全球负利率政策:操作逻辑与实际影响

发布时间：2018-12-09 10:51

【摘要】：2008年国际金融危机以来,全球部分央行试验性地实行了负利率政策,对货币政策理论和实践、资产定价体系都形成了冲击。从全球负利率政策的基本背景入手,本文主要探讨中央银行负利率政策的操作逻辑和实际影响,以及对中国的启示。总体来看,多国负利率政策的基本操作逻辑是,使超额存款准备金利率成为基准利率下限,增强央行对金融周期的调控能力;同时,也降低央行的持币成本。从实施效果来看,负利率政策在全球产生了外溢效应,对固定收益金融产品的收益率产生了负面影响,对商业银行利差收益产生负面影响,也削减了储蓄者的福利,在短期之内,没有明显拉动经济快速回暖。在其总体效果并不明确的情况下,国内央行应高度关注具有试验性质的负利率政策,客观认识负利率政策的效果。
[Abstract]:Since the international financial crisis in 2008, some central banks around the world have carried out negative interest rate policy on a trial basis, which has impacted the theory and practice of monetary policy and asset pricing system. Starting from the basic background of the global negative interest rate policy, this paper mainly discusses the operational logic and practical influence of the central bank's negative interest rate policy, as well as its enlightenment to China. In general, the basic operational logic of the multi-country negative interest rate policy is to make the interest rate of excess deposit reserve become the lower limit of the benchmark interest rate, to enhance the central bank's ability to regulate the financial cycle, and at the same time, to reduce the central bank's cost of holding money. From the implementation effect, the negative interest rate policy has the spillover effect in the world, has the negative influence to the fixed income financial product yield, to the commercial bank interest rate difference income, also has reduced the saver's welfare. In the short term, there is no obvious pull to the rapid recovery of the economy. Under the condition that its overall effect is not clear, the central bank should pay close attention to the negative interest rate policy with the nature of experiment, and objectively understand the effect of the negative interest rate policy.
【作者单位】：中国社会科学院金融研究所国家金融与发展实验室;
【基金】：国家自然基金项目(71303257) 社科院金融所量化宽松课题的阶段性成果国家金融与发展实验室与第一创业证券的支持
【分类号】：F821.0

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