央行资本盒与货币政策的有效性

2007年次贷危机后，各国央行都承担起“最后贷款人”的职责，救助金融机构，央行自身资产负债表的质量不断恶化，引发对中央银行资本金的关注。央行在履行维持物价稳定和一些“准财政”职能时，资本金可能遭受损失，资本金的损失会影响到央行的公信力和独立性，以及货币政策的有效性。充足的央行资本金对于货币政策的有效执行来说是一种有力的保障。

Central Bank Capital and the Effectiveness of Monetary Policy

After the subprime crisis in 2007, the central banks of all countries took up the role of the lender of last resort and injected liquidity into financial institutions. This has made the quality of central bank balance sheet continu- ously deteriorate, which arouses attention to emphasizing the importance of the central banks＇ capital adequacy. When realizing its responsibility in keeping the stability of prices and some of its quasi-fiscal functions, its is possible for the central bank to suffering losses of capital. The inadequacy of its capital will influence the credibility and independence of central bank and undermine the effectiveness of monetary policy. Therefore, adequate capital of central banks can en- sure the effective conduction of monetary policy.