欧洲央行长期再融资操作政策研究
发布时间：2018-07-22 13:43
【摘要】：本文对欧洲央行实施的两轮3年期长期再融资操作政策进行了研究。与一般的量化宽松政策相比,二者虽然都是通过扩张央行的资产负债表缓解了市场流动性紧张,但在实施的前提条件、资产负债表的扩张方式、期限与规模的确定、实施主体的地位等诸多方面存在差异。研究发现该政策在一定程度上缓解了欧债危机的持续恶化,降低了融资成本,提振了市场信心;但对实体经济的刺激作用还有待观察,也未能帮助欧元区银行获取无风险套利。此外,市场对欧洲央行承诺效应的怀疑将在很大程度上影响该政策的操作效果,欧元区货币超发将引发"以邻为壑"效应,同时将干扰欧元区的物价稳定。基于上述风险,本文提出了相应的政策建议。
[Abstract]:This paper studies the two-round 3-year long-term refinancing policy of the European Central Bank. Compared with the general quantitative easing policy, both of them ease the market liquidity strain by expanding the balance sheet of the central bank, but in terms of the preconditions for implementation, the way the balance sheet is expanded, and the determination of the duration and size of the balance sheet, There are differences in many aspects such as the status of the subject of implementation. The study found that the policy has partly alleviated the continuing deterioration of the European debt crisis, reduced financing costs and boosted market confidence, but the stimulus to the real economy remains to be seen and has failed to help euro zone banks achieve risk-free arbitrage. Moreover, market scepticism about the ECB's commitment effect will largely affect how the policy works, with a euro zone currency overshoot triggering a beggar-thy-neighbour effect and disrupting price stability in the euro zone. Based on the above risks, this paper puts forward the corresponding policy recommendations.
【作者单位】： 上海外国语大学;
【基金】：教育部人文社会科学研究规划基金项目“量化宽松政策的以邻为壑效应与货币政策的国际协调研究”资助,项目号:12YJAGWO11
【分类号】：F835
本文编号：2137652
[Abstract]:This paper studies the two-round 3-year long-term refinancing policy of the European Central Bank. Compared with the general quantitative easing policy, both of them ease the market liquidity strain by expanding the balance sheet of the central bank, but in terms of the preconditions for implementation, the way the balance sheet is expanded, and the determination of the duration and size of the balance sheet, There are differences in many aspects such as the status of the subject of implementation. The study found that the policy has partly alleviated the continuing deterioration of the European debt crisis, reduced financing costs and boosted market confidence, but the stimulus to the real economy remains to be seen and has failed to help euro zone banks achieve risk-free arbitrage. Moreover, market scepticism about the ECB's commitment effect will largely affect how the policy works, with a euro zone currency overshoot triggering a beggar-thy-neighbour effect and disrupting price stability in the euro zone. Based on the above risks, this paper puts forward the corresponding policy recommendations.
【作者单位】： 上海外国语大学;
【基金】：教育部人文社会科学研究规划基金项目“量化宽松政策的以邻为壑效应与货币政策的国际协调研究”资助,项目号:12YJAGWO11
【分类号】：F835
【相似文献】
相关期刊论文 前10条
1 励静静;;欧洲主权债务危机中欧盟的集体行动困境[J];商业文化(上半月);2011年07期
2 ;[J];;年期
3 ;[J];;年期
4 ;[J];;年期
5 ;[J];;年期
6 ;[J];;年期
7 ;[J];;年期
8 ;[J];;年期
9 ;[J];;年期
10 ;[J];;年期
，本文编号：2137652
本文链接：https://www.wllwen.com/jingjilunwen/guojijinrong/2137652.html
