{"title":"俄罗斯银行银行业流动性管理:基于过去三年经验的观察","authors":"V. Morgunov","doi":"10.2139/SSRN.2842147","DOIUrl":null,"url":null,"abstract":"Short-term money market interest rate management within the framework of symmetrical interest rate band is based on central bank open market operations that aim to compensate for a structural deficit and surplus of liquidity in the banking sector to make sure that the money market overnight interest rate is close to the middle of the interest rate band. The Bank of Russia practice in this form of management amid structural deficit of liquidity over the past three years has shown that the period average money market interest rate has been above the key interest rate by more than 0.5 percentage points in half of 14 key rate periods.","PeriodicalId":178626,"journal":{"name":"ERN: Monetary & Fiscal Policies in Emerging Markets (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2016-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Bank of Russia Liquidity Management of the Banking Sector: Observations Based on the Past Three Years Experience\",\"authors\":\"V. Morgunov\",\"doi\":\"10.2139/SSRN.2842147\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"Short-term money market interest rate management within the framework of symmetrical interest rate band is based on central bank open market operations that aim to compensate for a structural deficit and surplus of liquidity in the banking sector to make sure that the money market overnight interest rate is close to the middle of the interest rate band. The Bank of Russia practice in this form of management amid structural deficit of liquidity over the past three years has shown that the period average money market interest rate has been above the key interest rate by more than 0.5 percentage points in half of 14 key rate periods.\",\"PeriodicalId\":178626,\"journal\":{\"name\":\"ERN: Monetary & Fiscal Policies in Emerging Markets (Topic)\",\"volume\":\"1 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2016-09-22\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"ERN: Monetary & Fiscal Policies in Emerging Markets (Topic)\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/SSRN.2842147\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"ERN: Monetary & Fiscal Policies in Emerging Markets (Topic)","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/SSRN.2842147","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 0
摘要
对称利率区间框架下的短期货币市场利率管理，以央行公开市场操作为基础，旨在弥补银行业流动性的结构性赤字和盈余，确保货币市场隔夜利率接近利率区间的中间位置。在过去3年流动性结构性赤字的背景下，俄罗斯央行(Bank of Russia)采用这种管理方式的实践表明，在14个关键利率周期中，有一半的周期平均货币市场利率高于关键利率0.5个百分点以上。
Bank of Russia Liquidity Management of the Banking Sector: Observations Based on the Past Three Years Experience
Short-term money market interest rate management within the framework of symmetrical interest rate band is based on central bank open market operations that aim to compensate for a structural deficit and surplus of liquidity in the banking sector to make sure that the money market overnight interest rate is close to the middle of the interest rate band. The Bank of Russia practice in this form of management amid structural deficit of liquidity over the past three years has shown that the period average money market interest rate has been above the key interest rate by more than 0.5 percentage points in half of 14 key rate periods.
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