金融危机后非常规货币政策工具的兴起、发展及应用

The Rise, Development and Application of Unconventional Monetary Policy Tools in Post-Crisis Era

金融危机爆发后,在传统货币政策工具失效、经济增长停滞不前的背景下,各国的政策实践及学界的理论创新共同推动了非常规货币政策工具的兴起。各大央行通过对传统工具的改良和创新,发展出了TAF、TSLF、CPFF、QE、前瞻指引、扭曲操作、宏观审慎管理等一系列非常规政策工具。总体而言,这些工具在经济复苏与金融稳定中发挥了重大作用,但由于出台年限较短、发展还不完善,其在应用过程中也产生了一些问题,效果上亦存在差异。对中国而言,鉴于转型期的特殊国情及危机后的增速下滑,中国需要积极借鉴发达国家非常规政策工具实施经验,把握政策施行的窗口期,强化预期引导及政策效率,保障中国经济的平稳发展。

The world economy has suffered from fragile recovery due to the failure of traditional monetary policy instruments in the wake of the global financial crisis,which has sparked the innovations of policy practice as well as theory study,and eventually led to the rise of unconventional monetary policy instruments.Through optimizing,repairing and innovating traditional tools,central banks of western countries have developed a series of unconventional monetary policy tools,including TAF,TSLF,CPFF,QE,forward-looking guidelines,Operation Twist,and prudent macroeconomic management.The unconventional tools have played an important role in boosting economic recovery and promoting financial stability.In the meantime,given the short history and immature development of those tools,there have emerged some problems as policymakers use those tools.Considering the special transitional period and the current economic downturn,China needs to learn from the developed countries management of those unconventional policy instruments,opportunities for policy implementation,strengthening of market expectations,and improvement in policy efficiency to ensure the smooth development of the Chinese economy.