金融危机后非常规货币政策工具的兴起、发展及应用

发布时间：2018-04-02 00:32

本文选题：金融危机　切入点：非常规货币政策工具　出处：《国际经济评论》2017年02期

【摘要】：金融危机爆发后,在传统货币政策工具失效、经济增长停滞不前的背景下,各国的政策实践及学界的理论创新共同推动了非常规货币政策工具的兴起。各大央行通过对传统工具的改良和创新,发展出了TAF、TSLF、CPFF、QE、前瞻指引、扭曲操作、宏观审慎管理等一系列非常规政策工具。总体而言,这些工具在经济复苏与金融稳定中发挥了重大作用,但由于出台年限较短、发展还不完善,其在应用过程中也产生了一些问题,效果上亦存在差异。对中国而言,鉴于转型期的特殊国情及危机后的增速下滑,中国需要积极借鉴发达国家非常规政策工具实施经验,把握政策施行的窗口期,强化预期引导及政策效率,保障中国经济的平稳发展。
[Abstract]:After the financial crisis broke out, under the background of the failure of the traditional monetary policy tools and the stagnation of economic growth, the policy practice of various countries and the theoretical innovation of academic circles jointly promoted the rise of unconventional monetary policy tools.Through the improvement and innovation of traditional tools, major central banks have developed a series of unconventional policy tools, such as TAFU TSLFU CPFFQE, forward-looking guidance, distorting operation, macroprudential management and so on.In general, these instruments have played an important role in economic recovery and financial stability, but due to the short period of time and imperfect development, there are some problems and differences in the application process.For China, in view of the special national conditions in the transition period and the decline in the growth rate after the crisis, China should actively learn from the experience of unconventional policy tools in developed countries, grasp the window period of policy implementation, and strengthen the expected guidance and policy efficiency.To ensure the smooth development of China's economy.
【作者单位】：中国人民大学;中国人民大学国家发展与战略研究院;中国人民大学经济学院;
【分类号】：F822.0

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