欧元区非传统货币政策的发展及对中国的启示

The Development of Unconventional Monetary Policies in the Euro Area and its Enlightenment to China

为应对欧元区出现的融资市场金融约束、市场流动性缺乏,以及通胀率下降等问题,欧洲央行2008年以来实施了一系列非传统货币政策。本文从政策动因及潜在风险、传导机制和政策效果等方面系统地分析了欧洲央行上述政策,发现在欧元区信号渠道、信用风险渠道和银行资金渠道效果明显,显著提升了资产价格、缓解了银行体系的流动性压力、增强了银行的放贷意愿。同时,本文将欧洲央行上述政策与中国人民银行为应对国内经济问题而出台的结构性货币政策进行比较,发现中国的货币政策不仅存在信号渠道与信用风险渠道,还存在直接降低特定行业融资成本和直接提升特定金融机构流动性的渠道,促进了基础货币投放渠道转变、利率走廊打造、金融风险降低、经济结构性调整。在总结欧洲央行经验教训的基础上,本文认为,中国有必要在提升央行公信力和透明度、防范结构性货币政策可能带来的通胀风险以及界定结构性货币政策中介目标等方面借鉴欧元区的经验。

In order to deal with the financial constraints, a lack of market liquidity, and the decline of inflation rate, ECB implemented a series of unconventional monetary policy since 2008. This paper systematically analyzes these policies from the perspective of motivation and potential risk, transmission mechanism and effect; we find that in the euro area, signal channel, credit risk channel and bank funding channel function to significantly enhance asset prices, ease the liquidity pres- sure of the banking system, and improve banks＇ willingness to lend. We also compare ECB＇s policies with PBOC＇s structural monetary policies and find that China＇s policy transmission channels not only include signal channel and credit risk channel, but also the channel that could directly reduce the financing cost of specific industries and directly increase the liquidity of specific financial institutions. Therefore, PBOC＇s policies promote the change of the channel of base currency, help to build the interest rate corridor, reduce financial risk and adjust the economic structure, We believe that it＇s necessary for China to enhance the credibility and transparency of the central bank, minimize the inflation risk coming with the structural monetary policies and define the intermediary goal of structural monetary policies with the reference to the experience of the euro zone.