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。
This paper analyses the two rounds of 3-year Long-term Refinancing Operation(LTRO) launched by European Central Bank(ECB).Compared with the regular Quantitative Easing(QE) policies,both LTRO and QE policies have alleviated funding stress by expanding the balance sheet of the central bank,but there exists many differences in the precondition for the implementation,the expanding mode of balance sheet,the determination in duration and scale,and the status of implementing subject.This study finds that LTRO mediates to some extent the continuous deterioration of euro debt crisis,drives down the cost in financing,boosts the market confidence,while its stimulating effect on the real economy is yet to be observed,and it fails to enable the banks in the euro zone to secure risk-free carry trade.Besides,the lack of credibility in ECB′s commitment will likely affect the operation of this policy;the excessive release of euro will lead to the beggar-thy-neighbor effect,and may interfere with the ECB′s primary objective of maintaining price stability.To address the risks discussed above,relevant policy suggestions have been proposed in this paper.
出处
《世界经济研究》
CSSCI
北大核心
2012年第9期29-34,88,共6页
World Economy Studies
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
