欧央行实施负利率政策的原因、效果及启示

The Reasons,Effects and Implications of the European Central Bank's Negative Interest Rate Policy

欧洲中央银行(下文简称“欧央行”)于2014年6月实施负利率政策。应对通货紧缩风险是欧央行实施负利率政策的基本原因,传统货币政策空间耗尽是直接原因,欧元区财政、货币政策协调失灵是制度根源。从欧央行实施负利率政策的实际效果看,负利率政策迅速引导短期市场利率、汇率及债券收益率下降,对提振经济、就业和物价均有一定支撑作用。建议加强研判我国自然利率变化趋势,深化对负利率政策的认识,加强政策间协调联动,密切跟踪国际货币政策最新动态。

The European Central Bank implemented the negative interest rate policy in June 2014.To cope with the risk of deflation is the basic reason for the European Central Bank to implement the negative interest rate policy.The depletion of traditional monetary policy space is the direct reason,and the coordinated failure of fiscal and monetary policies in the euro zone is the institutional root cause.From the actual effect of the negative interest rate policy of the ECB,the negative interest rate policy quickly guides the decline of short-term market interest rate,exchange rate and bond yield to fall,which has a certain supporting effect on boosting the economy,employment and prices.It is suggested to strengthen the asse ssment of the changing trend of natural interest rates,consider the inclusion of negative interest rates in the conventional toolbox,strengthen the coordination and linkage between policies,and closely follow the latest developments in international monetary policies.