欧洲央行的最后贷款人角色

欧债危机爆发后,欧洲央行一直在是否充当政府债券市场最后贷款人的问题上摇摆不定。笔者认为,货币联盟中的政府债券市场存在缺陷,很容易爆发流动性危机,只有中央银行做出最后贷款人的承诺才能解决这一问题。文章对以通胀风险、财政影响、道德风险、白芝浩理论、法律异议为理由反对欧洲央行为政府债券市场提供最后贷款支持的声音,进行了逐一驳斥,建议:为了维护金融稳定,欧洲央行必须公开声明将在政府债券市场上坚定不移地履行最后贷款人职责。

The European Central Bank as a Lender of Last Resort

Since the outbreak of the EU debt crisis, the ECB has been gripped by hesitancy over the role as a lender of last resort in the sovereign bond market. A stop-and-go policy ensued. Given the weakness of government bond markets in a monetary union, which is prone to liquidity crises, the author argues that only through the central bank providing lending of last resort to government bond markets can this problem be solved. The author reviews and provides arguments against those who opposed it because of concerns about the risk of inflation, fiscal consequences and moral hazard or who based themselves on the Bagehot doctrine and legal objections. Consequently, in order to ensure financial stability, the ECB has to make it clear that it is fully committed to exerting its function as a lender of last resort.