本文關(guān)鍵詞：美聯(lián)儲應(yīng)對次貸危機(jī)的貨幣政策操作研究，由筆耕文化傳播整理發(fā)布。

網(wǎng)友zhangkuan1439近日為您收集整理了關(guān)于美聯(lián)儲應(yīng)對次貸危機(jī)的貨幣政策操作研究的文檔，希望對您的工作和學(xué)習(xí)有所幫助。以下是文檔介紹：上海交通大學(xué)碩士學(xué)位論文美聯(lián)儲應(yīng)對次貸危機(jī)的貨幣政策操作研究姓名:周沁怡申請學(xué)位級別:碩士專業(yè):金融學(xué)指導(dǎo)教師:胡海鷗20100101美聯(lián)儲應(yīng)對次貸危機(jī)的貨幣政策操作研究摘要貨幣政策規(guī)則是中央銀行制定貨幣政策時(shí)的重要依據(jù),貨幣政策應(yīng)該采取單一規(guī)則還是相機(jī)抉擇一直是一個值得研究的問題。次貸危機(jī)的爆發(fā)對美國經(jīng)濟(jì)產(chǎn)生了消極的影響,美聯(lián)儲在這次金融危機(jī)中為穩(wěn)定金融體系積極充當(dāng)金融體系“最后貸款人”的角色,采用了靈活的貨幣政策操作,在加大傳統(tǒng)金融工具調(diào)節(jié)幅度的同時(shí)積極創(chuàng)新,開發(fā)了定期拍賣工具,一級交易商融資融券工具等多種新的貨幣政策工具。本文采用單因子利率模型對美聯(lián)儲定期拍賣工具的操作效果進(jìn)行了研究,檢驗(yàn)結(jié)果證明,創(chuàng)新的貨幣政策工具的實(shí)施對降低市場的流動性風(fēng)險(xiǎn)產(chǎn)生了積極的影響。美聯(lián)儲的貨幣政策操作比較成功的達(dá)到了救市的目的,這是與美國的貨幣發(fā)行制度與政策調(diào)節(jié)方式緊密相關(guān)的。雖然我國目前沒有發(fā)生金融危機(jī),但美國的成功經(jīng)驗(yàn)值得我們借鑒。我國以外匯為基礎(chǔ)的貨幣發(fā)行機(jī)制決定了貨幣政策操作主要依靠存款準(zhǔn)備金率調(diào)節(jié)以及公開市場操作,通過脈沖響應(yīng)模型、協(xié)整檢驗(yàn)和 GRANGER因果檢驗(yàn)證明這兩項(xiàng)外匯對沖手段都存在局限性。我國貨幣政策操作存在不足的根本原因是我國貨幣發(fā)行體系還不夠健全,缺乏完善的利率調(diào)節(jié)機(jī)制。雖然我國短期內(nèi)爆發(fā)與次貸危機(jī)類似的金融危機(jī)的可能性不大,但是應(yīng)加快貨幣市場建設(shè)的步伐,完善利率傳導(dǎo)的機(jī)制,提高貨幣政策操作的有效性。關(guān)鍵字次貸危機(jī),貨幣政策操作,流動性RESEARCH ON FEDERAL RESERVE'ARY POLICY OPERATIONSIN RESPONSE TO THE SUB-PRIME CRISISABSTRACTThe ary policy rule is of great importance when central bankmakes ary policies. Choosing a single rule or discretion has alwaysbeen an issue which worthies studying. The outbreak of the sub-prime crisisin the U.S. economy had a negative impact on its economy. During thecurrent financial crisis the Federal Reserve has been acting as the "lender oflast resort" to stabilize the financial system. ary policy operationshave been used with great flexibility. These operations include intensifyingthe effects of traditional financial tools, making positive innovations, like aterm auction facility, a primary dealer lending facility and other new tools.In this paper, based on the single-factor interest rate model, we conduct astudy on the effectiveness of Federal Reserve ary policy. The testresults prove that during the crisis, the implementation of aryinnovative tools has a positive impact in reducing the market liquidity risk.Federal Reserve’s ary policy operations have been proved to beeffective in saving the market, which closely related to its money issuancesystem and open market operation system.Although currently there is no financial crisis in China, it is good for usto learn from the experience of United States. Our foreign exchange-basedcurrency issuance mechanism makes ary policy operations mainlydepend on the deposit reserve ratio adjustment and open market operations.Through the impulse response function, co integration test and GRANGERcausality test they prove effectiveness of these two foreign exchangehedging instruments are limited. The limitation lies in that China's arypolicy system is still to be improved. Although in the short-term, thelikelihood of sub-prime crisis in China is small, China should speed up thepace of construction of the currency market, improve our interest ratetransmission mechanism and enhance the effectiveness of ary policyoperation.KEY WORDS: subprime mortgage crisis, ary operation, marketliquidity-1-第一章緒論1.1 選題的背景和意義對貨幣政策操作規(guī)則的研究一直是學(xué)術(shù)界關(guān)注的問題。從最早的單一規(guī)則與相機(jī)抉擇之爭,發(fā)展到后來的泰勒規(guī)則、麥卡勒姆規(guī)則以及平滑操作理論,學(xué)術(shù)界試圖找到一種最優(yōu)的政策操作規(guī)則,最大程度的推動經(jīng)濟(jì)的發(fā)展。2007 年由于房地產(chǎn)抵押證券及其衍生品價(jià)格泡沫的破裂,導(dǎo)致金融機(jī)構(gòu)破產(chǎn)、資產(chǎn)價(jià)格下跌,美國次貸危機(jī)爆發(fā),并且這場危機(jī)迅速蔓延到其他金融市場,演變成一場全球性的金融危機(jī)。在處理市場面臨的流動性緊張的問題時(shí),美聯(lián)儲充分吸取了以往在應(yīng)對危機(jī)時(shí)的經(jīng)驗(yàn)教訓(xùn),采取了各

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  本文關(guān)鍵詞：美聯(lián)儲應(yīng)對次貸危機(jī)的貨幣政策操作研究，由筆耕文化傳播整理發(fā)布。