资产负债表正常化的跨境溢出效应

Cross-Border Spillovers of Balance Sheet Normalization

当前,西方主要央行先后决定逐步结束金融危机后推出的量化宽松政策,即实施货币政策正常化进程。央行有两个政策工具供以选择:缩减央行资产负债表规模及提高政策利率水平。本文探讨分析了两个政策工具的特征及其产生跨境溢出效应的差别,供央行在不同市场环境中实施货币政策决策参考。

Major Western central banks have decided to gradually end their quantitative easing policies launched in response to the financial crisis. This critical reversal will start the process of monetary policy normalization. Central banks have two policy instruments to achieve this objective： reducing the size of the central bank balance sheet and raising policy interest rates. This paper explores the characteristics of these two policy instruments and the differences in their cross-border spillover effects. It is hoped this study may be of use to central bankers in their monetary policy decisions as they confront different market conditions