量化宽松在欧元区的实际影响：一个复杂网络的视角
Real implications of Quantitative Easing in the euro area: a complex-network perspective
摘要：
全球金融危机的长期社会经济影响使人们对传统工具是否足以解释金融困境时期以及现有政策应对措施是否充分提出了质疑。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。最近的一次辩论集中于旨在实现价格和金融稳定的非常规政策的影响。特别是，量化宽松（QE，即，由中央银行在创造新货币时进行的大规模资产购买计划）最近已经由欧洲中央银行（ECB）实施。在这方面，有两个问题值得在文献中更多地关注。首先，通过注入流动性，量化宽松可以在多大程度上改变银行-企业贷款水平并刺激实体经济。第二，量化宽松在多大程度上改变了金融主体（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暴露模式，以及对金融稳定性有何影响。在这里，我们通过开发一种方法来解决这两个问题，该方法用于绘制跨金融工具的机构部门之间的金融风险敞口宏观网络（例如，股票、债券和贷款），并且我们在最近可用的数据上说明我们的方法（即，在量化宽松中购买的贷款和私人及公共证券的数据）。然后，我们测试了欧洲央行的量化宽松的实施对欧元区的宏观网络中的金融联系的时间演变的影响，以及对宏观经济变量，如产出和价格的影响。
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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