从中央银行资产负债表看宏观调控——中、美、英、日中央银行资产负债表比较

Balance Sheet of Central Bank and Macro-adjustment:A Comparative Analysis

本文通过对人民银行与美联储、英格兰银行以及日本银行资产负债表规模与结构对比分析,发现我国与美英日三国中央银行资产负债表存在较大差异。总的来看,人民银行资产负债表说明了人民银行在促进经济又好又快发展、促进金融发展和维护金融稳定中发挥了积极有效的作用。"十二五"规划中,提高货币政策宏观调控的有效性成为金融发展的重要内容,而优化人民银行资产负债表结构是提高货币政策主动性和有效性的重要手段。

Based on the analysis of balance sheet of PBC, Federal Reserve, Bank of England and Bank of Japan, the paper finds that these central banks different each other on the volume and structure of balance sheet. We conclude that remarkable achievements are made of monetary policies in improving economic devel- opment from the balance sheet of PBC. In the future, we must gauge the change of these balance sheets. And we should carry out financial reforms and restructure the balance sheet of PBC to improve the efficiency of monetary policies.