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2016年第71期:欧央行量化宽松政策效果与展望

作者:任 哲
时间:2017年03月28日        字体:           点击量:

  摘要:2014年下半年以来,欧元区通胀率不断走低,通胀预期持续恶化,欧洲央行前期推出的定向长期再融资操作和私人部门资产购买计划收效甚微。2015年1月,经过漫长的争议和等待,正当美联储逐步减少购债,开始考虑转向加息周期时,欧洲版的“量化宽松”正式出炉。经过一年半时间的检验,从量化宽松政策后欧元区的经济金融表现看,信贷增长有改善,但远未达到危机前的水平,经济增长仍存在下行风险。随着量宽政策不断升级,市场对欧洲央行提升欧元区通胀的信心可能不断下降,欧洲央行政策信誉将面临考验。

  关键词:欧洲央行量化宽松资产购买计划

  作者:中国人民银行南昌中心支行    任  哲

  

The policy effect and prospect of the European Central Bank's quantitative easing

  AbstractSince the second half of 2014, the euro zone inflation continued to decline and inflation expectation has been deteriorating. The targeted long-Term refinancing operation and private sector asset purchase program launched by European Central Bank have little effect. In January 2015, as the Federal Reserve gradually reduce the purchase of bond, considering the interest rate hike cycle, the European version of quantitative easing officially released. After 18 months, judging from economic and financial performance of the euro zone, the credit growth has been improved, but far lower than the pre-crisis level. The downside risks to economic growth still exist. With the upgrade of the quantitative easing, the market has been losing faith in ECB's efforts to prop up the inflation, which endangers central Bank's policy credibility.

  Key words: ECB;quantitative easing,;asset purchase program

  

  声明:《中国金融论坛工作论文》旨在促进与经济金融学界的学术交流与研讨,推动社会力量加强对相关问题的研究。论文内容仅代表作者个人学术观点,不代表中国金融论坛、中国人民银行研究局及金融研究所的观点。任何公开报道或引用,请注明来源为《中国金融论坛工作论文》。来源网站:http://www.cff.org.cn

    全文下载:2016年第71期—欧央行量化宽松政策效果与展望.pdf

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