【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。更多还原

【Abstract】 ISeveral countries adopt quantitative and qualitative monetary easing policy to stimulate economy after global financial crisis of 2008. Several central banks implement negative interest policy to strengthen effects of quantitative and qualitative monetary easing policy. Negative interest rates refer to rates of excess reserve of commercial banks in the central bank is negative, that is commercial banks should pay fees for their reserves in central bank. Negative interest rates, as an unconventional monetary policy, break the limit of zero lower bound. This paper analysis implementation of European Central Bank, Denmark National Bank, Sveriges Risks bank, the Swiss National Bank and evaluate it. The NIRP have positive effect on stimulating economy and achieving policy goal. There need further study to analyze negative interest rates policy effect on developing countries.更多还原