欧元区非常规货币政策的实施及其绩效述评

发布时间：2018-05-01 22:22

本文选题：欧元区 + 非常规货币政策　；参考：《南开经济研究》2017年04期

【摘要】：在全球实施过非常规货币政策的四大经济体中,欧元区是体量最大、政策工具最为复杂的一个。囿于欧盟特定的法律、历史和制度因素,以及货币与财政、金融一体化进程的失衡,欧洲央行在量化宽松政策的推出时机、进程和结构安排等方面较其他国家而言均体现出诸多不同。本文认为,货币、金融与财政三个领域一体化程度的失衡、市场融资结构、"最终贷款人"授权的缺失以及对"定向主权债务救济"的担忧是造成欧元区非常规政策在很长时间里呈现保守和折衷特征的关键原因。这些因素既影响了欧洲央行设计和推出非标准化措施的时机和力度,也对其货币政策目标的实现效果产生了重要影响。文章通过回溯全球金融危机爆发以来欧洲央行的货币政策实践历程,分析了其货币刺激政策特殊结构的成因,并对其绩效进行了评价。
[Abstract]:Of the world's four largest economies with unconventional monetary policies, the euro zone is the largest and most complex of policy instruments. Due to the EU's specific legal, historical and institutional factors, as well as the imbalance between monetary and fiscal and financial integration, the European Central Bank has launched its quantitative easing policy. Processes and structures, among other things, differ from those of other countries. This paper argues that the degree of integration of the monetary, financial and fiscal sectors is out of balance. The structure of market financing, the lack of "lender of last resort" authority and concerns about "targeted sovereign debt relief" are the key reasons for the conservative and eclectic nature of the euro zone's unconventional policies for a long time. These factors not only affect the timing and strength of the ECB's design and implementation of non-standardized measures, but also have an important impact on the effectiveness of its monetary policy objectives. By looking back on the monetary policy practice of the European Central Bank since the outbreak of the global financial crisis, this paper analyzes the causes of the special structure of its monetary stimulus policy and evaluates its performance.
【作者单位】：南开大学经济学院;
【基金】：国家社科重大基金项目“经济全球化调整期的国际保护主义发展新趋势及我国的应对策略研究”(12&ZD087) 南开大学人文社科青年教师研究项目“非常规货币政策的工具选择、传导路径及绩效差异——基于国际比较的研究视角”的阶段性研究成果中国特色社会主义市场经济建设协同创新中心(世界经济研究团队)项目的支持
【分类号】：F821.0

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