| This paper discusses the definition,characteristics and management of the collateral products of the central bank,and discusses the necessity of the construction of the innovative monetary policy tools and the construction of the collateral system of the central bank.This paper studies the construction of collateral system of the central bank of our country at the present stage,and summarizes the existing problems of the collateral system in our country at this stage.Then it introduces the adjustment of collateral system of the world’s major central banks and the influencing factors.At the end of the article,combined with foreign experience,this paper provides some policy opinions for the construction of the collateral system of the People’s Bank of China.This paper studies the construction of the collateral system of the central bank,will help to build and improve the central bank innovative monetary policy tools,the use of innovative monetary policy tools to protect the central bank to effectively mobilize liquidity and guide the market interest rate level.Using an innovative monetary policy instrument built on central collateral,the PBOC draws on eligible counterparties’ collateral to lend support to illiquid financial institutions to prevent a partial liquidity shortage from further developing into a full-blown liquidity crisis And low-cost funds to guide the market interest rate level.The model of interest rate regulation,which is represented by innovative monetary policy tools,also reflects the transformation of the monetary policy of our country from quantitative control to quality control.In view of China’s central bank collateral appeared late,and the world’s other major economies,the central bank has a mature collateral system.On the basis of our country’s original collateral system,we can learn from the experiences of foreign advanced construction and avoid the problems exposed in other countries’ central bank collateral system construction and improve the collateral system of our country’s central bank as soon as possible.This paper is divided into six chapters.The first chapter is the introduction,including the background of the topic,the research significance,the related literature review,the frame structure and the main content of this article,the innovation and the insufficiency of this article.The second chapter is an overview of the collateral of the central bank,including the definition of the collateral of the central bank,the characteristics of the collateral assets of the central bank and the collateral management of the central bank.The third chapter is the construction of China’s central bank collateral system,including the specific criteria of China’s central bank collateral,China’s central bank qualified collateral standards,China’s central bank qualified collateral discount rate,China’s central bank collateral value assessment,The prefiling system of qualified collateral,the disposal of the collateral of the central bank and the role of the collateral system of the central bank.The fourth chapter is the existing problems in the collateral system of the central bank of China,including the types and quantity of the collateral of the central bank of our country,the concentration of collateral of our country’s central bank is too high,the discount rate of the central bank collateral is too conservative,Monitoring efficiency is low,the value adjustment mechanism is not flexible,China’s central bank collateral value assessment construction lag.The fifth chapter is the adjustment and influence factors of the collateral system of the world’s major central banks,including the adjustment of the collateral system of the central bank and the influence factors of the collateral system adjustment.In the sixth chapter,the policy suggestion of perfecting the collateral system of the central bank is to widen the transaction depth of the collateral of central bank and expand the scope of counterparty.Financial institutions,liquidity monitoring,the central bank collateral discount rate to take counter-cyclical operations,improve the assessment of the central bank collateral value of the construction of collateral. |
