国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2010年
7期
4~18
,共null页
非常规货币政策 资产负债表效应 LIBOR—OIS利差 通胀效应
非常規貨幣政策 資產負債錶效應 LIBOR—OIS利差 通脹效應
비상규화폐정책 자산부채표효응 LIBOR—OIS리차 통창효응
Unconventional Monetary Policy; Balance Sheet Effects; LIBOR-OIS Spread; Inflation Effects
本文对2009年美、欧、英、日四大经济体中央银行实施的非常规货币政策措施及其效应进行了比较分析，认为四大经济体中央银行的非常规货币政策对缓解其金融危机、改善货币市场运作、恢复市场信心、疏通受堵的货币政策传导机制及支持四大经济体走出衰退和减缓通缩或通胀过度趋缓均做出了积极的贡献。
本文對2009年美、歐、英、日四大經濟體中央銀行實施的非常規貨幣政策措施及其效應進行瞭比較分析，認為四大經濟體中央銀行的非常規貨幣政策對緩解其金融危機、改善貨幣市場運作、恢複市場信心、疏通受堵的貨幣政策傳導機製及支持四大經濟體走齣衰退和減緩通縮或通脹過度趨緩均做齣瞭積極的貢獻。
본문대2009년미、구、영、일사대경제체중앙은행실시적비상규화폐정책조시급기효응진행료비교분석，인위사대경제체중앙은행적비상규화폐정책대완해기금융위궤、개선화폐시장운작、회복시장신심、소통수도적화폐정책전도궤제급지지사대경제체주출쇠퇴화감완통축혹통창과도추완균주출료적겁적공헌。
In this paper, we have made a comparative analysis of the unconventional monetary policies of the Fed, ECB, BOE and BOJ in 2009, with focus on the effects of these policies on the size and composition of their balance sheets, and the LIBOR-OIS spreads and CPI inflation dynamics. We argue that the unconventional monetary policy measures taken by the four major central banks, while being different in their approaches and sizes and with potentially higher inflation risks, have contributed positively to supplying abundant liquidity, reducing the tensions in and mitigating file dysfunction of the money markets, repairing the heavily damaged monetary policy transmission mechanism, moderating deflationary pressure or excessive disinflation and supporting the earlier recovery of their economies.
