\u6b27\u6d32\u592e\u884c\u524d\u56fd\u9645\u653f\u7b56\u5206\u6790\u8d1f\u8d23\u4eba\u5bf9MNI\u8868\u793a\uff0c\u5982\u679c\u7ee7\u7eed\u672a\u80fd\u5b9e\u73b02%\u7684\u901a\u80c0\u76ee\u6807\uff0c\u6b27\u6d32\u592e\u884c\u53ef\u80fd\u4f1a\u5931\u53bb\u4fe1\u8a89\uff0c\u5e76\u8865\u5145\u79f0\u4ed6\u9884\u8ba12021\u5e74\u524d\u4e0d\u4f1a\u52a0\u606f\uff0c\u800c\u4e14\u5404\u56fd\u592e\u884c\u5e94\u51cf\u5c11\u6c9f\u901a\u3002<\/p>\n
\u5f17\u62c9\u5179\u820d\u5c14(Marcel Fratzscher) 3\u670818\u65e5\u5728\u67cf\u6797\u63a5\u53d7\u91c7\u8bbf\u65f6\u79f0\uff0c\u201c\u4f4e\u901a\u80c0\u5e76\u4e0d\u4ec5\u9650\u4e8e\u6b27\u5143\u533a\uff0c\u4f46\u5b83\u975e\u5e38\u5371\u9669\uff0c\u56e0\u592e\u884c\u4fe1\u8a89\u53d6\u51b3\u4e8e\u5176\u5c65\u884c\u804c\u8d23\u7684\u80fd\u529b\u3002\u201d<\/p>\n
\u5fb7\u56fd\u5a92\u4f53\u89c6\u5f17\u62c9\u5179\u820d\u5c14\u4e3a\u5fb7\u56fd\u592e\u884c\u884c\u957f\u6f5c\u5728\u4eba\u9009\uff0c\u73b0\u4efb\u72ec\u7acb\u7684\u5fb7\u56fd\u7ecf\u6d4e\u7814\u7a76\u6240(DIW Berlin)\u6240\u957f\u3002\u4ed6\u5bf9\u82ac\u5170\u592e\u884c\u884c\u957f\u96f7\u6069(Oli Rehn)\u6700\u8fd1\u547c\u5401\u91cd\u65b0\u8bc4\u4f30\u6b27\u6d32\u592e\u884c\u7684\u8d27\u5e01\u653f\u7b56\u7b56\u7565\u53d1\u8868\u8bc4\u8bba\u3002\u96f7\u6069\u62c5\u5fc3\uff0c\u5bf9\u592e\u884c\u5f71\u54cd\u901a\u80c0\u80fd\u529b\u7684\u4fe1\u4efb\u6b63\u53d7\u5230\u524a\u5f31\u3002<\/p>\n
“\u6211\u4e0d\u4f1a\u8bf4\u6b27\u6d32\u592e\u884c\u4fe1\u8a89\u4e0d\u4f73\uff0c”\u5f17\u62c9\u5179\u820d\u5c14\u79f0\u3002\u201c\u5b83\u6709\u5f88\u9ad8\u4fe1\u8a89\uff0c\u4f46\u5982\u679c\u4e00\u5bb6\u592e\u884c\u592a\u957f\u65f6\u95f4\u672a\u5b8c\u6210\u4f7f\u547d\uff0c\u4eba\u4eec\u4e0d\u5e94\u4f4e\u4f30\u5176\u98ce\u9669\u3002\u6211\u4eec\u9700\u8981\u5bf9\u8be5\u4f7f\u547d\u8fdb\u884c\u6218\u7565\u8bc4\u4f30\uff0c\u4f46\u8bf7\u4e0d\u8981\u628a\u5b83\u5f53\u4f5c\u6446\u8131\u56f0\u5883\u548c\u964d\u4f4e\u901a\u80c0\u76ee\u6807\u7684\u6377\u5f84\u3002\u201d<\/p>\n
3\u6708\u4efd\uff0c\u6b27\u6d32\u592e\u884c\u5b9e\u73b0\u7269\u4ef7\u76ee\u6807\u7684\u53ef\u80fd\u6027\u8fdb\u4e00\u6b65\u4e0b\u964d\uff0c\u5f53\u65f6\u8be5\u884c\u5c062019\u5e74\u901a\u80c0\u9884\u6d4b\u4ece1.6%\u4e0b\u8c03\u81f31.2%\uff0c\u5e76\u4e0b\u8c03\u7ecf\u6d4e\u589e\u957f\u9884\u671f\u3002\u5f17\u62c9\u5179\u820d\u5c14\u79f0\uff0c\u6b27\u5143\u533a\u590d\u82cf\u843d\u540e\u4e8e\u7f8e\u56fd4-5\u5e74\u3002\u4ed6\u8fd8\u79f0\uff0c\u4e2d\u6027\u5229\u7387\u6c34\u5e73\u53ef\u80fd\u5df2\u4ece\u8fc7\u53bb\u76845%-6%\u964d\u81f33%\u5de6\u53f3\u3002\u6b27\u6d32\u592e\u884c\u6536\u7d27\u653f\u7b56\u4f9d\u7136\u4e3a\u65f6\u5c1a\u8fdc\u3002<\/p>\n
\u201c\u6211\u7684\u9884\u611f\u662f\uff0c\u57282021\u5e74\u521d\u524d\uff0c\u6211\u4eec\u4e0d\u4f1a\u770b\u5230\u5728\u653f\u7b56\u5229\u7387\u4e0a\u8fc8\u51fa\u7b2c\u4e00\u6b65\u3002\u5728\u5b58\u6b3e\u5229\u7387\u65b9\u9762\uff0c\u5982\u679c\u660e\u5e74\u60c5\u51b5\u771f\u7684\u5f88\u597d\uff0c\u5b83\u53ef\u80fd\u4f1a\u5728\u4e00\u4e24\u6b65\u4e4b\u5185\u56de\u5230\u8fd1\u96f6\u6c34\u5e73\u3002\u201d<\/p>\n
–TLTRO\u610f\u5916<\/p>\n
\u5f17\u62c9\u5179\u820d\u5c14\u8868\u793a\uff0c\u4ed6\u5bf9\u6b27\u6d32\u592e\u884c3\u67087\u65e5\u5ba3\u5e03\u7b2c\u4e09\u8f6e\u5b9a\u5411\u957f\u671f\u518d\u878d\u8d44\u64cd\u4f5c(TLTRO)\u611f\u5230\u610f\u5916\u3002<\/p>\n
\u4ed6\u79f0\uff0c\u201c\u4e00\u65b9\u9762\uff0c\u6211\u60f3\uff0c\u2018\u54c7\uff0c\u6b27\u6d32\u592e\u884c\u6bd4\u6211\u5230\u76ee\u524d\u4e3a\u6b62\u62c5\u5fc3\u5f97\u591a\u3002\u2019\u56e0\u6b64\uff0c\u98ce\u9669\u80af\u5b9a\u975e\u5e38\u5de8\u5927\u3002\u201d\u201c\u7b2c\u4e8c\u4e2a (\u79ef\u6781\u7684\u56e0\u7d20)\u5c31\u662f\u6b27\u6d32\u592e\u884c\u5e0c\u671b\u62a2\u5148\u4e00\u6b65\uff0c\u73b0\u5728\u5c31\u91c7\u53d6\u884c\u52a8\uff0c\u800c\u4e0d\u662f\u7b49\u5230\u7a0d\u665a\u4ee5\u540e\u3002\u201d<\/p>\n
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\u201c\u5982\u679c\u4e0d\u5f97\u4e0d\u91cd\u65b0\u91c7\u53d6\u8fdb\u4e00\u6b65\u7684\u975e\u6807\u51c6\u63aa\u65bd\uff0c\u90a3\u5c06\u4ee4\u6b27\u6d32\u592e\u884c\u975e\u5e38\u4e0d\u5feb\uff0c\u4f46\u6211\u8ba4\u4e3a\u5b83\u4f1a\u8fd9\u4e48\u505a\u3002\u201d<\/p>\n
\u5f17\u62c9\u5179\u820d\u5c14\u8868\u793a\uff0c\u6b27\u6d32\u592e\u884c\u5728\u4f7f\u7528\u524d\u77bb\u6307\u5f15\u65b9\u9762\u201c\u505a\u5f97\u76f8\u5f53\u597d\u201d\uff0c\u4f46\u5982\u679c\u5b83\u4e0d\u90a3\u4e48\u660e\u786e\u3001\u66f4\u6709\u6761\u4ef6\uff0c\u5c31\u4f1a\u66f4\u597d\uff0c\u5373\u4f7f\u5e02\u573a\u4e0d\u559c\u6b22\u6216\u5e0c\u671b\u7406\u89e3\u8fd9\u79cd\u6761\u4ef6\u3002<\/p>\n
\u201c\u524d\u77bb\u6027\u6307\u5f15\u7684\u4e00\u5927\u98ce\u9669\u662f\uff0c\u5e02\u573a\u4f1a\u4e0a\u763e\uff0c\u4ed6\u4eec\u4e0d\u518d\u8003\u8651\u81ea\u5df1\u7684\u79c1\u4eba\u4fe1\u606f\uff0c\u800c\u8fc7\u4e8e\u5173\u6ce8\u592e\u884c\u544a\u8bc9\u4ed6\u4eec\u7684\u4fe1\u606f\u3002\u6211\u5e0c\u671b\u6b27\u6d32\u592e\u884c\u5e74\u5e95\u524d\u5c06\u5c31\u5229\u7387\u63d0\u4f9b\u4e00\u70b9\u524d\u77bb\u6307\u5f15\uff0c\u4f46\u4e4b\u540e\u5c31\u505c\u6b62\u3002\u201d\u4ed6\u8865\u5145\u79f0\uff0c\u8fd9\u5c06\u5728\u4e00\u5b9a\u7a0b\u5ea6\u4e0a\u53d6\u51b3\u4e8e\u592e\u884c\u5b9e\u73b0\u901a\u80c0\u76ee\u6807\u7684\u80fd\u529b\u3002<\/p>\n
\u201c\u6211\u8ba4\u4e3a\uff0c\u4e0d\u4ec5\u5bf9\u6b27\u6d32\u592e\u884c\uff0c\u800c\u4e14\u5bf9\u5927\u591a\u6570\u592e\u884c\u6765\u8bf4\uff0c\u8fc7\u53bb10\u5e74\u6709\u592a\u591a\u7684\u6c9f\u901a\uff0c\u8868\u660e\u592e\u884c\u7684\u4e3b\u5bfc\u5730\u4f4d\u592a\u5f3a\u4e86\u3002\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
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