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題名 | 德國中央銀行之概述=An Overview of the Deutsche Bundesbank as the Central Bank of Germany |
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作者 | 林有志; Lin, Yu Tsu; |
期刊 | 中州學報 |
出版日期 | 20031200 |
卷期 | 18 2003.12[民92.12] |
頁次 | 頁307-324 |
分類號 | 562.443 |
語文 | chi |
關鍵詞 | 德意志聯邦銀行; 傳遞途徑; 倫巴德貸款; Deutsche bundesbank; Transmission channel; Lombard loan; |
中文摘要 | 本文旨在探討德意志聯邦銀行作為德國央行的歷史背景、其官僚架構、貨幣政策的目標、其操作工具以及未來的展望。從文中可知穩定物價水準及獨立性是央行在戰後歷經超級通貨膨脹痛苦後的首要宗旨,而其貨幣政策的中間目標則為貨幣總量M3,並在實證上為貨幣政策傳遞途徑中的最重要變數。在其操作工具上除了一般各國央行皆有的重貼現政策、公開市場操作、最低存款準備政策、政府機構轉存款政策外,尚有需具備抵押品和承擔較高利率的倫巴德貸款以反應其急救性質。另一方面外匯干預及資本管制也是聯邦銀行為了穩定國內金融秩序與目標所必須採行的動作。最後,在加入歐盟以及歐洲統合的時刻,德國以及她的貨幣,馬克,在經濟與政治上皆扮演未來歐洲單一貨幣成功流通與價值穩定的一座靠山。 |
英文摘要 | In this paper, we introduce the Deutsche Bundesbank as the central bank of the Germany through its historical background, framework of bureaucrat, the goals andoperating tools of monetary policy and the future perspectives .. As we discussed, the first and the most important objective was the price stability because of painful experience of hyperinflation after the World War II. The monetary aggregate M3 is the intermediate target, because it is the most significant variable of transmission channel of monetary policy empirically. There has been operating tools like rediscount rate, minimum reserve policy, open market operation, government transfer deposit policy and Lombard Loan with collateral and higher interest-bearing to react emergent conditions of credit institutions. The Bundesbank also has the incentive to intervene the foreign exchange markets and regulate the capital flow in order to maintain the financial stability of the nation. In the future perspective, during the integrating of European, the Germany and Mark will playa important role and be a supporter of establishment, circulation and value stability of single European currency. |
本系統之摘要資訊系依該期刊論文摘要之資訊為主。