美联储缩表对我国跨境资本流动溢出效应的研究进展  

Research Progress on the Spillover Effects of the Fed's Shrinking Balance Sheet on China's Cross-border Capital

作　　者：王爱俭[1] 倪鑫 Wang Aijian;Ni Xin(School of Economics, Tianjin University of Finance and Economics, Tianjin 300222,China;China Binhai Finance Collaborative Innovation Center, Tianjin University of Finance and Economics, Tianjin 300222,China)

机构地区：[1]天津财经大学经济学院,天津300222 [2]天津财经大学中国滨海金融协同创新中心,天津300222

出　　处：《经济与管理》2018年第4期27-32,共6页Economy and Management

基　　金：国家社科基金重大项目(17ZDA100)

摘　　要：在国内经济复苏、货币政策正常化诉求的基础上,美联储宣布缩表,对我国产生多方影响。从美联储缩表的政策背景与动因入手,对美联储缩表的溢出效应的相关文献进行梳理、分析和评述,并从利率、汇率、资产收益率三个维度剖析美联储缩表对我国跨境资本流动的溢出效应。面对美联储缩表的冲击,需对外推动人民币国际化、对内采用稳健中性的货币政策,还需建立预警机制,实时把控跨境资本流动。On the basis of domestic economic recovery and the normalization of monetary policy, the Fed has announced shrinking the balance sheet,which has had a multi-sided impact on China.Starting with the policy background and motivation of the Fed＇s shrinking the balance sheet,this article combs,analyzes and reviews relevant literature on the spillover effects of the Fed＇s shrinking the balance sheet,and analyzes it influence on China＇s cross-border capital flow through such channels as interest rates,exchange rates and investment returns.In the face of the impact of the Fed＇s shrinking the balance sheet,requires the external promotion of RMB internationalization and domestic use of a stable and neutral monetary policy. An early warning mechanism must also be established to control cross-border capital flows in real time.

关 键 词：美联储缩表 溢出效应 资本流动 货币政策 预警机制 

分 类 号：F827.12[经济管理—财政学] F832.6