我国中央银行财务实力对货币政策效果影响的实证分析——基于货币当局资产负债表视角

An Empirical Analysis of the Influence of China Central Bank Financial Strength on the Effect of Monetary Policy——From the perspective of the Balance Sheet of Monetary Authority

2008年国际金融危机以来,央行资产负债表迅速扩张,财务实力不断变化。本文基于我国货币当局资产负债表对央行财务实力进行了分析,构建权益资产比率、无息负债资产比率、平均资产收益率、平均权益收益率4个评价指标,实证研究了央行财务实力对通货膨胀率、金融稳定和利率波动的影响。

Since the international financial crisis in 2008,the balance sheets of central banks have expanded rapidly and their financial strength has been constantly changing.The paper based on China’s monetary authorities on the analysis of the balance sheet of central bank financial strength to build equity assets ratio,interest-free debt assets ratio,average return on assets,return on average equity,empirical study on the central banks’financial strength of the rate of inflation,financial stability,and the influence of interest rate fluctuations.