国外央行抵押品政策调整实践与借鉴意义

Central bank coilateral policy change and its implications

抵押品政策是央行货市政策操作的配套制度安排。从政策实践看，在国际金融危机影响沉重时期，欧美日等主要国家和地区央行对抵押品政策做出相应的调整，增强对市场流动性的支持。本文在梳理抵押品政策规则基础上，回顾国际上央行抵押品政策的变化特点，进而探讨这一发展趋势对于完善国内央行抵押品操作的借鉴意义。

Collateral policy is a supplementary institutional arrangement for central bank monetary policy operation. In practice, the central banks from Europe and Amedca to Japan made corresponding adjustments of their collateral policies during the period of international financial crisis in order to strengthen the market liquidity support. The article reviews the central bank collateral policy rules and the changes, and then discusses the implications of this development trend for improving China＇s central bank collateral management.