“质化宽松”货币政策的作用机理与实施效果——基于美日中比较的视角  

Mechanism and Effect of “Qualitative Easing” Monetary Policy——A Comparative Study of the US, Japan and China

作　　者：余振[1] 顾浩[2] 吴莹[3] 

机构地区：[1]武汉大学经济发展研究中心 [2]武汉大学经济与管理学院 [3]中国人民银行武汉分行金融研究处

出　　处：《国际经济评论》2016年第2期142-155,8,共14页International Economic Review

摘　　要："量化宽松"货币政策的弊端逐渐显现,世界主要国家相继采取了被称为"质化宽松"的货币政策。本文在阐释"质化宽松"货币政策"风险转移"机制的基础上,比较了美日中三国在实施"质化宽松"货币政策基础、目标以及工具上的不同,并运用事件分析法发现,日本的政策实施效果较为显著,而中国和美国的政策效果相对较小。因此,中国央行需要更多地发挥市场调节作用、多样化信用和流动性支持工具、优化风险资产和优质资产比例、提高政策声明可信度。With the QE's disadvantages gradually surfaced, the major economies in the world havebeen trying to implement the 'qualitative easing'monetary policy. While analyzing the'risk transfer' mechanism of the 'qualitative easing' monetary policy, this articleillustrates the different bases, objectives and tools of the monetary policies of the US, Japanand China. Using the event-analysis method, it comes to the conclusion that Japan's policyis more effective while the effect of monetary policies of the US and China is relativelyweak. Therefore, China's central bank needs to bring out the role of the market in resourcedistribution, diversify credit and liquidity support tools, optimize the proportion of risk andhigh-quality assets, and improve the credibility of policy statements.

关 键 词：质化宽松 量化宽松 美日中货币政策 

分 类 号：F827.12[经济管理—财政学] F823.13F822.0