Why global central bank tools are ineffective-carmex润唇膏

Why global central bank tools are ineffective the sina finance opinion leader (WeChat public kopleader) for columnist Jiang Rushan to market factors have obvious lack of Chinese, the central bank intervention follow monetary tools tricks that set the west, naturally frequent failure. The central bank’s intervention, the amount of money only for the adjustment of the market, for the real economy structure serious abnormal Chinese, how much of the money supply of no importance. Why global central bank tools are ineffective in a relatively closed economy internal circulation, many theories and tools in traditional economics, can produce a certain effect. This is because a country’s import and export trade has a certain scale, but did not change the basic pattern: internal economies "– the organization of production logistics and Trade — consumer" cycle mainly to meet the needs of the domestic market, products import and export trade only a certain degree of complement. Under the background of the traditional market, the monetary operation of the commercial bank is closely related to the real economy of a country, and the effectiveness of the monetary intervention tool is also obvious. However, with the acceleration of globalization and the international division of labor and the radius of the elongated, expanding the scale of cross-border capital flows, market assumptions and premise of the traditional economics theory, have changed, the utility of economic intervention and traditional monetary tools therefore greatly reduced. This is like: globalization torn down between each pasture fence, more and more pigs, horses and sheep can unfettered freedom of movement and freedom of mating, Flay and whistle type management can only deal with those around the traditional local animal. The most obvious example is that the central bank through monetary instruments on the economic operation of the control and intervention effects will often fail. Not only the Fed chairman and his aides have deep feelings, central bank officials in the major economies to feel tangled. For the market factors have obvious lack of the Chinese, the central bank intervention follow monetary tools tricks that set the west, will frequently have to failure through tough rigid administrative power interference. In this case, the head of the Chinese government accustomed to administrative intervention in the hands of the cards can not seem to play much. There are a lot of central bank intervention in the economy, there are three ways: one is the most important "open market operations", the central bank to buy larger funds or sell government bonds into the market or withdraw their funds to expand the scale of the market or monetary tightening. This in turn will affect the interest rate, interest rate and conduction to the commercial bank’s currency transactions and the entire capital market. This approach can face the whole market, targeted not strong. Two is the central bank for each commercial bank credit output and recovery. That is, through the issuance of mortgage loans to commercial banks, or the recovery of these loans, in order to achieve the purpose of adjusting the size of the market currency. This way can be injected directly into the capital or directly to the problem of commercial banks, targeted. Three is through the adjustment of a certain scale of foreign exchange reserves, the currency and foreign currency transactions, in order to stimulate foreign exchange prices, against the cross-border currency相关的主题文章: