本文關(guān)鍵詞：美聯(lián)儲(chǔ)量化寬松貨幣政策效應(yīng)分析　出處：《吉林大學(xué)》2012年碩士論文　論文類(lèi)型：學(xué)位論文

  更多相關(guān)文章： 量化寬松貨幣政策 流動(dòng)性 金融穩(wěn)定 經(jīng)濟(jì)復(fù)蘇 美元貶值

【摘要】：為了應(yīng)對(duì)2008年金融危機(jī)，美聯(lián)儲(chǔ)實(shí)施了量化寬松貨幣政策，本文在現(xiàn)有國(guó)內(nèi)外研究的基礎(chǔ)上，結(jié)合定性分析與定量分析，對(duì)美聯(lián)儲(chǔ)量化寬松貨幣政策的效應(yīng)進(jìn)行了系統(tǒng)研究。本文首先分析了量化寬松貨幣政策的產(chǎn)生發(fā)展及演進(jìn)，探討了量化寬松貨幣政策的理論基礎(chǔ)和傳導(dǎo)機(jī)制。接下來(lái)，對(duì)美聯(lián)儲(chǔ)實(shí)施量化寬松的過(guò)程進(jìn)行了全面研究，包括實(shí)施背景、實(shí)施目標(biāo)、實(shí)施的具體內(nèi)容和實(shí)施特征，對(duì)此次量化寬松貨幣政策實(shí)施中創(chuàng)造的新貨幣政策工具進(jìn)行了詳細(xì)描述。在本文第四章用大量數(shù)據(jù)和圖表對(duì)美聯(lián)儲(chǔ)量化寬松貨幣政策產(chǎn)生的效應(yīng)進(jìn)行了著重分析，研究分為兩個(gè)層次：積極效應(yīng)和消極效應(yīng)。積極效應(yīng)主要包括該政策緩解了美國(guó)信貸緊縮的局面，具體表現(xiàn)為美聯(lián)儲(chǔ)向市場(chǎng)投放大量基礎(chǔ)貨幣,LIBOR-OIS息差恢復(fù)到危機(jī)前水平、國(guó)債收益率降低；穩(wěn)定了金融體系，具體表現(xiàn)為主要股指都在穩(wěn)步回升、商業(yè)票據(jù)息差回落、金融壓力指數(shù)回落到正常水平；國(guó)內(nèi)消費(fèi)和投資有所增加。但與此同時(shí)也顯現(xiàn)出一些消極效應(yīng)，比如國(guó)際大宗商品價(jià)格上漲包括國(guó)際原油價(jià)格一路飆升、有色金屬價(jià)格也不斷攀升，部分國(guó)家貨幣都出現(xiàn)不同程度被動(dòng)升值，美國(guó)主要貿(mào)易伙伴對(duì)其出口額都受到不同程度的影響，受本幣升值影響的經(jīng)濟(jì)體可能采取貿(mào)易保護(hù)措施，從而使得產(chǎn)生貿(mào)易摩擦的幾率上升，助長(zhǎng)貿(mào)易保護(hù)主義。在第五章，本文對(duì)此次貨幣政策進(jìn)行了簡(jiǎn)要評(píng)析：第一，通過(guò)對(duì)美國(guó)宏觀經(jīng)濟(jì)指標(biāo)的分析，可以發(fā)現(xiàn)量化寬松對(duì)美國(guó)經(jīng)濟(jì)的復(fù)蘇起到了重要作用，實(shí)際GDP增長(zhǎng)率重回正值、核心通貨膨脹率維持在2%、失業(yè)率開(kāi)始下降、工業(yè)產(chǎn)值和產(chǎn)能利用率顯著提高、提振美國(guó)經(jīng)濟(jì)從低迷中走出；第二，此次貨幣政策對(duì)萎靡的房地產(chǎn)市場(chǎng)作用有限，房地產(chǎn)市場(chǎng)依舊沒(méi)有絲毫起色，成交量、成交額和房地產(chǎn)價(jià)格都持續(xù)走低；第三，大量美元超發(fā)流動(dòng)性的注入，使得美元貶值，，由于美元是世界主要儲(chǔ)備貨幣，美元貶值使得持有美元現(xiàn)金和美元固定收益資產(chǎn)（如美國(guó)國(guó)債）的其他國(guó)家和地區(qū)蒙受損失，美元債權(quán)國(guó)的利益都受到不同程度的損害，量化寬松貨幣政策起到了稀釋美國(guó)債務(wù)的作用。
[Abstract]:In order to deal with the financial crisis in 2008, the Federal Reserve implemented quantitative easing monetary policy. This paper combines qualitative analysis and quantitative analysis on the basis of existing domestic and foreign research. This paper makes a systematic study on the effects of quantitative easing monetary policy of the Federal Reserve. Firstly, this paper analyzes the emergence, development and evolution of quantitative easing monetary policy. This paper discusses the theoretical basis and transmission mechanism of quantitative easing monetary policy. Then, it makes a comprehensive study of the process of quantitative easing, including the implementation background, implementation objectives. The specific content and implementation characteristics of the implementation. A detailed description of the new monetary policy tools created in the implementation of quantitative easing monetary policy is given. In Chapter 4th, the effects of the Federal Reserve's quantitative easing monetary policy are analyzed with a great deal of data and charts. . The study is divided into two levels: positive effect and negative effect. The positive effect mainly includes that the policy alleviates the situation of credit crunch in the United States, which is manifested by the Federal Reserve releasing a large amount of basic money into the market. LIBOR-OIS spreads have returned to pre-crisis levels and Treasury yields have fallen; Stabilizes the financial system, the concrete performance is the main stock index is in the steady rise, the commercial paper interest rate difference falls back, the financial pressure index falls back to the normal level; Domestic consumption and investment have increased, but at the same time there have been some negative effects, such as rising international commodity prices, including international crude oil prices, and rising non-ferrous metal prices. Some countries' currencies have experienced varying degrees of passive appreciation, the main trading partners of the United States are affected by their exports to varying degrees, and the economies affected by the appreciation of their currencies may take trade protection measures. In Chapter 5th, this paper makes a brief analysis of the monetary policy: first, through the analysis of the macroeconomic indicators of the United States. It can be found that QE played an important role in the recovery of the US economy. Real GDP growth rate returned to positive, core inflation rate stayed at 2% and unemployment rate began to fall. Industrial output and capacity utilization increased significantly to lift the US economy out of the downturn; Second, the monetary policy to the sluggish real estate market is limited, the real estate market is still no improvement, trading volume, turnover and real estate prices continue to decline; Third, the massive injection of excess dollar liquidity has devalued the dollar, which is the world's main reserve currency. The depreciation of the dollar causes losses to other countries and regions that hold dollar cash and dollar fixed income assets (such as US Treasury bonds), and the interests of dollar creditors are all damaged to varying degrees. Quantitative easing has served to dilute US debt.
【學(xué)位授予單位】：吉林大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F827.12

【引證文獻(xiàn)】

相關(guān)碩士學(xué)位論文 前3條

1 邴雨霏;美國(guó)量化寬松貨幣政策對(duì)我國(guó)產(chǎn)出的溢出效應(yīng)[D];吉林大學(xué);2013年

2 許清雅;美聯(lián)儲(chǔ)量化寬松貨幣政策效應(yīng)分析[D];華東師范大學(xué);2013年

3 劉明陽(yáng);量化寬松貨幣政策研究[D];外交學(xué)院;2013年

本文編號(hào)：1369169