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英国作业：中央银行Central banking

简介

英国央行的起源可以追溯到1694年英国央行成为第一个央行。该银行成立是为了帮助国王威廉三世脱离政府的金融危机，但它并没有表现为直到很久的最后贷款人(See Lovell, 1957)1.

在过去的十年中，中央银行业发生了显著的变化。在货币政策的新范式似乎是央行自治的、透明的。

首先让我们看看中央银行透明度意味着什么，中央银行是政府机构，执行一些关键功能：（1）中央银行是唯一的银行有权代表国家发行货币；（2）中央银行有权增加或降低控制利率对经济的信贷供应；（3）外汇市场管理本国货币的对外价值；（4）中央银行持有的存款比例是其他银行和其他中央银行的储备，从而降低银行过度扩张的风险和遭受挤兑，（5）当政府出售新发行的证券融资业务时，作为中央政府的财政代理；（6）中央银行也保留国家应急资金的重要作用，而正是因为这种中央银行被称为“最后贷款人”。

透明的物理意义是光传输，在概念上的意义是清晰，在经济意义上是信息对称，在实际意义上是开放，诚实，清晰，共识2。我们可以说，中央银行是一个所有这些的组合，它公开地对应或沟通在短期内重要和必要的信息，投资者，股东和公众“不存在信息不对称之间的中央银行和其他经济主体”。因此，一个中央银行是透明的，存在着较少或没有信息不对称。此外，如果它的行动是容易辨认的，其政策是很容易理解的，它的陈述是诚实或真实，那么说一个中央银行说是透明的。

Central banking

简介-Introduction

The origin of central banking system can be traced back to 1694 when the Bank of England came into being as the first ever central bank. The bank was established to help King William III out of his government's financial crisis but it did not behave as a lender of last resort until much later (See Lovell, 1957)1.

Central banking has undergone a remarkable change during the last decade. The new paradigm in monetary policy appears to be central bank self-governing and transparent.

First of all let's see what central bank and transparency means, a central bank is a Government agency that performs a number of key functions: (1) central bank is the only bank which has the authority to issue currency on behalf of its nation; (2) central bank has authority to increase and decrease the supply of credit in the economy which controls the interest rates; (3) manages the external value of its currency in the foreign exchange markets; (4) central bank holds a percentage of deposits as reserves of other banks and other central banks so as to reduce the risk of banks overextending themselves and suffering from bank runs, (5) acts as Fiscal Agent for the central government, when the government sells new issues of securities to finance its operations; and (6) The central bank also plays a vital role of reserving the nation's emergency funds, and it is because of this the central bank is called 'lender of last resort'.

Transparency in the physically meaning, transmitting light, in the conceptually meaning, clarity, in the economically meaning, symmetric information, and in the practically meaning, openness, honesty, clarity, common understanding2. We can say that central bank is a combination all these that is, it openly correspond or communicates important and necessary information to the investors, shareholders and the public in short 'absence of asymmetric information between central bank and other economic agents'. Therefore a central bank is said to be transparent when there is less or no information asymmetry. Moreover a central bank is said to be transparent if its actions are easily identified, its policies are readily understood, and its statements are honest or true.

'A central bank is transparent when it provides at all times sufficient information for the public to understand the policy regime, to check whether the bank's actions match the regime and to pass judgment on its performance.'3

Over the past years, financial institutions have tried to implement various strategies to increase its transparency. One of the important strategies among these is