全球负利率政策：政策目标、作用机制及其效果

Abstract:Against a background of persistently weak growth and low inflation expectations，a number of central banks have implemented negative interest rate policies to provide additional monetary policy stimulus over the past few years. This paper outlines the concerns associated with negative interest rates，provides an overview of the international experience so far with negative policy rates and sets out some general observations based on this experience. From the view of bank credit，transmission of negative policy rates works，although pass-through to bank deposit and lending rates has generally been partial. Transmission through the exchange rate channel depends on the exchange rate regime. While negative interest rate policies indeed change the pricing of financial assets，they need to be handled with care to secure their benefits while mitigating risks.

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