本文選題：歐元區(qū) + 非常規(guī)貨幣政策��； 參考：《南開(kāi)經(jīng)濟(jì)研究》2017年04期

【摘要】：在全球?qū)嵤┻^(guò)非常規(guī)貨幣政策的四大經(jīng)濟(jì)體中,歐元區(qū)是體量最大、政策工具最為復(fù)雜的一個(gè)。囿于歐盟特定的法律、歷史和制度因素,以及貨幣與財(cái)政、金融一體化進(jìn)程的失衡,歐洲央行在量化寬松政策的推出時(shí)機(jī)、進(jìn)程和結(jié)構(gòu)安排等方面較其他國(guó)家而言均體現(xiàn)出諸多不同。本文認(rèn)為,貨幣、金融與財(cái)政三個(gè)領(lǐng)域一體化程度的失衡、市場(chǎng)融資結(jié)構(gòu)、"最終貸款人"授權(quán)的缺失以及對(duì)"定向主權(quán)債務(wù)救濟(jì)"的擔(dān)憂(yōu)是造成歐元區(qū)非常規(guī)政策在很長(zhǎng)時(shí)間里呈現(xiàn)保守和折衷特征的關(guān)鍵原因。這些因素既影響了歐洲央行設(shè)計(jì)和推出非標(biāo)準(zhǔn)化措施的時(shí)機(jī)和力度,也對(duì)其貨幣政策目標(biāo)的實(shí)現(xiàn)效果產(chǎn)生了重要影響。文章通過(guò)回溯全球金融危機(jī)爆發(fā)以來(lái)歐洲央行的貨幣政策實(shí)踐歷程,分析了其貨幣刺激政策特殊結(jié)構(gòu)的成因,并對(duì)其績(jī)效進(jìn)行了評(píng)價(jià)。
[Abstract]:Of the world's four largest economies with unconventional monetary policies, the euro zone is the largest and most complex of policy instruments. Due to the EU's specific legal, historical and institutional factors, as well as the imbalance between monetary and fiscal and financial integration, the European Central Bank has launched its quantitative easing policy. Processes and structures, among other things, differ from those of other countries. This paper argues that the degree of integration of the monetary, financial and fiscal sectors is out of balance. The structure of market financing, the lack of "lender of last resort" authority and concerns about "targeted sovereign debt relief" are the key reasons for the conservative and eclectic nature of the euro zone's unconventional policies for a long time. These factors not only affect the timing and strength of the ECB's design and implementation of non-standardized measures, but also have an important impact on the effectiveness of its monetary policy objectives. By looking back on the monetary policy practice of the European Central Bank since the outbreak of the global financial crisis, this paper analyzes the causes of the special structure of its monetary stimulus policy and evaluates its performance.
【作者單位】： 南開(kāi)大學(xué)經(jīng)濟(jì)學(xué)院;
【基金】：國(guó)家社科重大基金項(xiàng)目“經(jīng)濟(jì)全球化調(diào)整期的國(guó)際保護(hù)主義發(fā)展新趨勢(shì)及我國(guó)的應(yīng)對(duì)策略研究”(12&ZD087) 南開(kāi)大學(xué)人文社科青年教師研究項(xiàng)目“非常規(guī)貨幣政策的工具選擇、傳導(dǎo)路徑及績(jī)效差異——基于國(guó)際比較的研究視角”的階段性研究成果 中國(guó)特色社會(huì)主義市場(chǎng)經(jīng)濟(jì)建設(shè)協(xié)同創(chuàng)新中心(世界經(jīng)濟(jì)研究團(tuán)隊(duì))項(xiàng)目的支持
【分類(lèi)號(hào)】：F821.0

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