本文關(guān)鍵詞：美國量化寬松貨幣政策的有效性及對中國經(jīng)濟(jì)的影響研究　出處：《東北財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：2008年美國金融危機演變成全球的金融危機,這給全球經(jīng)濟(jì)和美國經(jīng)濟(jì)帶來嚴(yán)重的沖擊,以美國為代表的世界各主要經(jīng)濟(jì)體紛紛出臺各種政策措施以應(yīng)對金融危機。其中,美國自金融危機爆發(fā)至今已連續(xù)實施了四輪量化寬松貨幣政策應(yīng)對此次金融危機。危機爆發(fā)之初,美聯(lián)儲曾迅速采取一系列傳統(tǒng)的貨幣政策以求救助美國經(jīng)濟(jì),但傳統(tǒng)貨幣政策由于傳導(dǎo)機制受金融危機破壞而無法起到立竿見影的效果,美國經(jīng)濟(jì)陷入持續(xù)衰退狀態(tài)。在此背景下,美聯(lián)儲在2008年底開始實施首輪量化寬松貨幣政策,截止到目前,美聯(lián)儲共計實施了四輪量化寬松貨幣政策。美國作為世界最大的經(jīng)濟(jì)體,其為應(yīng)對金融危機和重振經(jīng)濟(jì)而采取的各種政策措施是我們把握世界經(jīng)濟(jì)走向的風(fēng)向標(biāo),深入研究美國應(yīng)對此次金融危機所采取的貨幣政策措施有利于我們準(zhǔn)確認(rèn)識量化寬松貨幣政策的傳導(dǎo)機制及政策效果；另外,在經(jīng)濟(jì)全球化的背景下,美國持續(xù)實施量化寬松貨幣政策也會通過多種渠道對中國經(jīng)濟(jì)帶來各種影響。因此,研究美國量化寬松貨幣政策的有效性及其對中國經(jīng)濟(jì)帶來的影響具有十分重要的理論意義和現(xiàn)實意義。 本文共分為五部分： 第一章,緒論。主要介紹本文的選題背景和研究意義、國內(nèi)外文獻(xiàn)綜述和研究現(xiàn)狀、本文研究的主要內(nèi)容、框架和方法等等,最后將點明本文的創(chuàng)新點和不足。 第二章,美國量化寬松貨幣政策的理論分析。首先對量化寬松貨幣政策的概念進(jìn)行界定,然后將對量化寬松貨幣政策的操作方式、傳導(dǎo)機制兩個方面進(jìn)行論述,最后從目標(biāo)、操作方式、傳導(dǎo)渠道、操作期限四個方面闡明量化寬松貨幣政策與傳統(tǒng)貨幣政策的區(qū)別。 第三章,美國量化寬松貨幣政策的實踐分析。首先結(jié)合政策實施背景回顧了美國從2008年至今所實施的四輪量化寬松貨幣政策,然后系統(tǒng)梳理了美國實施量化寬松貨幣政策所采用的創(chuàng)新型貨幣政策工具,最后對美國量化寬松貨幣政策的有效性進(jìn)行了一般性分析。 第四章,美國量化寬松貨幣政策對美國經(jīng)濟(jì)的有效性及其對中國經(jīng)濟(jì)的影響進(jìn)行實證分析。本文采用VAR模型對美國量化寬松政策有效性及其中國經(jīng)濟(jì)的影響進(jìn)行了實證分析,實證結(jié)果顯示,美國實施量化寬松政策對美國經(jīng)濟(jì)的救助作用是明顯的,通過匯率渠道、中長期利率渠道及信號效應(yīng)渠道的有效傳導(dǎo),量化寬松政策可以有效地提高美國國內(nèi)生產(chǎn)總值、提高美國國內(nèi)通貨膨脹水平,但是量化寬松政策對提升美國就業(yè)、降低失業(yè)率方面效果不理想；另外,美國實施量化寬松政策會通過貿(mào)易渠道、資本流動渠道及匯率渠道對中國經(jīng)濟(jì)增長及物價水平產(chǎn)生正向影響,其中匯率渠道是美國量化寬松政策影響中國的最主要渠道。 第五章,結(jié)論及政策建議。其政策建議為,中國目前應(yīng)該加強對短期國際流動資本的監(jiān)管,進(jìn)一步推動人民幣匯率形成機制改革,加快推進(jìn)人民幣國際化并加強對中國外匯儲備資產(chǎn)的管理,以此來減少美國持續(xù)實施量化寬松貨幣政策所帶來的不利影響,保持中國經(jīng)濟(jì)的平穩(wěn)快速增長。
[Abstract]:In 2008 the US financial crisis evolved into a global financial crisis, which brings serious impact to the global economy and the U.S. economy, the world's major economies represented by the United States have introduced various policies and measures to cope with the financial crisis. Among them, the United States since the outbreak of the financial crisis has been the implementation of the four round of quantitative easing monetary policy to deal with the financial the crisis at the beginning of the crisis, the Fed has quickly adopted a series of traditional monetary policy in order to rescue the U.S. economy, but the traditional monetary policy conduction mechanism due to damage by the financial crisis to immediate effect, the U. S. economy into recession state. Under this background, the Fed started the first round of quantitative easing the policy at the end of 2008, up to now, the total implementation of the Fed's four round of quantitative easing monetary policy. The United States is the largest economy in the world, it is Various policy measures taken in response to the financial crisis and revive the economy we grasp the trend of the world economy, the in-depth study of U.S. monetary policy measures to deal with the financial crisis to help us to accurately understand the quantitative easing monetary policy transmission mechanism and policy effect; in addition, under the background of economic globalization, the United States continued to implement quantitative loose monetary policy will also bring various influence on the Chinese economy through a variety of channels. Therefore, it has very important theoretical significance and practical significance of the research of the quantitative easing monetary policy effectiveness and the China economic impact.
This article is divided into five parts:
The first chapter is the introduction. It mainly introduces the background and significance of this topic, the literature review and research status at home and abroad, the main contents, frameworks and methods of this paper, and finally points out the innovation and shortcomings of this paper.
The second chapter, the analysis of the quantitative easing monetary policy theory. The concept of quantitative easing monetary policy is defined, then the quantitative easing monetary policy operation, two aspects of transmission mechanism are discussed, finally from the target, mode of operation, transmission channels, four aspects of operation period to clarify the difference of quantitative easing monetary policy and the traditional monetary policy.
The third chapter, analysis of the practice of the quantitative easing monetary policy. First reviews the United States since 2008 the implementation of the four round of quantitative easing monetary policy combined with the background of the implementation of policies, and then systematically analyzes the innovative monetary policy tools to the United States to implement quantitative easing monetary policy adopted, finally made a general analysis on the effectiveness of U.S. quantitative easing monetary policy.
The fourth chapter makes an empirical analysis of the quantitative easing monetary policy effectiveness of the U.S. economy and its influence on the China economy. This paper uses the VAR model to the U.S. quantitative easing policy effectiveness and China economy by empirical analysis, the empirical results show that the quantitative easing policy aid effect on American economy is obvious. Through the exchange rate channel, the effective transmission of the long-term interest rate channel and signal effect of the channel, the quantitative easing policy can effectively improve the GDP of the United States, the United States increased the level of inflation, but the quantitative easing policy to enhance U.S. employment, reducing the unemployment rate effect is not ideal; in addition, the United States implemented quantitative easing policy will be through the trade channel, channel capital flows and exchange rate channel China has a positive impact on economic growth and the price, the exchange rate channel is beautiful The main channel of China's quantitative easing policy affects China.
The fifth chapter, the conclusions and policy recommendations. The policy suggestions for the present, Chinese should strengthen the short-term international capital flow regulation, to further promote the reform of RMB exchange rate formation mechanism, accelerate the internationalization of RMB China and to strengthen the management of foreign currency reserve assets, in order to reduce the adverse effects brought by the United States continued to implement quantitative easing monetary policy, maintain the steady and rapid growth of the economy. Chinese

【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F827.12;F124;F832.5

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本文編號：1364839