非常规货币政策的风险和挑战

The Global Monetary Policy Stance——What are the Risks?

2008年全球经济金融危机以来,各主要央行因地制宜,纷纷采取了各具特色的非常规货币政策措施。本文以欧央行为例,分析了其一系列防止信贷收缩的政策措施的必要性和风险,并对照美联储退出宽松货币政策的历史经验和当前的新挑战,介绍了欧央行近期推行的两项政策措施。

The economic and financial crisis that broke out in late 2008 turned central banks into 'unconventional' market players and forced them to be creative. This paper takes the European Central Bank(ECB) as an example, analyzes the necessity and risks of a series of policies that aimed to prevent a credit crunch. It also compares historical lessons with current challenges of the QE exit strategies of the Federal Reserve and mentions two recent developments at the ECB.