国外中央银行资产负债政策比较研究

A Comparative Study on the Asset and Liability Policies of Foreign Central Banks

各国中央银行资产负债表规模的变化,本质上反映了中央银行通过运用一系列货币政策工具,实现宏观调控和促进经济结构调整目的的成本收益。本文设定2008年次贷危机为起点,2020年6月末为终点,以时间为轴线,串联美联储、英格兰银行两家发达经济体央行,以及印度储备银行、波兰国家银行、马来西亚银行、俄罗斯银行等一、二梯队新兴经济体央行资产负债表数据。尝试探究“资产—负债均衡”这一朴素真理的现代意义。研究发现,资产价值决定负债价值,发展中国家不应以本国资产为锚,过度投放货币。

The changes in the balance sheet size of central banks in essence reflect the costs and benefits of realizing macro-control and promoting economic restructuring through the use of a series of monetary policy tools.In this paper,starting from the subprime crisis in 2008 and ending at the end of June 2020,the balance sheet data of two developed economy central banks,the Federal Reserve and the Bank of England,as well as the fi rst and second tier of emerging economy central banks,such as the Reserve Bank of India,the National Bank of Poland,the Bank of Malaysia and the Bank of Russia,are linked with time as the axis.Try to explore the modern meaning of the simple truth of"asset-liability equilibrium".The study found that the value of assets determines the value of liabilities,and developing countries should not use their own assets as an anchor to invest excessive money.