本文關(guān)鍵詞：量化寬松貨幣政策的理論基礎和實踐效果研究　出處：《湖南大學》2015年碩士論文　論文類型：學位論文

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【摘要】：本文從定義、理論基礎、框架體系、不同國家實踐經(jīng)歷和政策實施效果檢驗四個方面系統(tǒng)分析了量化寬松貨幣政策。其定義為一國的中央銀行在短期名義利率接近或等于零時,通過公開市場操作或創(chuàng)立新的貨幣政策操作窗口,為金融機構(gòu)提供緊急流動性貸款,緩解市場資金緊張,降低風險溢價,平復金融恐慌。同時,通過公開市場操作購買國債、資產(chǎn)支持證券、商業(yè)票據(jù)或公司債券,壓低中長期利率,向金融體系注入大量基礎貨幣,降低資金成本,增加貨幣供給,防止通貨緊縮,刺激經(jīng)濟復蘇。本文梳理了量化寬松貨幣政策的理論基礎和實踐操作框架,以及日本在2001-2006年的首次量化寬松政策實踐以及美聯(lián)儲應對金融危機和刺激經(jīng)濟復蘇、歐洲央行應對金融危機和債務危機的政策實踐。以美國為研究對象實證分析量化寬松政策的實施效果,主要結(jié)論為:(1)金融穩(wěn)定效果方面,利率調(diào)整等常規(guī)貨幣政策無法有效降低反應金融市風險溢價的TED利差水平。單一創(chuàng)新性貨幣政策工具的金融穩(wěn)定效果也不明顯,但創(chuàng)新性貨幣政策工具總量對TED利差的影響則非常明顯,一系列信貸支持貨幣政策工具為市場提供了緊急流動性支持,避免了信貸枯竭和更大范圍內(nèi)的金融機構(gòu)破產(chǎn)倒閉;(2)提升貨幣供給方面,美聯(lián)儲通過量化寬松政策向銀行體系注入了大量的基礎貨幣,但基礎貨幣的擴張并沒有促進銀行信貸擴張,貨幣政策的傳導機制受阻。美聯(lián)儲注入到商業(yè)銀行的基礎貨幣以超額儲備金的形式回到了美聯(lián)儲的資產(chǎn)負債表上,而未能以貸款的形式進入到實體經(jīng)濟。廣義貨幣供給的增長主要源于基礎貨幣的擴張,而非源自于銀行信貸的增長;(3)經(jīng)濟刺激效果方面,分為信貸、通貨膨脹、資產(chǎn)價格和匯率四個渠道。M2的增長有利于銀行信貸的擴張,信貸渠道效果顯著。危機后美國貨幣供給的增長對物價的影響非常微弱,并未遵循經(jīng)典的貨幣理論,通貨膨脹渠道不顯著。量化寬松政策對資產(chǎn)價格的刺激作用體現(xiàn)在短期,長期來看則沒有作用,對美元匯率的影響則相反,短期無影響,隨后才促使美元走強。最后,本文提出美、日、英、歐等發(fā)達國家所實行的量化寬松貨幣政策實踐對我國貨幣政策的啟示。
[Abstract]:This paper systematically analyzes the quantitative easing monetary policy from four aspects: definition, theoretical basis, framework system, experience of different countries and policy implementation. It is defined as a central bank in a country where short-term nominal interest rates are close to or equal to zero. Through open market operation or the creation of new monetary policy operation window, it provides emergency liquidity loans for financial institutions, relieving market capital tension, reducing risk premium and smoothing financial panic. At the same time, through open market operation, we can buy treasury bonds, asset backed securities, commercial bills or corporate bonds through the open market operation, reduce the long-term interest rates, inject large amounts of basic money into the financial system, reduce the cost of capital, increase the money supply, prevent deflation and stimulate economic recovery. This paper reviews the theoretical basis and practical framework of quantitative easing monetary policy, and Japan in the first 2001-2006 years of practice the policy of quantitative easing and the practice of the Fed's response to the financial crisis and stimulate economic recovery, the European Central Bank to deal with the financial crisis and the debt crisis. Taking the United States as the research object, we empirically analyze the implementation effect of the quantitative easing policy. The main conclusions are as follows: (1) in terms of financial stability effect, the conventional monetary policy such as interest rate adjustment can not effectively reduce the TED interest rate that reflects the risk premium of the Financial City. The financial stability effect of a single innovative monetary policy tools is not obvious, but the influence of innovative monetary policy tools of total TED spreads is very obvious, a series of credit support tools of monetary policy to provide emergency liquidity support to the market, to avoid credit depletion and a wider range of financial institutions bankruptcy; (2) raise the money supply, the Fed's quantitative easing through the injection of a large number of base money to the banking system, but the expansion of base money does not promote the expansion of bank credit, the monetary policy transmission mechanism is blocked. The Fed's basic money injected into commercial banks has returned to the Federal Reserve's balance sheet in the form of excess reserves, but failed to enter the real economy in the form of loans. The growth of generalized money supply is mainly due to the expansion of basic money rather than the growth of bank credit. (3) the effect of economic stimulus is divided into four channels: credit, inflation, asset price and exchange rate. The growth of M2 is beneficial to the expansion of bank credit, and the effect of credit channel is remarkable. After the crisis, the growth of the US money supply has a very weak impact on the price, and does not follow the classical monetary theory. The channel of inflation is not significant. The stimulation effect of quantitative easing policy on asset prices is reflected in the short term, but in the long run, it has no effect, and the impact on the US dollar exchange rate is the opposite. Finally, this paper puts forward the Enlightenment of the practice of quantitative easing monetary policy implemented by the developed countries of the United States, Japan, Britain and Europe to China's monetary policy.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F821.0

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