中美央行资产负债结构分析与建议——基于美联储缩表与人民银行政策选择的视角

The Analysis on the Structure of Assets and Liabilities of the Central Bank of China and America and Suggestions——Based on the View of the Reduced Balance Sheet of the Fed and the Policy Choice of The People's Bank of China

中美央行的资产负债结构有差异,资产负债规模增长差距较大,所面临的宏观经济金融形势也不一样,在是否缩表的问题上也需要采取不同的策略。本文在分析中美央行的资产负债结构以及2008年以来资产负债规模变化的基础上,对美联储缩表操作和影响进行预判分析,并对人民银行的货币政策选择提出相关建议。

The structure of assets and liabilities of the central bank of China and the United States is different, the gap of the in- crease of the scale of assets and liabilities is larger, the macro economic and financial situation faced is also different, therefore, differ- ent strategies should be taken on whether or not to reduce the balance sheet. Based on the analysis of the structure of assets and liabili- ties of the central bank of China and the United States and changes of the scale of assets and liabilities since 2008, the paper makes a forecasting analysis on the operation and effect of balance sheet reduction by the Federal Reserve, and puts forward some proposals on the choice of monetary policies of the People＇ s Bank of China.