Sterilized foreign exchange market intervention

연준의 양적완화 그리고 유럽중앙은행이 예전에 했었던 금융정책 (지금하는 양적완화아님)으로 통화량이 증가하지 않은이유가 불태화 정책때문입니다. 시중은행의  악성채권 (Bad loans) 를 매입해서 은행의 대차대조표(Balance Sheet) 를 좋게해주는 대신에 풀린 통화량를 중앙은행에 다시 입치시켜서 총통화량는 변화가없는것입니다.
무역수지흑자 확대가 되면 달러의유동성이 넘치게됩니다. 그러게되면 원화가 절상 압박되게됩니다. 그렇게되면 중앙은행(한국은행) 이 원화를 발행해서 달러를 매입하게됩니다. 그렇게되면 통화량의증가로 인해서 자국의물가가 상승압박 (자산가치상승) 를 받게됩니다. 여기까지가 보통 태화외한개입입니다. 자국의 인플레이션를 막기위해서 중안은행은 채권을 발행해서 다시원화를 회수합니다. 그러면 시중에 통화량은 변화가 없습니다. 이것이 불태화외환개입
(Sterilized foreign exchange market intervention) 입니다.
After the monetary policies by the Federal Reserve Board (FRB) and the European Central Bank(ECB) were enacted, the inflation rates have not gone up as much as people anticipated. The Central banks purchased the bad loans from the commercial banks so that the balance sheets of commercial banks improved, but the currencies were deposited into the central banks again. This is called sterilization.

When the trading surplus increases, the value of local currency (Korean Won) is under pressure to be appreciated.  So, the central bank (Bank of Korea) creates more of its currency then buys dollars in order to prevent its currency from appreciating.  Because of increase of money supply, the inflation could increase. Therefore, the central bank (Bank of Korea) issues the securities to reduce the money supply. The overall money supply does not change. This tactic is called “Sterilized foreign exchange market intervention”.

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