中美中央银行资产负债表扩张效应对比研究

Comparative Study of Expansion Effects on Balance Sheet between the Central Banks of China and the United States

2008年的次贷危机引发全球范围的金融危机,对各国的金融稳定及发展产生了不利影响,各国为应对金融危机采取了一系列的措施。将中美中央银行资产负债表扩张的原因、扩张规模、扩张方式进行对比,构建马尔可夫区制转换模型对两国中央银行资产负债表扩张的金融稳定效应进行实证研究,发现两国央行资产负债表扩张带来的金融稳定效应有区别,美联储的资产负债表扩张所带来的金融稳定效应更加明显。并据此提出优化我国资产负债表、创新中央银行流动性管理工具等相关政策建议。

The global financial crisis caused by the subprime mortgage crisis in 2008 had a negative impact on the financial stability and development,so countries around the globe took a series of measures to deal with the financial crisis.The paper did comparative study on central banks*balance sheet expansion causes,scale and approaches between China and the United States,and empirical study on Markov system transformation model’s impact on central bank’s balance sheet expansion between China and the United States.The paper discovers that there are differences between financial stability effects caused by central banks*balance sheet expansion between the two countries and the Federal Reserved balance sheet expansion had a more remarkable effect on financial stability.The paper also proposes suggestions on improving China*s balance sheet,innovating central bank*s mobile management tools and so on.