论新形势下的货币政策与金融稳定政策及其相互影响

On Monetary and Financial Stability Policies and their Interaction Un⁃der the New Circumstances

金融危机后实行的低利率政策促进了经济恢复,但可能会造成潜在的金融风险积累,威胁金融稳定。为了应对2020年新冠疫情冲击造成的通货膨胀压力,各国中央银行开始收紧货币政策,从低利率向高利率的转变使得货币政策与金融稳定政策以及二者关系面临新的挑战,催生了英国养老基金危机和美国硅谷银行破产等金融风险事件。货币政策目标与金融稳定政策目标既存在一致性,也存在非一致性。但是,货币政策不能对金融不稳定风险无动于衷。中央银行应当将货币政策重点放在总量目标上,同时使用“贴现窗口”等其他货币政策工具来维护金融稳定。

The low interest rate policy implemented after the financial crisis has contributed to the economic recovery,but may result in the accumulation of potential financial risks and threaten financial stability.In order to cope with the inflationary pressure caused by the shock of the COVID-19 pandemic in 2020,central banks began to tighten their monetary policies,and the shift from low to high interest rates made the relationship between monetary and financial stabilization policies as well as the relationship between the two face new challenges,which gave rise to financial risk events such as the pension fund crisis in UK and the bankruptcy of Silicon Valley Bank in the US.There is both congruence and incongruence between the objectives of monetary policy and those of financial stabilization policy.However,monetary policy cannot be indifferent to the risks of financial instability.Central banks should focus monetary policy on aggregate targets,while using other monetary policy tools,such as the"discount window",to maintain financial stability.