欧元区非传统货币政策的发展及对中国的启示

发布时间：2019-04-01 07:30

【摘要】：为应对欧元区出现的融资市场金融约束、市场流动性缺乏,以及通胀率下降等问题,欧洲央行2008年以来实施了一系列非传统货币政策。本文从政策动因及潜在风险、传导机制和政策效果等方面系统地分析了欧洲央行上述政策,发现在欧元区信号渠道、信用风险渠道和银行资金渠道效果明显,显著提升了资产价格、缓解了银行体系的流动性压力、增强了银行的放贷意愿。同时,本文将欧洲央行上述政策与中国人民银行为应对国内经济问题而出台的结构性货币政策进行比较,发现中国的货币政策不仅存在信号渠道与信用风险渠道,还存在直接降低特定行业融资成本和直接提升特定金融机构流动性的渠道,促进了基础货币投放渠道转变、利率走廊打造、金融风险降低、经济结构性调整。在总结欧洲央行经验教训的基础上,本文认为,中国有必要在提升央行公信力和透明度、防范结构性货币政策可能带来的通胀风险以及界定结构性货币政策中介目标等方面借鉴欧元区的经验。
[Abstract]:In response to financial constraints in the euro zone's financing markets, lack of liquidity and falling inflation, the ECB has implemented a series of non-traditional monetary policies since 2008. This paper systematically analyzes the above-mentioned policies of the European Central Bank from the aspects of policy motivation and potential risks, transmission mechanism and policy effects, and finds that the effect of these policies is obvious in the euro zone signal channels, credit risk channels and bank funds channels. Significantly increased asset prices, eased liquidity pressure on the banking system, and increased banks' willingness to lend. At the same time, this paper compares the above-mentioned policies of the European Central Bank with the structural monetary policies of the people's Bank of China to deal with domestic economic problems, and finds that there are not only signal channels and credit risk channels in China's monetary policies. There are also channels to directly reduce the financing costs of specific industries and directly enhance the liquidity of specific financial institutions, promoting the transformation of basic money delivery channels, the creation of interest rate corridors, the reduction of financial risks, and the structural adjustment of the economy. On the basis of summing up the experience and lessons of the European Central Bank, this paper believes that it is necessary for China to enhance the credibility and transparency of the Central Bank. The euro zone's experience is used to guard against the inflationary risks of structural monetary policy and to define intermediate targets for structured monetary policy.
【作者单位】：南开大学金融学院;
【基金】：天津市哲学社会科学研究规划项目(TJYY15-007)资助
【分类号】：F821.0

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