超额准备金

根据M1和M2的供给模型，股票市场可以通过通货比率、超额准备金率、法定准备金率、存款结构比、基础货币5条途径影响货币供给。

Base on the models of M1 and M2 , the stock market can influence money supply through the currency rate , the excess reserve rate , the required reserves rate , the ratio of quasi money to deposits by enterprises and the base money .

超额准备金利率下调对银行业的影响

The Impact of Falling of Excess Reserve Ratio upon Banking Industry

要消除这些超额准备金，美联储将不得不出售其持有的近3万亿美元国债和抵押贷款支持证券（MBS）的一半以上。

To eliminate these excess reserves , the Fed would have to sell more than half its nearly $ 3tn portfolio of Treasury bonds and mortgage-backed securities .

上月，美联储（Fed）会议纪要表明，美联储可能重新考虑向银行业体系注入近1.7万亿美元超额准备金的成本，这导致金融市场出现恐慌。

The financial markets shook with fear last month when the minutes of the Federal Reserve 's meeting suggested that the US central bank might reconsider the costs of pumping nearly $ 1.7tn of excess reserves into the banking system .

传统货币政策已尽其所能：短期利率接近于零，商业银行坐拥1万亿美元超额准备金，货币供应增长速度超过名义国内生产总值（GDP）。

Traditional monetary policy has already done what it can : short-term interest rates are close to zero , commercial banks hold a trillion dollars of excess reserves , and the money supply is growing more rapidly than nominal gross domestic product .

如果超额准备金规模增加一倍，这一任务将变得更为艰难。

This will be harder if the amount of excess reserves is doubled .

由于银行已拥有巨额超额准备金，因此银行流动性增加同样不会起到任何作用。

The increase in banks ' liquidity would do nothing since banks already have massive excess reserves .

欧洲银行存于欧洲央行的7000多亿欧元超额准备金，仅能获得0.25%的收益率。

Banks hold more than € 700bn of surplus liquidity at the ECB earning only 0.25 per cent interest .

超额准备金、美元乃至黄金现在都被视为抵御未来危机的极其有用的反周期工具。

Excess reserves , US dollars and even gold are now seen as extremely useful , counter-cyclical tools for future crises .

这意味着，15%的存款准备金率将吸收银行目前几乎所有的超额准备金。

This implies that a 15 per cent reserve requirement on deposits would absorb almost all the excess reserves now in the banks .

增加超额准备金的利率可以降低银行新增贷款的吸引力，从而使总体的信贷供应趋于缓和。

Raising the rate of interest paid on excess reserves can make new bank loans less attractive , thus tempering overall credit creation .

此举造成了1937-38年的严重衰退，银行被迫减少放贷并抛售资产，以恢复作为缓冲的超额准备金。

The result was the serious recession of 1937-38 . Banks cut lending and sold assets to restore the cushion of excess reserves .

央行票据是中央银行为调节商业银行超额准备金向金融机构发行的短期债权债务凭证，其实质是中央银行债券。

The central bank bill is a short-term debt instrument issued by central bank which purposes to regulate the commercial banks ' excess reserves .

银行没有把这部分资金贷给实体经济部门，而是囤积于超额准备金，或者投资于政府债券。

Instead of lending this money onto the real economy , banks have either hoarded it in excess reserves or invested it in government bonds .

其次，对超额准备金率变量进行主成分分析，得出外部经济环境因子与内部经济环境因子。

Secondly , excess reserve ratio of variable was analyzed with principal component analysis , reaching the external economic environment factor and the internal economic factor .

但如今超额准备金的巨大供应意味着金融机构可以创造出数万亿美元的贷款和存款，这具有极高的通胀效应。

But today 's huge supply of excess reserves means financial institutions can create trillions of dollars of loans and deposits , which will be highly inflationary .

银行体系的超额准备金从一年前的不到30亿美元，飙升至目前的逾7000亿美元。

The excess reserves of the banking system have ballooned from less than $ 3bn a year ago to more than $ 700bn ( 536bn , 474bn ) now .

因此，超额准备金似乎也带有某种缓冲性质，而非积极参与（或催生）放贷和经济活动。

The excess reserves thus seem to have taken on the status of a buffer , rather than actively participating in , and engendering , lending and economic activity .

美联储此前曾“谨慎乐观”地表示，自己有能力控制坐拥1万亿美元超额准备金的银行业可能释放的通胀压力。

It was previously " cautiously optimistic " it would be able to contain the inflationary pressures that could be unleashed by banks with a trillion dollars of excess reserves .

但它需要让市场相信，在经济开始扩张时，它不会让银行大举释出超额准备金，通过放贷助长通胀。

But it needs to reassure markets that it will prevent the excess reserves of the banks from financing a surge of inflationary lending when the economy begins to expand .

准备金增加导致更广义货币总量的加速增长，但由于银行仍持有超额准备金，后者的增长低于比例。

The growth of reserves has led to an increase in the growth rate of the broader money aggregates , but less than proportionately because banks are still holding excess reserves .

1万亿美元的超额准备金依然好好地存放在美联储（基本未动），收益率只有25个基点。没有迹象表明，银行寻求通过增加放贷来提高这些资金的收益率。

A trillion dollars of excess reserves remains parked , largely immobile , at Federal Reserve banks yielding only 25 basis points with little evidence of banks seeking higher returns through increased lending .

尤其是在利率市场化条件下，超额准备金利率成为货币市场利率的底线，对于防止利率过度低调具有其它工具所不可替代的作用。

Under the circumstances of interest rate liberalization , interest rate on excess reserve as the lower limit of market interest rates plays an important role in preventing interest rates from cutting down inordinately .

在爆发金融危机之前，银行持有很少的超额准备金，因此美联储可以严格控制银行放贷时动用的存款资金。

Before the financial crisis , banks held few reserves in excess of their requirements . This allowed the Fed to control closely the level of deposits that are extended when banks create loans .

在1936-37年间，为了减少银行体系中的超额准备金，防止未来出现通胀，美联储将银行存款准备金要求提高了一倍，这成为过早收紧货币政策的一个典型案例。

The Fed 's decision to double the reserve requirements of banks in 1936-37 to reduce excess reserves in the banking system and prevent future inflation is a classic case of tightening too soon .

存放在美联储的1.1万亿美元银行超额准备金产生了另一个问题：如果银行借出这些准备金，就正好在错误的时间提振了经济。

With $ 1,100bn of excess bank reserves at the Fed , this presents another problem : that banks lend out those reserves ,⑤ delivering a boost to the economy at just the wrong time .

他表示，提升超额准备金利率应该在短期利率正常化过程中起到核心作用，而隔夜逆回购机制则有可能用来为货币市场利率设置下限。

He said raising interest rates for excess reserves should play a central role in normalising short-term interest rates , while an overnight reverse repo facility could be useful in setting a floor for money market rates .

根据定量宽松的定义，美联储将购买长期政府债券，数额可能高达1万亿美元或更高，由此向经济和银行超额准备金注入同等数额的现金。

Under the label of QE , the Fed will buy long-term government bonds , perhaps one trillion dollars or more , adding an equal amount of cash to the economy and to banks ' excess reserves .

疲弱的增长、低通胀以及巨额的银行超额准备金，使得美联储无法提高利率；尽管市场容易忘记，但处于底部的政策利率对中短期市场利率构成了下行压力。

Sluggish growth , low inflation and large excess bank reserves preclude the Fed from raising rates ; and while markets have a tendency to forget this , a floored policy rate imposes downward pressure on short-to-intermediate market interest rates .

1996年以来，商业银行存贷差额逐年扩大，银行资产配置非贷款化倾向严重，大量储蓄资金转化为商业银行在中国人民银行的超额准备金和债券资产。

With persistent expending of the deposit and credit balance of Chinese Commercial Banks from 1996 , the banks assets allocation preference incline to non-credit assets , including the extra reserves in People 's Bank of China and treasury bonds .