美、欧、英中央银行流动性管理及其启示

Liquidity Management and the Enlightenment of the Central Bank in US,Europe and UK

本文总结了美联储、欧洲中央银行、英格兰银行的流动性管理框架、原则、工具和措施,以及金融危机后西方中央银行对流动性管理体系的创新。在此基础上,本文从流动性管理体系的弹性以及流动性管理的主动性、结构性、平衡性、与利益相关方的协调等方面分析了西方中央银行流动性管理的启示,并探讨了中央银行流动性管理的未来发展趋势。

This paper summarizes the liquidity management framework, principles, tools and methods of Federal Reserve, the European Central Bank, and Bank of England, and the liquidity management system innovation of the Western central banks after the financial crisis. On this basis, this paper analyzes the enlightenment of the central bank liquidity management from the aspects of liquidity management system flexibility, initiative, structure, balance, and stakeholder coordination. Further, this paper discusses the future development trend of the central bank liquidity management.