英国资产购买工具分析与启示

Learnings from the APF of the UK

2008年全球金融危机后,英国为刺激经济和就业、维持降通胀目标,利用央行储备金购买其他机构所持政府债券。文中分析了英国该措施实施的背景、原理、过程等等,并得到启示:资产购买工具是特定情形下的重要政策选项,可以起到财政政策和货币政策协同的作用;同时,须接受制约和监督。

Since the financial crisis in 2008,the UK has begun to use the APF to buy the central government's bonds with the created reserves of its central bank.The goal of the APF is to stimulate economy and employment and keep inflation near the target.This article analyzes the background,principle and process of the APF introduced in the UK,and draws the following enlightenment:the APF is an important policy option under specific circumstances,can play a collaborative role between fiscal policies and monetary policies,and must be well supervised.