次贷危机以来中央银行的作为——对中美两国央行资产负债表的考察和分析

Central Banks' on Action:an Analysis on Balance Sheets of People's Bank of China and Fed since the Sub-prime Crisis

随着次贷危机及之后蔓延全球的金融危机不断发展,对危机的研究也从不同角度展开。由于中央银行是负责一国货币政策的政府部门,也是危机中能够做出迅速有力反应的机构,因此对中央银行的研究非常重要。本文以中、美两国的中央银行作为观察对象,以它们的资产负债表作为切入点,研究中央银行在危机以来的行为。本文首先对2007年以来两国中央银行资产负债表的基本情况进行观察;然后对两个央行的资产负债表中所表现出的一些特征进行分析;进而对形成这些特征的原因及相关问题进行深入的探讨;最后对全文进行总结。

As with deteriorating of the global financial crisis originated from the subprime mortgage crisis in U.S., many related researches have been conducted from different angles. Central banks, as government units in charge of monetary policies, are the organizations that could respond to the crisis rapidly and forcefully. Therefore research on central banks is of great necessity. This paper studies the performance of Peoples＂ Bank of China and Fed since the beginning of crisis from the perspective of balance sheets. The first part gives an overview of the status of the balance sheets of two central banks since 2007. Then some characteristics are concluded, including both common one and different one shown in the two central banks. The third part studies the reasons for these characteristics and some relevant issues are discussed as well. Tthe last part is conclusion.