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1、1 ? ? ? ? ? 1 ? 29 ? ? ? ? ? ? ? ?7 ? 7 ? ? ?-0.40%?-0.50%?-0.65%?-0.75%?-0.10%? ? ? ? ?7 ? ? ?%?-0.40-0.50-0.65-0.75-0.10? ? 0.00%? -0.50%? 0.00%3?Libor? ?-0.72%? 0.30% ? ?0.25%? ? 0.75%? 0.25%-? ? 0.5%?-0.25%? 0.30%? ?-0.40%? ? 0.75%? -1.25%-? ? 0.5%?-1.25%? ?0.10%?2812 ?0.73 ? ? 657.1 ? ?684 ? ?4
2、074 ?24.7 ? ?29661 ?7056 ?4594 ? ?6422 ?410 ? (%)9.489.3314.8963.446.02? ? ? 1 ?%?.5? 2 ?%?.6? 3 ?%?.7? 4 ?.8? 5 ? 7 ?%?.9? 6 ?.10? 7 ?%?.12? 9 ?.15? 10 ?.16? 11 ? .18? 12 ?.19 ? 1 ? 29 ? ?1.1 ?Sveriges Riksbank, SR? 2%?Market Operations?Fine-tuning Transactions? ? ? ?7 ?repo rate? 7 ? ? ? ? ? 7 ? 1
3、0bp? 7 ? 10bp? 7? 0.75%? 7 ? 0.75%? 1?1?7 ? 1 ?%?CEIC?CIB Research1.2 ?08 ?2009 ? 4 ? ? 100 ? 7 ? 1%? 0.5%?2009 ? 7 ? 25 ?-0.25%? 2016 ? 4 ? 15 ?-1.25%?2015 ? 2 ? 18 ?7? 10bp ?-0.10%?“?”? 30%? 2016 ? 4 ? 7 ?-0.50%?2016?4?15? ?658?1? http:/www.riksbank.se/en/Monetary-policy/To-steer-interest-rates/?7
4、 ?2.1 ?ERM II?Exchange Rate Mechanism2? ?100 ?=746.038 ? 2.25%3? ?DanmarksNationalbank, DN? ? 2? ? ? ?monetary-policy interest rates?discount rate? ?current-account rate)?lending rate?rate on certificates of deposit? ? 2 ?%?CEIC?Wind?CIB Research2ERM II ? ERM ?3?http:/www.nationalbanken.dk/en/monetarypolicy/implementation/Pages/default.aspx? 3 ?%?CEIC?CIB Research?Current-account Deposits? ?Weekly Open Market Operations? ?Extraordinary Open Market Operations?Liquidity-adjusting Operations? ? ? ? ? ? ? ? 0.75%? ? ? 7 ? 7 ? 7 ? ? ? ? ? ? ? ?
