Special issue: Implications of ultra-low and negative interest rates
Special issue: Implications of ultra-low and negative interest rates
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特刊：超低利率和负利率的影响
DOI：
10.1111/1468-0106.12248
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发表时间：
2018
影响因子：
1.5
通讯作者：
P. Chantapacdepong
中科院分区：
文献类型：
--
作者：
J. Aizenman;Y. Cheung;P. Chantapacdepong
多年来，主要发达经济体的央行实施了量化宽松（QE）政策，并采取了前所未有的超低利率政策，以解决危机和支持增长。为了承诺进一步放宽政策，许多央行，即欧洲央行、瑞士央行、瑞典央行、丹麦央行、日本央行和匈牙利央行，进一步实施了负利率政策。它是对商业银行存放在央行的多余资金征收负利率，实际上是对银行囤积现金征税。负利率政策在提振增长和通胀方面的效果仍不得而知。然而，对一系列可能的金融稳定风险和NIRP的意外后果的担忧已经表达出来，包括金融市场扭曲、资产价格泡沫、银行资产负债表恶化、银行贷款意愿减弱以及必要的宏观经济和结构性政策的延迟实施（Arteta, Kose, Stocker, & Taskin, 2016; Carney, 2016; White, 2014）。与其它非常规货币政策措施一样，负利率政策也可能通过“追逐收益”等行为，对新兴市场和发展中经济体的金融市场产生溢出效应。长期以来，人们一直认为，亚洲金融市场的资产价格更多地受到发达经济体货币政策的影响，而不是它们自己的政策和基本面。因此，亚洲可能不成比例地受到货币波动、国际资本流动以及发达经济体实施负利率政策引发的外债水平上升的影响。2016年12月1日至2日在日本东京举行的第19届亚洲开发银行（ADBI）年会的主题是“超低利率和负利率对亚洲的影响”。本次年会是ABDI就具有战略意义的问题提供智力投入和开展高水平研究的持续努力的一部分
For a number of years, the central banks of the major advanced economies have implemented quantitative easing (QE) policies and have also pursued unprecedented ultra-low interest rate policies to resolve crises and to support growth. To commit to additional policy easing, many central banks, namely, the European Central Bank, the Swiss National Bank, Sveriges Riksbank, Danmarks NationalBank, the Bank of Japan and the Hungarian Central Bank, have further implemented a negative interest rate policy (NIRP). It is a negative rate on commercial banks’ excess funds held on deposit at the central bank, effectively taxing banks for hoarding cash. The efficacy of NIRP in lifting growth and inflation remains unknown. However, concerns over a range of possible financial stability risks and unintended consequences of NIRP have been voiced, including financial market distortions, asset price bubbles, deterioration of banks’ balance sheets, weakening of banks’ willingness to lend, and delayed implementation of necessary macroeconomic and structural policies (Arteta, Kose, Stocker, & Taskin, 2016; Carney, 2016; White, 2014). Like other unconventional monetary policy measures, NIRP could also have spillover effects on the financial markets of emerging market and developing economies through, say, “yield chasing” behaviour. It has long been argued that asset prices in Asian financial markets are affected by monetary policies of advanced economies more than their own policies and fundamentals. Consequently, Asia may be affected disproportionately by volatile swings in currencies, international capital flows, and increasing external debt levels triggered by NIRP deployed by advanced economies. The theme of the 19th Asian Development Bank Institute (ADBI) Annual Conference, which was held on 1–2 December 2016 in Tokyo, Japan, was the implications of ultra-low and negative interest rates for Asia. The annual conference is part of ABDI’s continuous efforts in providing intellectual input and conducting high-level research on issues with strategic implications Received: 1 December 2016 Accepted: 1 April 2017