海外负利率政策实施的效果及借鉴

Lessons drawing from foreign central Banks' negative interest rates policy

迄今有五家海外央行实行负利率政策,以迫使商业银行减少在央行的存款,将资金用于增加商业贷款,以实现提升物价水平、减少本币升值压力等多种政策目标。作为一项前所未有的金融创新,对负利率政策功效的客观评价尚需时日,短期内欧元区和日本两大经济体的政策绩效不彰。借鉴海外负利率政策经验,在推出新的宏观调控措施时,我们不应过于迷信货币政策功效;不能机械照搬海外货币宽松做法;必须多管齐下,注重国内与国外监管机构之间、国内部门之间的沟通协调,否则效果将大打折扣。

So far there are five foreign central Banks such as Sweden, Denmark, Switzerland, the European central bank and Japan to adopt the negative interest rates policy（NIRP）,to force the commercial Banks to reduce the central bank’s deposit and increase commercial loans in order to realize a variety of policy goals such as promoting price level and reducing the pressure of appreciation. As an unprecedented financial innovation, objective evaluation of the NIRP effect will need more time. In the short term, NIRP does not have the desired performance in the euro area and Japan. The experience of NIRP tell us when a new macroeconomic regulation and control measures be introduced, we should not be too superstitious about monetary policy effect, and can’t copy overseas experience mechanically. We should cooperate and coordinate between domestic and foreign regulators, or the effect will be greatly discounted.