 , the scale of loans from financial institutions and the deposit reserve rate ( RR ) .

变动银行法定存款准备金率也收缩了货币供应。

Money supply is also tweaked by changing the required reserve ratios of banks .

而第五部分则主要侧重于法定存款准备金率调整效果不稳定甚至效果有限的原因分析。

The fifth part focuses on the effect of adjusting the statutory deposit reserve ratio and the reasons for the limited effect analysis .

自2005年中期以来，央行共19次上调法定存款准备金率（此类准备金的实际回报为负）。

The central bank has raised the level of required reserves , which pay a negative real return , 19 times since mid-2005 .

金融调控手段主要有法定存款准备金率调控、再贴现率调控、公开市场业务调控等。

And the monetary control means mainly includes legal reserve requirement rate control , rediscount rate control , and open market business control , etc.

如此频繁的调节法定存款准备金率，对货币供给量的调节是否有效，能否收缩市场的流动性，其效果又如何。

Whether frequent adjustment on the legal deposit reserve is effective , it is valid on the control of money supply , there will be discussed in this passage .

相对于货币供应量等中介指标，一般性货币政策工具是中央银行直接可控的，主要包括存贷款基准利率、法定存款准备金率和公开市场操作。

The general monetary policy tool is directly controlled by the central bank . And the monetary policy tool is including interest rate , reserve ratio and open market operations .

研究发现，法定存款准备金率工具不仅自身在货币政策传导机制中存在阻碍，其较之其他操作工具的有效性也比较薄弱。

It is obvious that not only the deposit reserve ratio exist obstacles in the transmission mechanism of monetary policy but also the effectiveness is relatively weak compared with other monetary policy tools .

法定存款准备金率上调政策宣布时，宣布事件引发反应过度的现象，主要是因为信息提前泄露和市场非理性恐慌。

The announcement leads to over response when the policy of raising required required reserve ratio is released , which is due to the information leakage in advance and irrational panic of market .

研究结果表明，以法定存款准备金率与存款基准利率为代表的中央银行货币政策的冲击能够引发股票市场短期条件波动。

Our empirical results indicate that the shock in the central bank monetary policy represented by the legal deposit reserve rate and benchmark deposit can trigger the stock market impact of short-term fluctuation .

当时针对物价上涨、信贷扩张、流动性过剩，2006年到2008年共计22次上调法定存款准备金率，从上调之前的7.5%提高到了上调之后的17.5%。

Because of the inflation , credit expansion , and excess liquidity , the legal deposit reserve ratio raised for 22 times between 2006 and 2008 , from 7.5 % up to 17.5 % .

然后对央行利用基准利率、法定存款准备金率、公开市场业务操作和再贴现率的货币政策工具对股票市场影响进行相关理论分析。

Then to the central bank using benchmark interest rate , legal reserve ratio , the open market service operation and the rediscount rate monetary policy tool affects to the stock market carries on the correlation theories analysis .

首先对全样本数据进行实证分析，结果表明影响我国银行净息差的主要因素是平均运营成本，信用风险，储备资产的机会成本，业务多元化程度和法定存款准备金率。

Firstly , the results of full sample confirm that the determinant factors of net interest margin include average operating costs , credit risk , opportunity costs of reserve assets , business diversification and statutory deposit reserve rate .

从2006年7月至2008年6月，人民银行在连续7次调整基准利率的同时，连续18次提高法定存款准备金率，从5%提高到17.5%的历史高位。

From July 2006 to June 2008 , the PBoC adjusted the deposit reserve ratio 18 times while adjust the interest rate 7 times consecutively . The deposit reserve ration hit the record-high 17.5 % from 5 % .

2007年以来，中国人民银行频繁使用法定存款准备金率、基准利率、央行票据、货币掉期等多种流动性管理工具来遏制流动性过剩，然而效果却不十分明显。

Since 2007 , PBC frequently curbs liquidity surplus by using the legal deposit reserve ratio , benchmark rate , central bank bonds , currency swaps and other liquidity management tools . However , the results are not very obvious .

然而法定存款准备金率的调整对经济的冲击比较大，容易产生不良后果，因此当今西方国家已经逐渐淡化了它的作用，设置极低甚至为零的准备金率。

However , the adjustments of Required Reserve Ratio has a strong impact on the economy which lead to adverse outcomes . So western countries are downplaying its role , set very low Required Reserve Ratios even equal to zero .

此时，联邦基准利率和法定存款准备金率都已经下降到了非常低的水平，继续采取降息和调低准备金率的空间非常有限，另外，这些常规的货币政策的边际效果也在不断递减。

At this point , the interest rates have fallen to a very low level , so there is no space to cut interest rates again . In addition , the marginal effect of the conventional monetary policy is also diminishing .

通过对日本房地产泡沫的生成机理及我国房地产发展现状的分析，我国对房地产政策的调控应做到：央行慎重调整法定存款准备金率；

With an analysis of the formulation mechanism of Japanese real estate foam and the current development of China 's real estate , China is supposed to carry out a regulation policy : Central Bank ought to adjust the legal rate of deposited reserve cautiously ;

从2006年开始，国内金融界的专家和学者开始关注银行体系存在着的流动性过剩问题，中央银行也开始采取紧缩的货币政策，逐步调高法定存款准备金率，并且连续上调存贷款基准利率。

From 2006 , the domestic financial experts and scholars started to pay attention to the d surplus liquidity which existed in the bank of system , the Central Bank also adopted the contracted monetary policy , raises the legal reserve ratio against deposits gradually .

但是近年来，货币政策的效果有所下降，扩张性的货币政策没有能够有效地抑制通货紧缩，当前提高法定存款准备金率的从紧的货币政策也没有很好的抑制经济过热的势头。

But in recent years , the effectiveness of the monetary policy has been reduced . Expanded policy failed to control deflation and tight policy by raising deposit reserve rate failed to restrain the trend of economic over-heat . Various factors can account for the situation .

对某一银行组合而言，法定存款准备金率上调事件与其收益率显著负相关，随着时间的推进，法定存款准备金率上调事件对其收益率的影响越来越小。

For a certain bank portfolio , the rise of the statutory reserve ratio and its yield rate appear in a marked negative correlation . As time goes on , the rise of the statutory reserve ratio will have a smaller and smaller impact on its yield .

当前和今后一个时期要着重解决好降低和取消法定存款准备金利率、降低法定存款准备金率、完善差别存款准备金率制度以及扩充存款准备金结构、改革准备金的计提方式等问题。

At present and from now on , we must solve such problems well as to lower and cancel legal preparing money rate , perfect distinction deposit preparing money rate system , enlarge deposit preparing money structure and reform the calculating and drawing methods of preparing money .