No matter what kind of social system and economic management system a country adopts, although the intensity and breadth of central bank regulation vary from country to country, the general mode of its regulation system has obvious characteristics, which can be illustrated by examples.
However, it must be pointed out that as far as this general model is concerned, it is still impossible to distinguish the specific contents and different characteristics of different types of central bank financial macro-control models, and even the same country does not necessarily adopt the same model at different times. Generally speaking, it can be divided into three types: direct type, indirect type and mixed type. When a country adopts a direct macro-economic management system, the central bank's financial macro-control can only be in the form of index management and administrative orders, and directly control the cash flow and total loans in the banking system through mandatory mandatory mandatory plans and administrative means, thus achieving the ultimate goal of monetary policy. The former Soviet Union, some countries in Eastern Europe and China all adopted the planned index control mode before 1979.
All socialist countries adopted this model before the economic system reform. Practice has proved that this model is suitable for the direct control economic system with physical management as the main body under the highly centralized economic model. Under this system, the central bank is in a dominant position in the national financial system, so specialized banks and other non-bank financial institutions have a strong dependence on the central bank. In this case, the use of mandatory planning and administrative means to control the money supply can usually achieve the desired results. Because once the mandatory plan is formulated, the central bank will use administrative means to enforce it. Therefore, as long as the central bank does not break through the plan, increase credit funds and forcibly issue additional money, the national money supply will not exceed the predetermined target. However, with the transformation of the world economic system from planned to market-oriented, the disadvantages exposed by this direct supervision model are more and more obvious, which is not conducive to fully protecting the autonomy of the majority of grassroots banks and the enthusiasm of the majority of employees; It is not conducive to giving full play to the role of credit and interest rate leverage in effectively regulating the economy; Due to the rigid management mode, sometimes it will lead to economic fluctuations and decision-making mistakes, and it is easy to have the disadvantages of "one size fits all" and "one tube will die, and once it is released, it will be chaotic" in the process of solving problems. Since 1950s, most western capitalist countries have adopted this model. According to the objective requirements of the deepening of China's economic system reform, it is a historical necessity that the economic operation mainly transits from direct control to indirect control.
The characteristics of indirect regulation are: the economic system it relies on is a developed market economic system; There must be a fairly large and developed financial market; While the central bank uses economic means to carry out macro-control, it does not rule out the possibility of using administrative means to directly control under special circumstances; Respect the autonomy of micro-financial subjects; Better play a buffering role and curb economic fluctuations. Transitional supervision mode generally refers to the mode of transition from direct mode to indirect mode. This model is widely used in developing countries. Although some countries implement the market economy system, it is necessary to take some direct measures to control the economy because of the low level of commodity economy development, underdeveloped financial markets, large fiscal and foreign exchange deficits and serious inflation.
China's economic management system has changed from the traditional direct management system to the dual management system combining direct management and indirect management. For the operation of the national economy, the state uses both economic means and planned administrative means. Especially in the case of macro out of control, using some direct control means will get faster results. But in the long run, according to the requirements of the development law of market economy, it is an inevitable trend for the central bank to adopt indirect financial macro-control. Therefore, the central bank's regulation of money supply will play an increasingly important role in macroeconomic balance. The regulation mechanism of money supply is a complex synthesis of organic connection and interaction of internal factors. In order to illustrate this problem, we can analyze its composition from the following three levels:
1. Regulatory entity.
The whole money supply regulation mechanism has three main bodies: first, the central bank, second, commercial banks, and third, non-bank economic sectors.
According to the different roles of each subject, we might as well call the central bank the initiator, because the amount of the base money (also called the initial money) provided by the central bank to commercial banks determines the scale of the whole regulation mechanism. Here, it appears as a lender of last resort. Commercial banks are called amplification entities, because after the central bank lends the base currency to commercial banks, through the multiple amplification effects in the commercial banking system, it will create several times the original currency and provide it to non-bank economic sectors. Here, it appears as a direct lender. The non-bank economic sector is called the target subject because of the whole process that the central bank provides the initial money to commercial banks and then produces multiple amplification effects in the commercial banking system, and the ultimate goal is to supply the appropriate amount of money to the non-bank economic sector. Of course, it cannot be denied that the behavior of non-bank economic sectors has an impact on the operation of the entire money supply regulation mechanism.
2. Basic factors.
The regulation mechanism of money supply also has three basic factors: first, the base money, second, the excess reserve and third, the money supply.
Under the central bank system, the central bank provides commercial banks with the multiplier effect of the base currency.
After deducting the prescribed deposit reserve (statutory reserve), commercial banks form excess reserve. Through its repeated use in the whole commercial banking system, it will have a multiplier effect, so that the central bank debt of 1 yuan will become a commercial bank debt of several yuan after being used in the asset business of the commercial banking system. The expanded bank liabilities in the commercial banking system, together with some cash provided by the central bank to the public, constitute the whole money supply, which is provided to non-bank economic sectors.
From the above analysis, we can see that the base money is the premise of money supply. To control the money supply, we must limit the base money to a reasonable range. The size of excess reserve is the constraint condition of credit expansion ability of commercial banking system. And the whole money supply is the product of the expansion ability of the base money and credit (that is, the money multiplier). It can be seen that in the regulation mechanism of money supply, the important role of the three basic factors "base money-excess reserve and its multiple amplification effects-money supply" can not be ignored.
3. Some financial variables.
Specifically: statutory deposit reserve ratio, excess reserve ratio, fixed deposit ratio, cash ratio, etc. These factors * * * act on multiple amplification effects. As shown in figure 1-7.
Here: (1) The statutory deposit reserve ratio refers to the ratio of the part of deposits deposited by commercial banks with the central bank to the deposits absorbed; (2) The excess reserve ratio refers to the ratio of reserves held by commercial banks that are not used for their asset business to demand deposits. (3) Time deposit ratio refers to the ratio of time deposit to demand deposit; (4) The cash ratio refers to the ratio of cash held by non-bank economic sectors to demand deposits. Among the above financial variables, the sodium controlled by the behavior of the central bank is (1); The main body of commercial bank behavior is (2); The behaviors of non-bank economic sectors are (3) and (4).
Based on the analysis of the above three levels, the various components of the money supply regulation mechanism are integrated as follows:
It must be noted that the composition of the above-mentioned money supply regulation mechanism is only considered from a static point of view. If time variables and profit factors are introduced, the actual operation process will be more complicated.