我国央行资产负债表政策的实践与有效性研究
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摘要
中央银行资产负债表作为反映货币当局资金来源和资金运用的会计报表,近年来逐渐被主要经济体发展成为一种宏观调控政策。本轮金融危机以来美联储的扩表和缩表操作就是对中央银行资产负债表政策的具体运用。本文通过对我国央行资产负债表政策的回顾,实证检验其对银行信贷和经济增长的作用,为完善我国货币政策管理框架、提高货币政策有效性提供依据。
The balance sheet of the central bank reflects the source of funds and the allocation of funds in various financial assets of the central bank. It is not only the result of the implementation of monetary policy, but also the basis for further implementation of monetary policy. Practice shows that the balance sheet of the central bank has become an important monetary policy tool in dealing with the financial crisis. By reviewing the balance sheet policy of the Central Bank of China, this paper empirically tests its effect on bank credit and economic growth, and provides a basis for improving the management framework of monetary policy and improving the effectiveness of monetary policy.
The balance sheet of the central bank reflects the source of funds and the allocation of funds in various financial assets of the central bank. It is not only the result of the implementation of monetary policy, but also the basis for further implementation of monetary policy. Practice shows that the balance sheet of the central bank has become an important monetary policy tool in dealing with the financial crisis. By reviewing the balance sheet policy of the Central Bank of China, this paper empirically tests its effect on bank credit and economic growth, and provides a basis for improving the management framework of monetary policy and improving the effectiveness of monetary policy.
引文
[1]张靖佳,刘澜飚,王博.金融危机、非传统货币政策与中央银行资产负债表——探究美欧两大中央银行非传统货币政策之谜[J].经济学(季刊),2016,15(2):527-548.
[2]王洋天.中央银行资产负债表与量化宽松货币政策研究——基于美联储资产负债表的考察[J].投资研究,2013,32(11):150-160.
[3]张靖佳.欧元区中央银行资产负债表政策传导渠道有效性分析[J].经济学动态,2016(9):80-89.
[4]周海涛.金融危机后主要中央银行资产负债表的规模扩张与路径差异[J].南方金融,2013(7):28-31.
[5]中国人民银行南昌中心支行课题组,王信.非常规货币政策退出对美联储资产负债表的影响[J].南方金融,2015(9):68-75.
[6]何德旭,张捷.金融经济周期下的中央银行资产负债表策略[J].郑州大学学报(哲学社会科学版),2016,49(1):50-56.
[7]中国人民银行广州分行课题组,李俊玲.中央银行资产负债表结构变化的比较分析[J].金融会计,2017(2):34-46.
[8]中国人民银行重庆营业管理部会计财务处课题组.中央银行资产负债表政策:传导机制、国际实践及溢出效应[J].金融会计,2015(7):21-28.
[2]王洋天.中央银行资产负债表与量化宽松货币政策研究——基于美联储资产负债表的考察[J].投资研究,2013,32(11):150-160.
[3]张靖佳.欧元区中央银行资产负债表政策传导渠道有效性分析[J].经济学动态,2016(9):80-89.
[4]周海涛.金融危机后主要中央银行资产负债表的规模扩张与路径差异[J].南方金融,2013(7):28-31.
[5]中国人民银行南昌中心支行课题组,王信.非常规货币政策退出对美联储资产负债表的影响[J].南方金融,2015(9):68-75.
[6]何德旭,张捷.金融经济周期下的中央银行资产负债表策略[J].郑州大学学报(哲学社会科学版),2016,49(1):50-56.
[7]中国人民银行广州分行课题组,李俊玲.中央银行资产负债表结构变化的比较分析[J].金融会计,2017(2):34-46.
[8]中国人民银行重庆营业管理部会计财务处课题组.中央银行资产负债表政策:传导机制、国际实践及溢出效应[J].金融会计,2015(7):21-28.