美联储重启扩表政策背后的深层次问题

Problems Underlying the US Federal Reserve’s Balance Sheet Expansion

2019年10月,美联储开启"不是量宽的扩表政策"。目前,针对美联储为何采取该措施的讨论,主要围绕准备金数量不足、国债和税收缴款、加强流动性监管等导致流动性紧张的直接因素。其实,在提前停止缩表的背景下,扩表不仅凸显联储利率操作框架尚未构建对称利率走廊安排、主要依赖公开市场操作的明显缺陷,更反映其政策操作难以有效兼顾量与价、货币决策独立性面临挑战等其他深层次问题,这对于完善中国公开市场操作与利率走廊相结合的利率操作框架、顺利实现货币价格调控方式转型具有一定的启示意义。

The balance sheet expansion that is"not quantitative easing"started by the US Federal Reserve in October 2019,has triggered the discussion on its reasons,mainly focused on the direct factors causing liquidity constraints,such as insufficient reserves,national debt,taxation and tighter regulation for liquidity.Considering the early cessation of balance sheet contraction,the balance sheet expansion has exposed the flaws of the Fed’s interest rate operations,including not only the lack of symmetrical interest rate corridor,and excessive reliance on open market operations,but also the underlying problems of quantity-price balance,and monetary policy independence.Therefore,China is enlightened to establish the interest rate operation system combining the open market operations with the interest rate corridor,and smoothly implement the monetary price control transformation.