发达经济体中央银行资产负债表管理及对我国的启示

Central Banks' Balance Sheet Management in Developed Economies and Enlightenments for China

中央银行资产负债表既是表示自身财务状况的会计报表,也是中央银行法定职责履行情况的综合反映。近年来,央行资产负债表正逐步成为公众评价货币政策效果、形成政策预期的重要渠道,同时,各国央行也更加关注自身资产负债表的持续健康问题。本文通过分析2006年以来部分发达经济体央行的资产负债表规模和结构变化,重点揭示了其防范和降低资产负债表风险所采取的控制措施,以期为央行更好地开展资产负债表管理提供参考。

Central bank＇ s balance sheet is an account statement that not only reflects its own financial position, but also comprehensively shows the central bank＇ s performance of its legal duties. In recent years, central bank＇ s bal- ance sheet has gradually become an important channel for the public to evaluate the effect of monetary policy and to form policy expectations. Meanwhile, central banks of every country pay more and more attention to the continuous health of their own balance sheet. Through analyzing the balance sheet scale and structural changes of central banks in developed economies since 2006, this paper mainly reveals the control measures they have taken to prevent and reduce the risk brought by balance sheet, aimed at providing reference for PBC to better conduct its voluntary management on balance sheet management.