单词 | 公开市场操作 |
释义 | 公开市场操作 Open Market Operations 中央银行进行公开市场操作,主要旨在控制货币供给以配合当下的货币政策。当央行认为货币供给过紧时,可藉由公开市场操作释出资金,反则会回笼资金以免市场上资金过度浮滥。公开市场操作主要是透过买卖短期政府债券进行,买卖的方式有两种:一是单纯的买入或卖出(outright purchase or sale,买断或卖断);二是回购交易(repo or reverse repo)。央行进行正回购交易是回笼货币的操作,指央行以政府债券为抵押向商业银行借入资金;逆回购则相反,是央行接受债券为抵押向商业银行借出资金,是释出货币的操作。 参见Repurchase Agreement(回购协议)。 "Routine intervention by central banks in financial markets, usually by means of sale or purchase of securities in the domestic money market, in order to influence the volume of money and credit in the economy. The intervention usually involves short-term government securities and purchases of such paper from commercial banks, which puts cash in their hands, injecting reserves into the system to expand credit. However, sales of government securities by a central bank drains cash from the commercial banks, reduces reserves and limits credit expansion." |
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