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摘要翻译：
全球金融危机造成的长期社会经济影响，使人们对传统工具在解释金融危机时期的适当性以及现有政策反应的适当性提出了质疑。特别是，金融机构之间复杂的相互联系对金融稳定的影响已得到广泛承认。最近的一场辩论集中在旨在实现价格和金融稳定的非常规政策的影响上。特别是欧洲中央银行最近实施了定量宽松(QE，即中央银行在创造新货币时进行的大规模资产购买计划）。在此背景下，有两个问题值得关注。首先，通过注入流动性，QE在多大程度上可以改变银行-企业的贷款水平，刺激实体经济。第二，QE还可能在多大程度上改变金融行为者（包括银行、投资基金、保险公司和养老基金）之间的金融内部风险敞口模式，以及对金融稳定的影响。在这里，我们通过开发一种方法来解决这两个问题，以绘制跨金融工具（例如，股票、债券和贷款）的机构部门之间金融风险暴露的宏观网络，并根据最近可用的数据（例如，关于贷款以及在QE中购买的私人和公共证券的数据）说明我们的方法。然后，我们检验了欧洲央行QE的实施对欧元区宏观网络中金融联系的时间演变的影响，以及对产出和价格等宏观经济变量的影响。
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英文标题：
《Real implications of Quantitative Easing in the euro area: a
complex-network perspective》
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作者：
Chiara Perillo (1) and Stefano Battiston (1) ((1) University of
Zurich, Department of Banking and Finance, Zurich, Switzerland)
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最新提交年份：
2020
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分类信息：
一级分类：Economics 经济学
二级分类：General Economics 一般经济学
分类描述：General methodological, applied, and empirical contributions to economics.
对经济学的一般方法、应用和经验贡献。
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一级分类：Quantitative Finance 数量金融学
二级分类：Economics 经济学
分类描述：q-fin.EC is an alias for econ.GN. Economics, including micro and macro economics, international economics, theory of the firm, labor economics, and other economic topics outside finance
q-fin.ec是econ.gn的别名。经济学，包括微观和宏观经济学、国际经济学、企业理论、劳动经济学和其他金融以外的经济专题
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英文摘要：
The long-lasting socio-economic impact of the global financial crisis has questioned the adequacy of traditional tools in explaining periods of financial distress, as well as the adequacy of the existing policy response. In particular, the effect of complex interconnections among financial institutions on financial stability has been widely recognized. A recent debate focused on the effects of unconventional policies aimed at achieving both price and financial stability. In particular, Quantitative Easing (QE, i.e., the large-scale asset purchase programme conducted by a central bank upon the creation of new money) has been recently implemented by the European Central Bank (ECB). In this context, two questions deserve more attention in the literature. First, to what extent, by injecting liquidity, the QE may alter the bank-firm lending level and stimulate the real economy. Second, to what extent the QE may also alter the pattern of intra-financial exposures among financial actors (including banks, investment funds, insurance corporations, and pension funds) and what are the implications in terms of financial stability. Here, we address these two questions by developing a methodology to map the macro-network of financial exposures among institutional sectors across financial instruments (e.g., equity, bonds, and loans) and we illustrate our approach on recently available data (i.e., data on loans and private and public securities purchased within the QE). We then test the effect of the implementation of ECB's QE on the time evolution of the financial linkages in the macro-network of the euro area, as well as the effect on macroeconomic variables, such as output and prices.
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PDF链接：
https://arxiv.org/pdf/2004.09418
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