央行资产负债表调整机理分析

• 作 者: 戴道华
• 机 构: 中银香港,
• 出 处: 金融博览
• 发表日期: 2015年12期
• 关键词: 央行 资产负债表 人民银行 美联储 中国 选择 市场焦点 日本 欧洲 加息 货币政策 再投资 债券 收缩 矛盾 历史 扩张 定论 措施 程度

近期,市场焦点之一放在美联储何时加息之上。无论其选择如何,美联储的货币政策已经处于中性,下一步如无意外将是收紧,与欧洲央行、日本央行和中国人民银行继续宽松形成鲜明对比。但是,美联储的选择是先加息,至于何时和如何退出量化宽松则还没有任何定论,其资产负债表伴随它所购买的债券到期再投资仍然贴近历史高位,而仍在进行量化宽松的欧洲央行和日本央行的资产负债表就继续按部就班地扩张。相

Recently, one of the market’s focuses is on when the Federal Reserve will raise interest rates. Whatever its options, the Fed’s monetary policy is already neutral and the next step will be tightened without any surprises, in stark contrast to the looser easing of the European Central Bank, the Bank of Japan and the People’s Bank of China. However, the Fed’s decision is to raise interest rates first. There is no conclusion as to when and how to exit QE. Its balance sheet, with the maturity of the bonds it purchases, is still close to historic highs while QE is still undergoing quantitative easing The balance sheets of the European Central Bank and the Bank of Japan continued to expand step by step. phase