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How Monetary Policy During Crises Reshapes the Boundaries of Central Banks

本站:Feb 26, 2026原文:Dec 16, 2025

2008nián年jīn róng wēi jī金融危机hòu后，hěn很duō多zhōng yāng yín háng中央银行yòng用“liàng huà kuān sōng量化宽松”mǎi rù买入dà liàng大量guó zhài国债，ràng让shì chǎng市场gèng更wěn dìng稳定、jiè qián借钱gèng更pián yi便宜。

After the 2008 financial crisis, many central banks used "quantitative easing" to buy large amounts of government bonds, making the market more stable and borrowing cheaper.

xiàn zài现在tā men它们xiǎng想yòng用“liàng huà jǐn suō量化紧缩”bǎ把zhè xiē这些zhài quàn债券màn màn慢慢mài卖huí qù回去，ràng让shì chǎng市场lǐ里de的qián钱biàn变shǎo少。

Now they want to use "quantitative tightening" to slowly sell these bonds back, reducing the amount of money in the market.

dàn但dào到2025nián年，jīng jì经济biàn变màn慢、zhèng fǔ政府qiàn zhài欠债duō多，dà jiā大家fā xiàn发现：zhōng yāng yín háng中央银行de的zī chǎn fù zhài biǎo资产负债表yǐ jīng已经chéng成le了jīn róng金融wěn dìng稳定de的guān jiàn关键。

But by 2025, with the economy slowing and government debt high, everyone realizes that the central bank's balance sheet has become key to financial stability.

yīng guó英国shì是míng xiǎn明显lì zi例子。

The UK is a clear example.

yīng gé lán yín háng英格兰银行zài在2025nián年9yuè月fàng màn放慢liàng huà jǐn suō量化紧缩sù dù速度，yīn wèi因为cháng qī长期guó zhài国债mǎi买de的rén人biàn变shǎo少、cháng qī长期lì lǜ利率shàng shēng上升，shì chǎng市场bù不róng yì容易xiāo huà消化xīn新zhài债。

The Bank of England slowed down quantitative tightening in September 2025 because fewer people were buying long-term government bonds and long-term interest rates rose, making it harder for the market to absorb new debt.

měi guó美国yě也dān xīn担心yín háng银行zhǔn bèi jīn准备金bù gòu不够ér而fàng màn jiǎo bù放慢脚步，ōu zhōu欧洲yào要bì miǎn避免chéng yuán guó成员国lì lǜ利率chā jù差距biàn变dà大，rì běn日本chí yǒu持有de的zhài quàn债券tài太duō多yě也kě néng可能dài lái带来bō dòng波动。

The US also slowed down due to concerns about insufficient bank reserves, Europe wants to avoid widening interest rate gaps among member countries, and Japan's large bond holdings may also cause volatility.

liàng huà kuān sōng量化宽松hái还dài lái带来liǎng dà两大wèn tí问题：yī shì一是zhèng fǔ政府yào要fù付gèng duō更多lì xī利息，kuī sǔn亏损huì会biàn chéng变成nà shuì rén纳税人de的yā lì压力；èr shì二是shì chǎng市场yùn zhuàn运转gèng更yī lài依赖zhōng yāng yín háng中央银行tí gōng提供zī jīn资金hé和guó zhài国债。

Quantitative easing also brought two major problems: first, the government has to pay more interest, turning losses into taxpayer burdens; second, the market operation relies more on central banks providing funds and government bonds.

wèi lái未来zhōng yāng yín háng中央银行hěn很nán难huí dào回到2008nián qián年前de的guī mó规模，huò bì货币zhèng cè政策yě也bì xū必须hé和cái zhèng财政zhèng cè政策gèng更jǐn mì pèi hé紧密配合。

In the future, central banks will find it hard to return to their pre-2008 size, and monetary policy must work more closely with fiscal policy.

Source:How crisis-era monetary policy reshaped the limits of central banking

By Deepanshu Mohan O.P. Jindal Global University, Sonipat Ankur Singh O.P. Jindal Global University, Sonipat / 360info|CC BY 4.0|Modified & AI-assisted

wēi jī危机shí qī时期de的huò bì货币zhèng cè政策rú hé如何zhòng sù重塑zhōng yāng yín háng中央银行de的biān jiè边界

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wēi jī
危机
shí qī
时期
de
的
huò bì
货币
zhèng cè
政策
rú hé
如何
zhòng sù
重塑
zhōng yāng yín háng
中央银行
de
的
biān jiè
边界