欧洲中央银行体系研究

【作者】 阙澄宇；

【导师】 张贵乐；

【作者基本信息】 东北财经大学 ， 金融学， 2002， 博士

【摘要】 人类即将跨入21世纪之际，世界经济领域发生了史无前例的重大事件：出现了一个跨国中央银行——欧洲中央银行和一种跨国货币——欧元。中央银行与国家货币原本是一个国家主权的象征，现在却被统一的中央银行和统一的货币所取代，这不能不说是一种奇迹。欧洲中央银行作为一个超国家机构，独立行使货币政策的职能，负责制定和实施整个欧元区的货币政策，这与通常意义上的各国中央银行有着本质区别。由欧洲中央银行与欧盟15个成员国国家中央银行所组成的欧洲中央银行体系，可以称得上是欧洲经济货币联盟所带来的最大的制度变化，它一方面使欧洲中央银行成为了没有相应政权实体制约的中央银行，另一方面又使各个国家成为了失去了中央银行控制权的国家政体。欧洲中央银行体系的建立既是欧洲经济一体化和货币一体化进程的必然结果，同时也是欧盟各国在经济全球化背景下顺应历史发展的必然选择。作为当代世界经济和金融发展史上的空前创新和质的飞跃，欧洲中央银行的诞生会使欧盟国家经济政策的制定、实施和管理发生巨大的变化，并将对世界经济和国际政治格局产生深远的影响。中国与欧盟虽然相距遥远，文化差异较大，但在经济上具有很强的互补性。从理论上讲，不同经济体的互补性是双方发展经贸关系的客观基础，互补程度越高，发展经贸关系的潜力就越大。中国与欧盟不仅在贸易、投资和技术转让等方面显示出很强的互补性，而且在金融合作上也取得了一定的成果。中国加入世界贸易组织之后，将进一步加快国内金融业改革开放的步伐，尽快与国际经济接轨。在这一过程中，必然会学习和借鉴国外金融机构成功的做法和经验。欧洲中央银行体系的建立与运作，为世界各国和其他区域性经济组织提供了值得效仿的范例。对于欧洲中央银行体系进行深入的探讨和研究，不仅有助于我们了解欧洲经济货币联盟的发展过程，把握世界政治经济的变化趋势，同时对于我们扩大与欧盟的经贸往来，完善我国中央银行的职能，深化金融体制改革也具有非常积极的意义。本文以经济全球化为背景，论述了欧洲中央银行体系的建立及其制度框架，并着重对欧洲中央银行体系的货币政策、汇率政策，以及财政政策与货币政策的配合进行了详细阐述。全文共九章，分为三个部分。<WP=54>第一部分为基础篇，由第1-4章组成，主要分析了欧洲中央银行体系的诞生背景、理论基础、制度框架和主要特征。第1章从经济全球化的角度，顺着区域经济一体化和货币一体化的脉络，探寻了欧洲中央银行从设想至雏形，直到正式成立的全过程。第2章主要根据《欧洲联盟条约》和《欧洲中央银行体系章程》，详细介绍了欧洲中央银行体系的基本制度框架，以及该体系的最终目标与具体任务。第3章着重对欧洲中央银行体系的独立性进行了分析。欧洲中央银行是目前世界上独立性最强的超国家机构，这一显著特征为确保其货币政策目标的实现提供了根本保证。第4章依据最适度货币区理论，对欧元区形成的理论基础，以及加入欧元区的成本与收益，进行了理论与实证方面的分析。第二部分为政策篇，由第5-8章组成。该部分是本文的重点，主要考察与研究欧洲中央银行体系单一货币政策的内容、货币政策的实施、汇率机制及汇率政策、以及财政政策与货币政策的协调。第5章在对欧洲中央银行货币政策传导机制进行详尽展示的基础上，重点分析了欧洲中央银行体系的“双支柱”货币政策战略，并对货币政策战略的信息传播进行了论述。第6章分析了欧洲中央银行体系运用各种货币政策工具实施其货币政策战略，并采用比较分析的方法，将欧洲中央银行体系的货币政策操作与主要发达国家进行了对比。第7章首先对汇率目标区进行了探讨，参照这一理论，并结合欧洲汇率制度及汇率政策的变迁，对目前欧洲中央银行体系的汇率政策和措施进行了分析。第8章结合欧洲货币联盟的趋同标准和财政约束的分析，针对欧元区财政政策分散性与货币政策统一性的特点，探讨了货币政策与财政政策的协调与配合。第三部分为影响篇，由第9章组成，。本章在对我国中央银行与欧洲中央银行进行比较分析的基础上，总结了欧洲央行可供效仿与借鉴之处。由于欧洲货币联盟的建立与成功运作，使我国国民经济发展所面临的国际环境发生了一定变化，尤其是金融业受到的影响最为直接。因此，我们要适应国际金融形势的变化，顺应经济全球化的趋势，加快我国金融业改革开放的步伐，走金融国际化的道路，提高中资金融机构的国际竞争力，并适时制定行之有效的参与国际经济竞争的战略。更多还原

【Abstract】 At the threshold of the 21st century, two unprecedented and important events happened in the world economic area: emerging a transnational central bank-ECB （European Central Bank） and a transnational currency-Euro. Central banks and currencies were originally the symbols of the national sovereignty, but now they are replaced by a unified central bank and a unified currency respectively. Acting as a supranational institute, ECB is different from other central banks in nature. It is responsible for constituting and executing the monetary policy independently. The great change of the institution which was brought about by the EMU （Economic and Monetary Union） was the establishment of ESCB （European System of Central Banks）. ESCB consists of ECB and national central banks of 15 member states. On one hand it makes ECB become a central bank without any restriction from a corresponding governmental entity, and on the other hand it makes every member state become a regime without the control of its central bank.The establishment of ESCB is the inevitable result of the course of economic integration and monetary integration in Europe, and at the same time it is also the certain choice of the countries in EU under the background of the globalization of economy. ECB is an unparalleled innovation and a forward leap in the history of world economy and finance. ECB will bring about great changes in economic policy making, executing and managing among countries in EU, and it will deeply influence the world economy and international political situation. China is remote from EU in distance and is different in culture, but the two parts have great complementarity in economy. Theoretically speaking, complementarity of different economic bodies is the objective base for the development of their trade relationships. The higher is the level of complementarity, the more potential has their trade relationships to develop. China and EU have showed great complementarity in trade, investment and technological transfer, and have achieved some success in the area of financial cooperation. After entry into WTO, China will expedite the reform and opening of the domestic finance so as to catch up with the<WP=56>international economy quickly. During this process, we must learn from the successful experience of the foreign financial institutes. And the establishment and operation of the ESCB provide a valuable model for the world and other regional economic organizations. So probing into the ESCB is helpful for us to understand the evolvement of EMU and to master the tendency of the world politics and economy. It is also meaningful for us to expand our trade with EU, to perfect the function of our central bank, and to deepen the reform of our financial system.Based on the globalization of the economy, this essay discusses the establishment of ESCB and the its institutional framework and puts the emphasis on the ESCB’s monetary policy, exchange rate policy and coordination of the two policies.This essay consists of three parts, including nine chapters:Part One is the basic theory, including the fist four chapters. This part analyses the natal background, the theoretical basis, the institutional framework and the main features of ESCB. In the view of the globalization of economy, the regional economic integration and the monetary integration, Chapter 1 discusses how ECB came into being. According to Treaty of European Union and Constitution of ESCB, Chapter 2 introduces the basic institutional framework of ESCB and its final aim and concrete tasks. Chapter 3 focuses on the independence of the ESCB. ECB is the most independent supranational institute in the world, and this outstanding feature is able to ensure the realizing the target of monetary policy. Depended on the theory of optimal monetary area, chapter 4 explains the basis of the form of Euro area and analyses theoretically and empirically the cost and return of taking part into the Euro area.Part Two is the policy part, consisting of chapter 5 to chapter 8. This par更多还原