【摘要】：本文對(duì)歐洲央行實(shí)施的兩輪3年期長(zhǎng)期再融資操作政策進(jìn)行了研究。與一般的量化寬松政策相比,二者雖然都是通過(guò)擴(kuò)張央行的資產(chǎn)負(fù)債表緩解了市場(chǎng)流動(dòng)性緊張,但在實(shí)施的前提條件、資產(chǎn)負(fù)債表的擴(kuò)張方式、期限與規(guī)模的確定、實(shí)施主體的地位等諸多方面存在差異。研究發(fā)現(xiàn)該政策在一定程度上緩解了歐債危機(jī)的持續(xù)惡化,降低了融資成本,提振了市場(chǎng)信心;但對(duì)實(shí)體經(jīng)濟(jì)的刺激作用還有待觀察,也未能幫助歐元區(qū)銀行獲取無(wú)風(fēng)險(xiǎn)套利。此外,市場(chǎng)對(duì)歐洲央行承諾效應(yīng)的懷疑將在很大程度上影響該政策的操作效果,歐元區(qū)貨幣超發(fā)將引發(fā)"以鄰為壑"效應(yīng),同時(shí)將干擾歐元區(qū)的物價(jià)穩(wěn)定。基于上述風(fēng)險(xiǎn),本文提出了相應(yīng)的政策建議。
[Abstract]:This paper studies the two-round 3-year long-term refinancing policy of the European Central Bank. Compared with the general quantitative easing policy, both of them ease the market liquidity strain by expanding the balance sheet of the central bank, but in terms of the preconditions for implementation, the way the balance sheet is expanded, and the determination of the duration and size of the balance sheet, There are differences in many aspects such as the status of the subject of implementation. The study found that the policy has partly alleviated the continuing deterioration of the European debt crisis, reduced financing costs and boosted market confidence, but the stimulus to the real economy remains to be seen and has failed to help euro zone banks achieve risk-free arbitrage. Moreover, market scepticism about the ECB's commitment effect will largely affect how the policy works, with a euro zone currency overshoot triggering a beggar-thy-neighbour effect and disrupting price stability in the euro zone. Based on the above risks, this paper puts forward the corresponding policy recommendations.
【作者單位】： 上海外國(guó)語(yǔ)大學(xué);
【基金】：教育部人文社會(huì)科學(xué)研究規(guī)劃基金項(xiàng)目“量化寬松政策的以鄰為壑效應(yīng)與貨幣政策的國(guó)際協(xié)調(diào)研究”資助,項(xiàng)目號(hào):12YJAGWO11
【分類(lèi)號(hào)】：F835

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