负利率的国际背景和实践启示  

International Background and Practical Enlightenment of Negative Interest Rates

作　　者：张怡[1] ZHANG Yi(College of Economics,Ocean University of China,Qingdao 266000,China)

机构地区：[1]中国海洋大学经济学院,山东青岛266000

出　　处：《黑河学刊》2017年第6期1-3,共3页Heihe Journal

摘　　要：2008年全球金融危机后,国际间纷纷采取量化宽松政策,旨在刺激经济发展。由于该政策效果不显著,几大央行纷纷采用负利率政策。负利率是指各商业银行存放在中央银行的超额存款准备金的利率,即:各商业银行要为存款支出的成本为负。作为非常规的货币政策,负利率政策突破了以往的零利率限制。通过分析欧洲、瑞典和丹麦等国中央银行实施负利率的实践经验,进一步评价负利率对于金融体系和国民经济的作用。负利率对于刺激国家经济发展,维持通货膨胀稳定,实现国家货币政策目标起到了积极作用。负利率对发展中国家金融体系的影响程度仍然需要做进一步的研究。ISeveral countries adopt quantitative and qualitative monetary easing policy to stimulate economy after globalfinancial crisis of 2008. Several central banks implement negative interest policy to strengthen effects of quantitative andqualitative monetary easing policy. Negative interest rates refer to rates of excess reserve of commercial banks in thecentral bank is negative, that is commercial banks should pay fees for their reserves in central bank. Negative interestrates, as an unconventional monetary policy, break the limit of zero lower bound. This paper analysis implementation ofEuropean Central Bank, Denmark National Bank, Sveriges Risks bank, the Swiss National Bank and evaluate it. TheNIRP have positive effect on stimulating economy and achieving policy goal. There need further study to analyze negativeinterest rates policy effect on developing countries.

关 键 词：负利率 中央银行 量化宽松 货币政策 

分 类 号：F831[经济管理—金融学]