安全资产荒与利率之锚

Interest Rates and the Shortage of Low Risk Assets

本文从资产配置的角度探讨了导致全球低利率环境的原因,指出"安全资产荒"是无风险利率趋势性下降的根本原因。为应对安全资产荒、避免全球经济陷入负利率陷阱,本文认为需建立新的有效机制以加强财政与货币政策协调,也需反思央行扩表方式,通过购买风险资产而非国债来实现准财政行为。

This paper discusses the reasons leading to the low interest rates prevailing globally from the perspective of asset allocation. It points out that the shortage of safe assets is the root cause of the trend towards lower interest rates for these types of assets. In order to cope with the shortage and prevent the global economy from falling into the negative interest rate trap, this paper contends it is necessary to establish an effective mechanism to strengthen the coordination of global fiscal and monetary policies. It is also necessary to reflect on the way central banks grow their balance sheet and display quasi-fiscal behavior by purchasing risky assets rather than treasury bonds.