负利率研究:一个文献综述

Negative Interest Rate:A Survey of the Literature

自从2008年金融危机爆发后,欧美部分发达国家和地区经济复苏乏力。为达到刺激经济增长、稳定汇率以及实现预期通货膨胀水平等目标,部分央行开始实行负利率政策。负利率突破了传统货币政策的零利率下限,引起诸多学者的关注和研究。本文以负利率政策为主题,对负利率的概念界定、形成原因、调控对象与方式、传导过程、影响与效果以及应对措施等方面的研究进行总结。研究发现,除了防止货币升值外,负利率政策并不是恢复经济增长以及实现目标通货膨胀水平的“良药”。鉴于实施负利率政策的经济体仍较少,而数字货币方兴未艾,未来应围绕负利率政策的实证检验和负利率政策在数字货币环境下的影响等方面开展研究。

Since the outbreak of financial crisis in 2008,some European countries have had a tough recovery in economy.To stimulate the economic development,stabilize exchange rate and achieve targeted inflation,some central banks adopted the negative interest rate policy(NIRP).Since the norm of interest rate is deemed to be above zero(the‘zero lower bound’,ZLB),the introduction of NIRP has drawn attentions.This article provides a survey of the theoretical and empirical findings about NIRP,especially focusing on the concept,causes,mechanism,transmission process,effects and counter-measures of NIRP.This article finds that other than preventing currency appreciation,NIRP has limited help on recovering economy and achieving targeted inflation.Since there were limited economies and time in applying NIRP,with the progress of digital currency,future research should focus on the empirical analysis if NIRP,NIRP in circumstance of digital currencies,etc.