日美央行金融危机管理比较——基于资产负债表变化的特征分析  

Comparison of Financial Crisis Management between Japan-U. S. Central Banks: An Analysis Based on the Characteristics of Balance Sheets

作　　者：张磊[1] 

机构地区：[1]辽宁大学经济学院,辽宁沈阳110136

出　　处：《现代日本经济》2014年第2期1-8,共8页Contemporary Economy OF Japan

摘　　要：在金融危机管理的过程中,发达国家中央银行通常采取非常规的货币政策手段,在此框架之下的中央银行资产负债表的有效运用对于危机救助起到了举足轻重的作用。通过对日本银行与美联储在此问题上的比较分析,发现建立在各自资产负债表变化特征基础之上的规模与结构的差异性,乃是源自"数量宽松"与"信用宽松"货币政策本质的不同。日美央行在金融危机管理中也因此各具特色,表现为货币政策工具的创新以及资产购买种类的差别等方面,究其根本原因在于两国金融体系结构的区别。而它们的共同点则是运用零利率政策有效引导市场预期,以配合非常规货币政策的应用。In the process of financial crisis management, the central banks of the developed countries often employ the unconventional monetary policies. Within such policies framework, efficient use of central banksI balance sheets plays a pivotal role in crisis rescue . Through the comparison between Japan and U. S. , the a- nalysis concludes that difference in scale and structure built upon the characteristics of balance sheets respec- tively results from the different natures between the monetary policies of quantitative easing and credit easing. Japan- U. S. central banks＂ financial crisis managements therefore have their own characteristics which are embodied in innovations of monetary policies tools and types of assets purchasing. The fundamental reasons are that there exists structural difference between the two countries. The common characteristic is that the two countries both employ zero interest policy to guide market expectations efficiently to cooperate with unconven- tional monetary policies.

关 键 词：日本银行 美联储 金融危机管理 资产负债表 量化宽松 

分 类 号：F833.313.712.59[经济管理—金融学]