基于国际比较视角的中央银行资产负债表结构变化分析

Analysis on the Structure Change of Central Bank Balance Sheet:from the International Comparison Perspective

2007年全球金融危机爆发以来,许多央行实施了资产负债表政策,显著改变了其资产负债表的规模与结构。本文基于国际比较的视角,使用一个统一的资产负债表分析框架对全球34家样本央行在危机发生前后的资产负债表结构进行了横向与纵向的量化比较。研究表明,样本央行资产负债表结构存在显著差异,尤其是发达经济体(ADs),但ADs央行与新兴市场经济体(EMEs)央行的负债结构相近;ADs央行资产负债表规模与结构之间的关联度比EMEs更高;那些经历了资产负债表规模显著扩张的央行并不必然出现结构的同等变化,同时资产负债表结构的大幅变化也并不必然出现规模的同等变化。

Many central bank has implemented balance sheet policy since the global financial crisis of 2007,leading to the dramatically change in its size and structure.Based on a comparative perspective,this article selects 34 samples central bank,using an unified balance sheet analysis framework to complement its lateral and longitudinal quantitative comparisons before and after the crisis.Studies show that the sample central balance sheets structure present significant differences,especially in the developed economies(ADs),but the debt structures of ADs and emerging market economies(EMEs) central banks are more similar;the associate degree between ADs' central bank balance sheet size and its structure are higer than the EMEs';the central banks which experienced significant balance sheet size expansion don't necessarily appear the same structural changes,and the central banks which experienced significant balance sheet structure changes don't necessarily appear the same size changes.