摘要全球金融危机后，瑞士，瑞典，日本等国央行相继调低利率，甚至开始实行负利率政策。本文结合国内外实践及政策的利弊，对于中国是否可能实行负利率政策及该政策在中国的适用性问题进行严谨的判断和全面的分析。得出的结论是，尽管负利率对于刺激消费和投资有一定作用。但却无法解决最根本的经济结构问题，也会带来许多其他的消极影响，中国目前的国情而言并不足以支持该举措。中国应该积极促进产业转型，提高经济内生和外生驱动力。关键词：负利率政策，影响，外国，中国，适用性ThepracticeofnegativeinterestratepolicyabroadandtheanalysisofitsapplicabilityinChinaAbstract:Aftertheglobalfinancialcrisis,centralBanksinSwitzerland,Sweden,Japanandothercountriescutinterestratesoneafteranother,andevenimplementednegativeinterestratepolicies.ThispapercombinestheadvantagesanddisadvantagesofpracticesandpoliciesathomeandabroadtomakearigorousjudgmentandacomprehensiveanalysisonthepossibilityofChina'snegativeinterestratepolicyandtheapplicabilityofthepolicyinChina.Theconclusionisthatnegativeinterestrateshavetheeffectofstimulatingconsumptionandinvestment.However,itwillnotsolvethemostfundamentalproblemsofeconomicstructure,andwillhavemanyothernegativeeffects.ThecurrentsituationofChinaisnotenoughtosupportthismeasure.Chinashouldactivelypromoteindustrialtransformationandimprovethedrivingforceoftheeconomy.Keywords:ZeroBoundInterestRatePolicy,Influence,Foreigncountries,ApplicabilityinChina目录引言................................................................1一、名义负利率及其传导机制.........................................1（一）商业银行超额准备金的负利率政策................................11.负利率的概念与内涵........................................12.负利率政策的实施背景与效果分析............................2（二）负利率的传导机制与相关模型................................4二、典型国家负利率及量化宽松货币政策的具体实践.....................5（一）以瑞典为起点的欧元区国家负利率实践.......................5（二）日本的负利率政策实践......................................7三、负利率政策对经济发展的多方面影响...............................9（一）对央行和商业银行的影响...................................9（二）对企业的影响............................................10（三）对股市的影响............................................10（四）与就业及养老金的关系....................................11（五）对世界经济的整体影响....................................11四、负利率政策在中国的短期适用性...................................12（一）中国曾经的低利率实践.....................................12（二）短期采用负利率在中国可行的条件...........................131.经济处于停滞不前需要刺激..................................132.市场悲观预期..............................................133.本币升值压力加剧..........................................134.其他国家的影响............................................13（三）对负利率在中国可行性的总结...............................14五、国外的负利率政策对中国稳定经济的启发...........................15（一）负利率政策仅具有短期适用性...............................15（二）负利率政策实施过程中要注意风险管控.......................15（三）利率稳定是我国经济发展的正道.............................151.坚持利率市场化...........................................152.发展实体经济并促进回报率..................................163.注重汇率的变化............................................164.注意价格和产量的关系..................
