负利率政策的运行逻辑、影响及启示  

The Operation Logic,Influences and Enlightenments of Negative Interest Rate Policy

作　　者：范东 

机构地区：[1]国寿安保基金有限公司

出　　处：《中国货币市场》2019年第12期62-66,共5页China Money

摘　　要：随着主要经济体货币政策转向,负利率工具愈发重要。从历史脉络看,负利率政策具有一定的理论支撑,其利率决定和传导机制独具特色。金融危机后,欧洲和日本等国央行长期实施负利率政策,积累了一定的经验和教训。负利率主要通过宏观经济和金融运行六大渠道发挥作用。文章结合我国利率市场化和金融扩大开放的背景,提出相关思考和启示。As the major economies marked a shift in monetary policies,negative interest rate instruments have becomeincreasingly important.From the historical perspective,the negative interest rate policy has a theoretical rationale andfeatures a unique interest rate determination and transmission mechanism.After the financial crisis,the Europeancentral banks and Bank of Japan have long adopted negative interest rate policies and there have been someexperiences and lessons.Negative interest rates work mainly through six macroeconomic and financial channels.Thearticle proposes relevant re flections and inspirations under the background of the promotion of interest rate liberalizationand the expansion of financial opening-up in China.

关 键 词：负利率政策 金融运行 金融危机后 利率决定 宏观经济 主要经济体 传导机制 货币政策转向 

分 类 号：F83[经济管理—金融学]