金融危机后主要中央银行资产负债表的规模扩张与路径差异

Scale Expansion and Path Differences of the Major Central Banks' Balance Sheets after the Financial Crisis

本文通过分析2006-2012年美国、欧元区、日本和中国中央银行资产负债表,研究金融危机后主要经济体中央银行资产负债表的规模扩张和路径差异。研究结果表明:金融危机发生后,美、欧、日等经济体采取的非常规性货币政策导致中央银行资产负债表规模大幅度扩张,其中央银行按照经济金融形势灵活安排资产负债表项目。中国人民银行资产负债表的扩张缘于经济运行机制和制度安排。因此,本文建议改革相关制度,消除中国人民银行资产负债规模被动扩张机制,主动运用资产负债表调节经济运行。

By analyzing the balance sheets of the central banks of US, the euro zone, Japan and China during 2006-2012, this paper finds that there＇s a significant expansion of the central banks＇ balance sheets after the financial crisis due to the unconventional monetary policies taken by the major economies including America, Europe, Japan, etc. In these cases, central banks have taken flexible arrangements of the balance sheets just based on economic and financial situations. However, the expansion of the balance sheet of the PBC has to passively adhere to the economic mechanism and institutional arrangements. The paper suggests that the government should eliminate the passiveness and should utilize it actively to regulate our economy.