美联储资产负债表_20021226

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中央银行：美联储资产负债表演变及其政策内涵

美联储资产负债表演变及其政策内涵
一、危机前美联储资产负债表（2007.8）
资产（亿美元）
证券政府短期债券
7800 2770
政府长期债券
5039
回购协议贷款黄金外汇和其他资产总计
360 0.28 110 467 8737
负债（亿美元）
90% 通货
8074
93%
银行准备金
184
2%
逆回购
1.传统贴现窗口 –降低再贴现率 –07年6月1.49亿美元 –08年10月1119亿美元
2.定期拍卖贷款TAC –交易对象为银行 –扩展了质押品
–国债、优质企业债 –联邦机构债 –机构担保抵押债券MBS
3.商业票据融资便利CPFF
美联储
贷款
本息
CPFF LLC
资金
CP
商业票据发行人
4.定期资产支持证券融资便利TALF • 向合格证券持有者融资
– 学生贷款支持证券 – 消费贷款支持证券 – 中小企业贷款支持证券等 • 鼓励投资合格ABS • 推动相关贷款一级市场
（三）特定机构贷款支持
•Maiden Lane LLC
贝尔斯登
•Maiden Lane Ⅱ LLC AIG
•Maiden Lane Ⅲ LLC
图：贝尔斯登 AIG
四、危机后美联储负债结构变化
2008.3-5
2009.3——2012.12
–2009年QE1启动后增持 • 危机救助转向实施量化宽松
BACK
2. 大规模购买新型债券
• 联邦机构债 –房地美、房利美和吉利美债券
• 机构担保MBS债券 –由券商发行三家机构担保的MBS
• 美联储优先购买上述பைடு நூலகம்类债券

从资产负债表角度看中美央行缩表操作：中美央行资产负债表对比

人民银行资产负债表的几个特点
第一，央行资产负债表的增速逐渐下行。
第二，央行资产规模占整个银行体系资产规模逐渐下降。第三，基础货币占总负债的比例以及货币乘数都在上行。
基础货币占总负债的比例以及货币乘数都在上行
100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 05-12 06-07 07-02 07-09 08-04 08-11 09-06 10-01 10-08 11-03 11-10 12-05 12-12 13-07 14-02 14-09 15-04 15-11 16-06 17-01 0% 央行/银行资产储备货币/央行负债货币乘数（右轴） 5.5 5.3 5.1 4.9 4.7 4.5 4.3 4.1 3.9 3.7 3.5
货币当局:总资产
增速（右轴）
45% 40% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10%
人民银行资产表解析
资产项目国外资产外汇货币黄金 • • • 央行外汇占款的减少对于央行资产负债表有两种影响方式。第一种方式，央行外汇资产减少的同时，负债端基础货币同时减少，资产表和负债表同时减结果就是央行缩表。第二种方式，是央行外汇资产减少，央行增加再贷款操作来对冲。国外资产：2000年以来，外汇占款是央行最为重要的基础货币投放方式，2014年央行外汇占款出现了34个月外汇占款下降的情况，再贷款开始作为基础货币投放。
储备货币：央行的主要负债来源，占到整个负债规模的88%左右。 • • • 货币发行是央行发行的货币，是实物形态的纸币和硬币，从流通状态来分又分为流通中的货币M0和商业银行库存现金两部分。其他存款性公司存款是商业银行和政策性银行上缴准备金账户存款，又分为法定准备金和超额准备金两部分，是基础货币的主要构成部分。非金融机构存款是指为支付机构交存人民银行的客户备付金存款。

美联储资产负债表中的银行存款准备金

When ites to the Federal Reserve balance sheet, the bank deposit reserve is like the superhero cape of the banking world. It's the stash of cash that a bank has to keep on hand, either in its vault or parked at the Federal Reserve, just in case the depositorse knocking. This reserve requirement is the brainchild of the Federal Reserve, the all-powerful central bank of the United States. Its mission is to make sure that banks always have enough cash flow to handle any sudden withdrawal demands, and to keep a tight rein on how much money they can lend out. Think of it as the Fed's way of playing with the money supply and interest rates, kind of like a conductor leading an orchestra. So, the next time you picture the Federal Reserve balance sheet, imagine a secret vault full of superhero cash, keeping the banking world safe and sound!银行存款储备就像银行界的超级英雄斗篷银行在保险库里或停在联邦储备局都得存现金以防存款人敲门这一储备要求是美国全能的中央银行美联储的聪明人才。

2012美联储资产负债表

FEDERAL RESERVE statistical releaseH.4.1Factors Affecting Reserve Balances of Depository Institutions and Condition Statement of Federal Reserve BanksOctober 11, 20121. Factors Affecting Reserve Balances of Depository InstitutionsMillions of dollarsAverages of daily figuresWednesday Oct 10, 2012Week ended Oct 10, 2012Change from week ended Oct 3, 2012Oct 12, 2011Reserve Bank credit, related items, andreserve balances of depository institutions at Federal Reserve BanksReserve Bank credit2,797,387+ 11,813- 42,412 2,793,536Securities held outright 12,575,693+ 8,839- 70,104 2,571,487U.S. Treasury securities 1,657,389+ 8,929- 9,256 1,653,737Bills 20 0- 18,423 0Notes and bonds, nominal 21,575,543+ 8,829+ 6,220 1,571,859Notes and bonds, inflation-indexed 2 71,784 0+ 2,818 71,784Inflation compensation 310,063+ 101+ 129 10,094Federal agency debt securities 2 83,311- 94- 24,957 82,746Mortgage-backed securities 4 834,993+ 4- 35,890 835,005Repurchase agreements 5 0 0 0 0Loans1,557- 38- 9,817 1,559Primary credit 17- 6- 21 29Secondary credit 0 0- 1 0Seasonal credit86- 20+ 25 76Term Asset-Backed Securities Loan Facility 6 1,454- 13- 9,819 1,454Other credit extensions0 0 0 0Net portfolio holdings of Maiden Lane LLC 7 1,731+ 10- 13,756 1,732Net portfolio holdings of Maiden Lane II LLC 8 61 0- 9,792 61Net portfolio holdings of Maiden Lane III LLC 9 23 0- 21,220 23Net portfolio holdings of TALF LLC 10 853 0+ 68 853Float-747- 47+ 418 -1,158Central bank liquidity swaps 11 12,951+ 400+ 12,451 12,951Other Federal Reserve assets 12 205,265+ 2,650+ 69,339 206,027Gold stock11,041 0 0 11,041Special drawing rights certificate account 5,200 0 0 5,200Treasury currency outstanding 1344,713+ 14+ 605 44,713Total factors supplying reserve funds 2,858,341+ 11,828- 41,8072,854,490Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.1. Factors Affecting Reserve Balances of Depository Institutions (continued)Millions of dollarsAverages of daily figuresWednesday Oct 10, 2012Week ended Oct 10, 2012Change from week ended Oct 3, 2012Oct 12, 2011Reserve Bank credit, related items, andreserve balances of depository institutions at Federal Reserve BanksCurrency in circulation 131,136,604+ 6,651+ 91,643 1,137,199Reverse repurchase agreements 1486,781- 3,754+ 9,931 88,335Foreign official and international accounts 86,781- 3,754+ 9,931 88,335Others0 0 0 0Treasury cash holdings129+ 6- 3 132Deposits with F.R. Banks, other than reserve balances 97,239- 14,148+ 15,125 91,881Term deposits held by depository institutions 3,040 0- 2,037 3,040U.S. Treasury, General Account65,845- 17,452+ 43,939 53,452U.S. Treasury, Supplementary Financing Account 0 0 0 0Foreign official 5,562- 29+ 5,435 5,561Service-related0 0- 2,513 0Required clearing balances0 0- 2,513 0Adjustments to compensate for float 0 0 0 0Other22,791+ 3,333- 29,700 29,828Other liabilities and capital 1568,022+ 388- 3,55467,149Total factors, other than reserve balances,absorbing reserve funds1,388,776- 10,857+ 113,144 1,384,695Reserve balances with Federal Reserve Banks1,469,565+ 22,684- 154,9511,469,794Note: Components may not sum to totals because of rounding.1.Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.2.Face value of the securities.pensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.4.Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of the underlying mortgages.5.Cash value of agreements.6.Includes credit extended by the Federal Reserve Bank of New York to eligible borrowers through the Term Asset-Backed Securities Loan Facility.7.Refer to table 4 and the note on consolidation accompanying table 9.8.Refer to table 5 and the note on consolidation accompanying table9.9.Refer to table 6 and the note on consolidation accompanying table 9.10.Refer to table 7 and the note on consolidation accompanying table 9.11.Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returnedto the foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.12.Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates, and the fair value adjustmentto credit extended by the FRBNY to eligible borrowers through the Term Asset-Backed Securities Loan Facility.13.Estimated.14.Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.15.Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the Federal ReserveBank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury. Refer to table 8and table 9.Sources: Federal Reserve Banks and the U.S. Department of the Treasury.1A. Memorandum ItemsMillions of dollars Averages of daily figuresWednesday Oct 10, 2012Week ended Oct 10, 2012Change from week ended Oct 3, 2012Oct 12, 2011Memorandum itemMarketable securities held in custody for foreignofficial and international accounts 1 3,587,395- 5,911+ 183,744 3,595,004U.S. Treasury securities 2,883,199- 6,192+ 202,777 2,891,489Federal agency securities 2 704,196+ 282- 19,033 703,515Securities lent to dealers 7,509- 2,818- 2,282 6,866Overnight facility 37,509- 2,818- 2,282 6,866U.S. Treasury securities7,036- 2,725- 1,604 6,420Federal agency debt securities473- 93- 679446Note: Components may not sum to totals because of rounding.1.Face value of the securities. Includes U.S. Treasury STRIPS and other zero-coupon bonds at face value and mortgage-backed securities at originalface value.2.Includes debt and mortgage-backed securities.3.Fully collateralized by U.S. Treasury securities.2. Maturity Distribution of Securities, Loans, and Selected Other Assets and Liabilities, October 10, 2012Millions of dollars Within 15days 16 days to 90 days 91 days to 1 year Over 1 year to 5 years Over 5 years to 10 years Over 10years All Remaining maturityLoans 153 217 363 927 0 ... 1,559U.S. Treasury securities 2Holdings0 485 17 454,182 814,098 384,955 1,653,737Weekly changes0 0- 594- 7,195+ 4,740+ 3,843+ 793Federal agency debt securities 3Holdings844 5,119 16,131 53,895 4,410 2,347 82,746Weekly changes+ 185- 844 0 0 0 0- 659Mortgage-backed securities 4Holdings0 0 4 2 306 834,693 835,005Weekly changes0 0 0 0 0+ 13+ 13Asset-backed securities held byTALF LLC 50 0 0 0 0 0 0Repurchase agreements 6 0 0 ... ... ... ... 0Central bank liquidity swaps 74,7758,1750 0 0 0 12,951Reverse repurchase agreements 6 88,335 0 ... ... ... ... 88,335Term deposits 3,040 0 0.........3,040Note: Components may not sum to totals because of rounding.. . . Not applicable.1.Excludes the loans from the Federal Reserve Bank of New York (FRBNY) to Maiden Lane LLC, Maiden Lane II LLC, MaidenLane III LLC, and TALF LLC. The loans were eliminated when preparing the FRBNY’s statement of condition consistent with consolidation under generally accepted accounting principles.2.Face value. For inflation-indexed securities, includes the original face value and compensation that adjusts for the effect of inflation on theoriginal face value of such securities.3.Face value.4.Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of theunderlying mortgages.5.Face value of asset-backed securities held by TALF LLC, which is the remaining principal balance of the underlying assets.6.Cash value of agreements.7.Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned tothe foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.3. Supplemental Information on Mortgage-Backed SecuritiesMillions of dollarsWednesdayAccount nameOct 10, 2012Mortgage-backed securities held outright1 835,005 Commitments to buy mortgage-backed securities2 109,089 Commitments to sell mortgage-backed securities2 2,750Cash and cash equivalents3 61.Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of theunderlying mortgages.2.Current face value. Generally settle within 180 days and include commitments associated with outright transactions, dollar rolls, and coupon swaps.3.This amount is included in other Federal Reserve assets in table 1 and in other assets in table 8 and table 9.4. Information on Principal Accounts of Maiden Lane LLCMillions of dollarsWednesdayAccount nameOct 10, 2012Net portfolio holdings of Maiden Lane LLC1 1,732Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0Accrued interest payable to the Federal Reserve Bank of New York2 0Outstanding principal amount and accrued interest on loan payable to JPMorgan Chase & Co.3 3081.Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in anorderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2012. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.2.Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent withconsolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.3.Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends intable 8 and table 9.Note: On June 26, 2008, the Federal Reserve Bank of New York (FRBNY) extended credit to Maiden Lane LLC under the authority of section 13(3)of the Federal Reserve Act. This limited liability company was formed to acquire certain assets of Bear Stearns and to manage those assetsthrough time to maximize repayment of the credit extended and to minimize disruption to financial markets. Payments by Maiden Lane LLC fromthe proceeds of the net portfolio holdings will be made in the following order: operating expenses of the LLC, principal due to the FRBNY, interestdue to the FRBNY, principal due to JPMorgan Chase & Co., and interest due to JPMorgan Chase & Co. Any remaining funds will be paid to the FRBNY.5. Information on Principal Accounts of Maiden Lane II LLCMillions of dollarsWednesdayAccount nameOct 10, 2012Net portfolio holdings of Maiden Lane II LLC1 61Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0Accrued interest payable to the Federal Reserve Bank of New York2 0Deferred payment and accrued interest payable to subsidiaries of American International Group, Inc.3 01.Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in anorderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2012. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.2.Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent withconsolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.3.Book value. The deferred payment represents the portion of the proceeds of the net portfolio holdings due to subsidiaries of AmericanInternational Group, Inc. in accordance with the asset purchase agreement. The fair value of this payment and accrued interest payable are included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8 and table 9.Note: On December 12, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane II LLC under the authorityof section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase residential mortgage-backed securities from the U.S. securities lending reinvestment portfolio of subsidiaries of American International Group, Inc. (AIG subsidiaries). Payments by Maiden Lane II LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane II LLC, principal due tothe FRBNY, interest due to the FRBNY, and deferred payment and interest due to AIG subsidiaries. Any remaining funds will be shared by the FRBNY and AIG subsidiaries.6. Information on Principal Accounts of Maiden Lane III LLCMillions of dollarsWednesdayAccount nameOct 10, 2012Net portfolio holdings of Maiden Lane III LLC1 23Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0Accrued interest payable to the Federal Reserve Bank of New York2 0Outstanding principal amount and accrued interest on loan payable to American International Group, Inc.3 01.Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in anorderly market on the measurement date. Revalued quarterly. This table reflects valuations as of June 30, 2012. Any assets purchased after this valuation date are initially recorded at cost until their estimated fair value as of the purchase date becomes available.2.Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent withconsolidation under generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.3.Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends intable 8 and table 9.Note: On November 25, 2008, the Federal Reserve Bank of New York (FRBNY) began extending credit to Maiden Lane III LLC under the authorityof section 13(3) of the Federal Reserve Act. This limited liability company was formed to purchase multi-sector collateralized debt obligations(CDOs) on which the Financial Products group of American International Group, Inc. (AIG) has written credit default swap (CDS) contracts. Inconnection with the purchase of CDOs, the CDS counterparties will concurrently unwind the related CDS transactions. Payments by Maiden LaneIII LLC from the proceeds of the net portfolio holdings will be made in the following order: operating expenses of Maiden Lane III LLC, principal dueto the FRBNY, interest due to the FRBNY, principal due to AIG, and interest due to AIG. Any remaining funds will be shared by the FRBNY andAIG.7. Information on Principal Accounts of TALF LLCMillions of dollarsWednesdayAccount nameOct 10, 2012Asset-backed securities holdings1 0Other investments, net 853Net portfolio holdings of TALF LLC 853Outstanding principal amount of loan extended by the Federal Reserve Bank of New York2 0Accrued interest payable to the Federal Reserve Bank of New York2 0Funding provided by U.S. Treasury to TALF LLC, including accrued interest payable3 1121.Fair value. Fair value reflects an estimate of the price that would be received upon selling an asset if the transaction were to be conducted in an orderlymarket on the measurement date.2.Book value. This amount was eliminated when preparing the Federal Reserve Bank of New York’s statement of condition consistent with consolidationunder generally accepted accounting principles. Refer to the note on consolidation accompanying table 9.3.Book value. The fair value of these obligations is included in other liabilities and capital in table 1 and in other liabilities and accrued dividends in table 8and table 9.Note: On November 25, 2008, the Federal Reserve announced the creation of the Term Asset-Backed Securities Loan Facility (TALF) under the authority of section 13(3) of the Federal Reserve Act. The TALF is a facility under which the Federal Reserve Bank of New York (FRBNY) extends loans with a term of up to five years to holders of eligible asset-backed securities. The TALF is intended to assist financial markets in accommodating the credit needs of consumers and businesses by facilitating the issuance of asset-backed securities collateralized by a variety of consumer and business loans. The loans provided through the TALF to eligible borrowers are non-recourse, meaning that the obligation of the borrower can be discharged by surrendering the collateral to the FRBNY. The loans are extended for the market value of the security less an amount known as a haircut. As a result, the borrower bears the initial risk of a decline in the value of the security.TALF LLC is a limited liability company formed to purchase and manage any asset-backed securities received by the FRBNY in connection with the decision of a borrower not to repay a TALF loan. TALF LLC has committed, for a fee, to purchase all asset-backed securities received by the FRBNY in conjunction with a TALF loan at a price equal to the TALF loan plus accrued but unpaid interest. Losses on asset-backed securities held by TALF LLC will be offset in the following order: by the commitment fees collected by TALF LLC, by the interest received on investments of TALF LLC, by up to $1.4 billion in subordinated debt funding provided by the U.S. Treasury, and finally, by senior debt funding provided by the FRBNY. Payments by TALF LLC from the proceeds of its net portfolio holdings will be made in the following order: operating expenses of TALF LLC, principal due to the FRBNY, principal due to the U.S. Treasury, interest due to the FRBNY, and interest due to the U.S. Treasury. Any remaining funds will be shared by the FRBNY and the U.S. Treasury.8. Consolidated Statement of Condition of All Federal Reserve Banks Millions of dollarsEliminations from consolidation WednesdayOct 10, 2012Change sinceWednesdayOct 3, 2012WednesdayOct 12, 2011Assets, liabilities, and capitalAssetsGold certificate account 11,037 0 0 Special drawing rights certificate account 5,200 0 0 Coin 2,174- 6- 81 Securities, repurchase agreements, and loans 2,573,047+ 134- 86,264 Securities held outright1 2,571,487+ 146- 76,431 U.S. Treasury securities 1,653,737+ 793- 15,029 Bills2 0 0- 18,423 Notes and bonds, nominal2 1,571,859+ 690+ 430 Notes and bonds, inflation-indexed2 71,784 0+ 2,818 Inflation compensation3 10,094+ 103+ 145 Federal agency debt securities2 82,746- 659- 25,522 Mortgage-backed securities4 835,005+ 13- 35,878 Repurchase agreements5 0 0 0 Loans 1,559- 13- 9,834 Net portfolio holdings of Maiden Lane LLC6 1,732+ 1- 13,763 Net portfolio holdings of Maiden Lane II LLC7 61 0- 9,794 Net portfolio holdings of Maiden Lane III LLC8 23 0- 21,271 Net portfolio holdings of TALF LLC9 853 0+ 68 Items in process of collection (229) 201- 28- 81 Bank premises 2,345+ 1+ 163 Central bank liquidity swaps10 12,951+ 400+ 12,451 Other assets11 203,682+ 2,606+ 68,108 Total assets (229) 2,813,306+ 3,110- 50,464 Note: Components may not sum to totals because of rounding. Footnotes appear at the end of the table.8. Consolidated Statement of Condition of All Federal Reserve Banks (continued) Millions of dollarsEliminations from consolidation WednesdayOct 10, 2012Change sinceWednesdayOct 3, 2012WednesdayOct 12, 2011Assets, liabilities, and capitalLiabilitiesFederal Reserve notes, net of F.R. Bank holdings 1,094,788+ 3,512+ 91,466 Reverse repurchase agreements12 88,335+ 1,072+ 14,851 Deposits (0) 1,561,675- 1,823- 151,745 Term deposits held by depository institutions 3,040 0- 2,037 Other deposits held by depository institutions 1,469,795+ 5,170- 165,593 U.S. Treasury, General Account 53,452- 20,036+ 35,771 U.S. Treasury, Supplementary Financing Account 0 0 0 Foreign official 5,561 0+ 5,435 Other (0) 29,828+ 13,044- 25,320 Deferred availability cash items (229) 1,359+ 460- 901 Other liabilities and accrued dividends13 12,413- 115- 6,834Total liabilities (229) 2,758,570+ 3,106- 53,163Capital accountsCapital paid in 27,368+ 2+ 1,349 Surplus 27,368+ 2+ 1,349 Other capital accounts 0 0 0Total capital 54,735+ 3+ 2,698 Note: Components may not sum to totals because of rounding.1.Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.2.Face value of the securities.pensation that adjusts for the effect of inflation on the original face value of inflation-indexed securities.4.Guaranteed by Fannie Mae, Freddie Mac, and Ginnie Mae. Current face value of the securities, which is the remaining principal balance of theunderlying mortgages.5.Cash value of agreements, which are collateralized by U.S. Treasury and federal agency securities.6.Refer to table 4 and the note on consolidation accompanying table 9.7.Refer to table 5 and the note on consolidation accompanying table 9.8.Refer to table 6 and the note on consolidation accompanying table 9.9.Refer to table 7 and the note on consolidation accompanying table 9.10.Dollar value of foreign currency held under these agreements valued at the exchange rate to be used when the foreign currency is returned tothe foreign central bank. This exchange rate equals the market exchange rate used when the foreign currency was acquired from the foreign central bank.11.Includes other assets denominated in foreign currencies, which are revalued daily at market exchange rates and the fair value adjustment tocredit extended by the Federal Reserve Bank of New York (FRBNY) to eligible borrowers through the Term Asset-Backed Securities Loan Facility.12.Cash value of agreements, which are collateralized by U.S. Treasury securities, federal agency debt securities, and mortgage-backed securities.13.Includes the liabilities of Maiden Lane LLC, Maiden Lane II LLC, Maiden Lane III LLC, and TALF LLC to entities other than the FederalReserve Bank of New York, including liabilities that have recourse only to the portfolio holdings of these LLCs. Refer to table 4 through table 7 and the note on consolidation accompanying table 9. Also includes the liability for interest on Federal Reserve notes due to U.S. Treasury.H.4.110. Collateral Held against Federal Reserve Notes: Federal Reserve Agents’ AccountsMillions of dollarsWednesday Federal Reserve notes and collateralOct 10, 2012 Federal Reserve notes outstanding 1,312,753 Less: Notes held by F.R. Banks not subject to collateralization 217,965 Federal Reserve notes to be collateralized 1,094,788 Collateral held against Federal Reserve notes 1,094,788 Gold certificate account 11,037 Special drawing rights certificate account 5,200 U.S. Treasury, agency debt, and mortgage-backed securities pledged1,2 1,078,551 Other assets pledged 0 Memo:Total U.S. Treasury, agency debt, and mortgage-backed securities1,2 2,571,487 Less: Face value of securities under reverse repurchase agreements 75,387 U.S. Treasury, agency debt, and mortgage-backed securities eligible to be pledged 2,496,101 Note: Components may not sum to totals because of rounding.1.Includes face value of U.S. Treasury, agency debt, and mortgage-backed securities held outright, compensation toadjust for the effect of inflation on the original face value of inflation-indexed securities, and cash value of repurchaseagreements.2.Includes securities lent to dealers under the overnight securities lending facility; refer to table 1A.。

美联储资产负债表相关数据2002-2010年

Assets: Other Factors Supplying Reserve Other Factorsand account: Liabilities and Capital:Reverse repurchase repurchase Assets: Other: Special Assets: Balances: Gold stock: week average Liabilities and Capital:Reversereserve funi Assets: Other Factors Supplying Reserve Balances:averageDrainingLiabilitiessupplying agreemen drawing rights certificate Capital: Other Factors currency outstanding: week average Liabilities Supplying and Capital: Liabilities: Liabilities:Balances: Currency Liabilities ReserveTreasury TotalReserve and Capital:Reverse week Balances: factors Liabilities: Other F 11043 2200 34566 751293 681523 20908 20908 0 361 11043 2200 35468 795310 723706 21635 21635 0 319 11044 2200 36435 838184 756900 30132 30132 0 268 11041 2200 36540 876436 792055 28577 28577 0 203 11041 2200 38198 903689 816824 30509 30509 0 230 11041 2200 38682 925274 825497 39120 39120 0 248 11041 2200 38674 2270407 888750 84442 84442 0 250 11041 5200 42690 2276237 929539 65714 65714 0 233 11041 5200 43539 2467301 983671 55763 55763 0 184

美联储缩减资产负债表的路径、影响与应对

方月度失业率水平从５％左右的水平
息至１％左右时应考虑在适当时候缩
减资产负债表；２月，美联储主席耶伦也表示希望循序渐进地缩减资产负债表；３月ＦＯＭＣ会议纪要显示多数美联储官员支持于今年晚些时候采取缩表措施，这预示美联储缩表的
缓步下降，２０１７年１ —３月，失业率
分别为４．８％、４．７％和４．５％，为近十
“ 靴子”将要落地。鉴于美联储货
币政策存在的巨大溢出效应，我国
需尽早谋划，积极应对美联储缩减资产负债表可能给我国经济发展带
来的影响。
为２．１％、２．５％、２．７％和２．４％，已达到美联储２％的通胀率目标；在就业
美元；负债端的扩张主要集中在美
联储未偿还票据净值（增加６７１２．４８
储已经先后加息四次，联邦基金利率
亿美元）、回购协议下出售的证券
Ｉ
世界ｒ中国发展观察
美联储缩减资产负债表的路径、影响与应对
◇ 谈俊綦鲁明胡华
负债表的方式向市场注入大量流动２Ｏ０７年次贷危机爆发后，为规模实现了大幅扩张（见图１）。
应对国内市场出现的流动性短缺，
负债规模由８７７８．７６亿美元上升至
表大规模扩张。随着美国经济逐步４４１２８．９５亿美元，总权益规模由３６９够流动性，稳定了市场预期，没有亿美元提高至４０４．４２亿美元。从结

美联储资产负债表解读

美联储资产负债表解读MILASS我们都知道，一国（或地区）的法定货币是由该国（或地区）的货币发行机构发行，而这个发行机构通常是该国（或地区）的中央银行（非中央银行发行的情况，本文不累述）。

狭义的法定货币是指中央银行发行的钞票。

广义的法定货币又分基础货币和广义货币（M2或M3，各国定义的标准有一定差异）。

基础货币的供应是由中央银行来实现的，而派生货币供应（广义货币除去基础货币）则是由商业银行来实现。

一般来讲，基础货币的发行是需要保证物背书的，这些保证物可以是贵金属、金融票据、外国货币以及实物等资产。

也就是说，央行通过购买这些资产来发行基础货币。

而在实际操作过程当中，我们发现央行充当了最后贷款人的角色，央行通过再贴现、再贷款等方式直接向金融机构、甚至是政府部门进行资金融通，发行基础货币。

中央银行在履行货币发行、执行货币政策等职能时，这些业务活动所形成的债权债务，就构成了央行的资产负责表。

下面笔者就以美国联邦储备银行的资产负债表为例，来和大家探讨全球结算货币——美元的发行。

在此之前，我们先来看看中央银行资产负债表的基本概念和内容。

一．定义中央银行资产负债表的定义是：中央银行在履行职能时，业务活动所形成的债权债务存量表。

中央银行资产负债业务的种类、规模和结构都综合地反映在资产负债表上。

二．内容中央银行资产负债表的内容包括：1．负债项目（1）流通中的货币作为发行的银行，发行货币是中央银行的基本职能，也是中央银行的主要资金来源，中央银行发行的货币通过再贴现、再贷款、购买有价证券和收购黄金、外汇投入市场，成为流通中的货币，成为中央银行对公众的负债。

（2）各项存款包括政府和公共机构存款、商业银行等金融机构存款。

作为国家的银行，政府通常会赋予中央银行代理国库的职责，政府和公共机构存款由中央银行办理。

作为银行的银行，中央银行的金融机构存款包括了商业银行缴存准备金和用于票据清算的活期存款。

（3）其他负债包括对国际金融机构的负债或中央银行发行债券。

美联储资产负债表的原理

美联储资产负债表的原理
美联储的资产负债表是一个复杂的系统，主要涉及资产和负债两个方面。

以下是其运作原理：
1. 资产端：美联储的资产主要包括各种金融工具，如美国国债、抵押支持证券和联邦机构证券等。

这些资产是通过公开市场操作购买的，旨在增加银行体系的流动性并影响利率水平。

2. 负债端：美联储的负债主要包括货币发行、联邦储备存款和政府存款等。

其中，货币发行是美联储最主要的负债，通过印制美元来满足市场需求。

联邦储备存款是银行和其他金融机构在美联储的存款，用于满足其储备金要求。

政府存款则是政府在美联储的存款，主要来自于财政收入和支出。

美联储通过调整其资产负债表规模和结构，可以影响市场上的货币供应量和利率水平，进而实现货币政策目标。

例如，当美联储认为经济增长过快、通货膨胀率过高时，可以通过卖出持有的证券、减少资产规模等方式，减少市场上的货币供应量，进而抑制通货膨胀和经济增长。

相反，如果经济出现衰退、通货紧缩等情况，美联储可以通过购买证券、增加资产规模等方式，增加市场上的货币供应量，刺激经济增长。

总之，美联储的资产负债表是其货币政策的重要工具之一，通过调整资产负债表的规模和结构，可以影响市场上的货币供应量和利率水平，进而实现货币政策目标。

美最新基础货币以及资产负债表观察

美最新基础货币以及资产负债表观察
(2013-03-22 13:26:14)
美联储会议以及伯南克新闻发布会后，在数小时前，美联储公布了基础货币和资产负债表数据：
1：基础货币：继续上涨哦，达2.976万亿！按照美联储对“调整后的基础货币”的解释，它指的是在联储和财政部之外循环流通中的货币总和，再加上储蓄机构（如储蓄银行，商业银行，信用社等）所持有的存款数。

基础货币与金价的关系：仍保持在上下轨的波动区间：注意到下图中很有趣的现象，即散点的“集簇”现象，有三次较为凸出的表现。

即在基础货币持续增加累积到一定程度后，金价在基础货币相对变化不大的情况下，近乎垂直地上升。

2：资产负债表：突破3.2万亿！
3：金价对数收益率：
似乎可以用来估值哦。

上面的红色框体表示该卖出金子，下面的绿色框体表示该买进金子。

当然，现在对金子的价格究竟是高估了还是低估了，存在很大的争议，可以有不同的观点，但是不能有不同的事实。

此处的估值，聊备一格，也算一种看问题的方式方法吧。

图中的红色浮动频率线，请注意振幅是不确的。

就像前不久的下跌，对数收益率几乎跌至去年5月的位置，而拟合曲线显示的只是个小坑，这就不对哦。

美联储资产负债表分析

一、资产类项目分析1.总资产增长率对比通过对美联储和中国人民银行近八年来总资产增长速度的统计，我们发现，中国人民银行的总资产增长率大部分年份为正值，说明中国人民银行的总资产基本上呈现不断增长的趋势，相比而言，美联储在2008年以外的年份里，总资产增长率较低，且时正时负，说明美联储的总资产增长态势不是很明显。

但是，值得注意的是，在2008年金融危机爆发之际，美联储总资产增长率在3、4季度迅速拉升，全年总资产增长率高于100%，相比而言，中国人民银行并没有表现出太大的变化来，依然保持以外的增长率在增长。

由统计数据可知，金融危机对于美国的冲击迫使美联储大幅度增加流动性供给，而我国由于金融危机冲击较小，得以保持较低的增长率。

2．美联储各类资产总额分析在金融危机之前，各项资产所占比例变化不大，但金融危机改变了这一切。

2007年下半年以来，美国次贷危机愈演愈烈，为市场提供流动性，恢复市场信心美联储为应对金融危机采取了大量拯救措施，从图表中我们可以清晰地看出在次贷危机期间各项资产都有一个较大的变化。

联储一手通过多种创新工具向市场投放流动性，一手用卖出国债的方式回收流动性。

1.在金融危机之后可以从国内信贷的结构变化看出，直接持有债券的比例大幅下降。

2.新资产项目显著增多、数额巨大。

可以在其他资产的变化中看出自从09年央行流动性互换的新项目被提出，在金融危机之后的恢复阶段，几乎占了所有的其他资产，为恢复期做出了巨大的贡献。

3．国内信贷变化分析从上图可以看出，美国资产的重头集中于国内信贷部分，自金融危机爆发至今，其国内信贷增长趋势与资产项目增长趋势极为相似，其中直接持有证劵部分的增长与国内信贷的增长有很大的相关性，分析原因如下：1.美国政府持续推行QE量化宽松政策。

扩大货币发行，减少银行压力，放松银根，来向市场注入大量的流动性以复苏经济。

在金融危机全面爆发之后，美联储通过一系列救市政策增加相当规模的基础货币供应，除去低利率效应，其中1.25万亿美元MBS、3000亿美元美国国债和1750亿美元机构证券就向市场直接注入1.725万亿美元。

美国资产负债表

美国资产负债表公司内部档案编码：[OPPTR-OPPT28-OPPTL98-OPPNN08]
美国2008-2012年资产负债表
数据整理者：西南财经大学金融学院陈坷
注：1.加粗黑体为1级科目，未加粗为2级科目，未加粗斜体为3级科目。

2.美联储的资产负债表为报告式。

3.在财政部证券科目下有3级科目，分别为财政部短期票据，国库券，长期债券，在这里省略。

4.在资产负债表中，不同年间会增加或减少一些科目，例如2010年后就没有了“投资组合中通过货币市场融资工具对公司的融资”科目，所以本人就认为该科目金额为0
5.翻译可能有不对的地方，如果有疑问，美联储的官网能查看各指标示意。

FED资产负债表(完成)

2010年2月1日。2009年12月2日美联储宣布，将一级交易商信贷工具（PDCF）、资产支持商业票据货币市场基金流动性工具（AMLF）及期限有价证券借贷工具（TSLF）三项紧急融资工具的截止日期，由原定的2009年1月30日推延至2009年4月30日。
定期拍卖工具（TAF）
• • • 2007年12月12日，面临越来越严重的信贷紧缩，美联储推出一项新的流动性支持工具，即所谓的短期拍卖工具 (Term Auction Facility，TAF)。通过TAF，美联储每月两次向金融机构提供短期借款，提前确定数量，采取竞价拍卖的方式确定利率，同时收取金融资产作为抵押。所有被美联储银行认为财务状况良好的存款类金融机构以及在一级信贷贴现窗口有贷款资质的存款类金融机构均有资格参与TAF竞拍。所有竞标者必须有足额的抵押品，抵押品范围同于贴现窗口贷款。每次拍卖活动前，美联储会按期发布拍卖活动有关信息，包括拍卖资金总额、期限(一般为28天)、竞标底价、最低竞标额、最高竞标额等，其中竞标底价将由所拍卖贷款到期日隔夜指数互换利率(Overnight index swaps，OIS，是指市场参与者对于贷款对应期间联邦基金平均利率的预估值)确定。拍卖开始后，竞标者应向所在地的联储银行提交自己的竞标金额及价格。拍卖终了，联储官员将按照从最高竞价到最低竞价的顺序对所有竞标进行排序，并按一定的规则来确定“止停价格(stop-out rate)”。所有竞价高于“止停价格”的竞标都将全额中标，竞价等于“止停价 TAF (singe-price format) 格”的竞标将按比例分配中标金额。由于TAF采取的是单一价格拍卖模式(singe-price auction format)，因此，中标者将统一按“止停价格”支付其借款利息。截至2008年7月底，美联储共进行TAF17次，累计向金融市场提供了流动性8850亿美元，每次竞拍的数量也从最初的200亿美元，先后增加到300亿、500亿和750亿美元。 TAF的推出受到市场热捧，甚至有市场人士认为它是美联储40年来最伟大的金融创新。2008年1月10日，美联储主席伯南克在一次演讲中对贴现窗口与TAF作了比较。他认为，作为缓解货币市场紧张状况的工具之一，贴现窗口有两点不足：第一，银行可能不愿意使用贴现窗口，担心市场会对其财务状况和自行获取资金的能力形成负面看法，这就是所谓的“坏名声(stigma)”问题。第二，为了保持联邦基金利率接近目标值，美联储的公开市场操作必须考虑贴现窗口贷款会增加银行体系的准备金水平，因此，假如其他条件不变，这会造成联邦基金市场利率低于其目标值。公开市场操作可以通过从银行体系吸收准备金来抵消这种影响，但银行从贴现窗口的借款数量非常难以预测，这会使联邦基金利率的管理复杂化，尤其是当借款数量很大的时候。为了纠正贴现窗口的缺陷，美联储推出了TAF，该方法事前确定贴现窗口贷款的数量，并向合格借款人进行竞拍，这样，既可以更有效地解决银行间市场目前存在的问题，同时又不会导致银行准备金和联邦基金利率管理的复杂化。 2008年5月13日，伯南克在参加亚特兰大联邦储备银行金融市场会议时再次对TAF进行了评价。他指出，TAF 与公开市场操作非常类似，只是交易对手是存款机构而不是一级交易商，而且TAF的抵押品范围更宽；由于其竞争性的拍卖模式，加之可以提供大量信贷，TAF可以在很大程度上克服“坏名声”问题；越来越多的银行都参加了这种拍卖，而且这种方式还简化了货币政策的实施，因为它提高了存款机构借款水平的可预测性。

美联储资产负债

美联储资产负债表（2003.12.24）单位：百万美元美联储资产负债表（2008.12.24）* Net portfolio holdings of Commercial Paper Funding Facility LLC（以下项目标注相类似）Commercial Paper Funding Facility LLC is a limited liability company formed to purchase three-month U.S. dollar-denominated commercial paper from eligible issuers and thereby foster liquidity in short-term funding markets and increase the availability of credit for businesses and households.Maiden Lane LLC is the first holding company bearing the name that was created when JPMorgan Chase took over Bear Stearns in early 2008. The Federal Reserve Bank of New Y ork is the primary benefic iary of Maiden Lane LLC. It holds an asset portfolio that JPMorgan found too risky to assume in whole, and consequently the Federal Reserve Bank of New Y ork extended a $30 billion credit line to the limited liability company to facilitate the unwinding of these assets over time. Bloomberg, citing Bank of America analysts, reported on October 2, 2008, that the Federal Reserve might stand to lose $2 to $6 billion on the asset porfolio. A November 06, 2008, update by the Federal Reserve showed that the fair value of the assets was at $26.8 billion, meaning a book loss of $2 billion for the Federal Reserve.Maiden Lane II LLC is a limited liability company created when American International Group Inc(AIG) was taken over by the U.S. government in September 2008. Since AIG's subsidiarieshold a great many residential mortgage-backed securities that are very risky, Maiden Lane II LLC was formed to purchase these RMBS. On December 12, 2008, the Federal Reserve Bank of New Y ork began extending credit to Maiden Lane II LLC. On the Fed's Balance Sheet as of December 17, 2008, net portfolio holdings of Maiden Lane II LLC are 20,031 million dollarsMaiden Lane III LLC is a holding company created when American International Group Inc(AIG) was taken over by the U.S. government in September 2008. Similar to Maiden Lane II LLC, Maiden Lane III LLC aims to purchase multi-sector collateralized debt obligations (CDOs) on which the Financial Products group of AIG had written credit default swap contracts. On November 25, 2008, the Federal Reserve Bank of New Y ork began extending credit to Maiden Lane III LLC. As of December 17, 2008, The Federal Reserve's net portfolio holding of Maiden Lane III LLC is 19.656 billion dollars（Maiden Lane III LLC (ML III), a financing entity recently created by the Federal Reserve Bank of New Y ork (FRBNY) and AIG, has purchased an additional $16 billion in par amount of multi-sector collateralized debt obligations (Multi-Sector CDOs). As a result, the associated credit default swap contracts and similar instruments(CDS) written by AIG Financial Products Corp. (AIGFP) have been terminated. ML III`s purchases of CDOs, in conjunction with the termination of related CDS, have mitigated AIG's liquidity issues in connection with its CDS and similar exposures on Multi-Sector CDOs.）Reserve Balance with Federal Reserve Banks（in billions of dollars）Federal Reserve assets in billions of dollars. Source: Macroblog.。

美联储资产负债变动意味着什么

美联储资产负债变动意味着什么？事件：8 月6 日美联储公布了其资产负债表的最新状况，其整体规模自7月15日起连续三周缩减了$830 亿，至$1.99万亿。

目前的规模较08年12月中旬的历史高点（$2.3万亿）缩减了14%，但仍比雷曼倒闭前的正常规模（$0.9万亿左右）高出$1.1万亿。

资产表中除国债外的最大一项是抵押贷款证券（MBS），余额逾$5,400 亿，占总资产的27%，目前没有很大变动。

央行间流动性掉期近来已明显缩减，现有规模（$763 亿，占总资产的4%）比08年12月中的历史高点5,831亿下降了近87%，已接近雷曼倒闭前的持有量。

商业票据融资工具和定期拍卖信贷（TAC）目前已距离危机之前的水平不远。

只有国债和联邦机构债券还在持续增长，其持有量目前分别为$7,053 亿和$1,081 亿，占总资产的35%和5%。

负债表中的银行储备金一项，其余额在7月15日起的连续三周中下降了$842 亿，收缩幅度达10%，现有余额($7,247 亿)占总负债的36%，比09年5月的历史高点$9,552 亿减少了24%，但与08年9月雷曼倒闭前的水平相比仍高出22倍。

评论：美联储自6月24日的议息会议以来已开始收回部分量化放松工具，并向市场表明在适当的时候将控制商业银行超额储备金的流出。

为此，伯南克于7月21日在货币政策听证会上列举并解读了5大可采用的退出工具，展示美联储有控制通胀恶化方面的能力。

美联储资产表最近三周的收缩正符合其收回部分量化放松工具的承诺。

从收缩成因看，美联储的选择是有权衡的：其中，央行间流动性掉期会随着金融系统逐步企稳、央行间流动性日渐充裕而自动回调，在实际操作上无须美联储采取特别措施加以收回；MBS余额并没有大的变动，表明美联储将继续支持抵押贷款证券市场恢复运作。

国债持有余额尽管仍在增加，但美联储已在今日的FOMC会议上宣布“让3000 亿美元中长期美国国债的购买项目在10月底到期时自然结束”，这将进一步显示美联储控制通胀预期恶化的决心。