發(fā)布時間：2018-12-20 22:31

【摘要】：2009年底至2011年我國經(jīng)歷了新一輪通貨膨脹,如2011年各月的漲幅在4.9%以上,且連續(xù)4個月的CPI漲幅都超過6%。而在這段時間,美國、英國、歐盟等國家為穩(wěn)定金融體系,實現(xiàn)經(jīng)濟復(fù)蘇而紛紛采取量化寬松貨幣政策。針對本輪通貨膨脹,很多學(xué)者有一個共同的觀點：此輪通貨膨脹有明顯的輸入性特征,而且查看研究本輪通貨膨脹的文獻(xiàn),發(fā)現(xiàn)基本上所有文獻(xiàn)都不約而同的在文章里表達(dá)一個觀點：量化寬松貨幣政策是中國本輪通貨膨脹形成的重要誘因。 本文站在前人對輸入性通貨膨脹和量化寬松貨幣政策相關(guān)研究的基礎(chǔ)上,充分運用了靜態(tài)分析和比較靜態(tài)分析、理論分析與實證分析相結(jié)合的方法,對“量化寬松貨幣政策對中國通貨膨脹的溢出效應(yīng)研究”這一問題,從理論發(fā)展與實踐應(yīng)用進行了全方面和深入的研究及論述。 本文基于量化寬松貨幣政策的視角,以2009年-2011年的這輪通貨膨脹為出發(fā)點,研究了量化寬松貨幣政策對我國通貨膨脹溢出效應(yīng)的傳導(dǎo)機制。全文結(jié)構(gòu)按照以下邏輯路徑層層展開：首先,從理論上分析了量化寬松貨幣政策對輸入性通貨膨脹溢出效應(yīng)的傳導(dǎo)途徑,并從國內(nèi)外獲取大量數(shù)據(jù),進行現(xiàn)實考察；然后,以貨幣政策的政策工具和政策目標(biāo)為落腳點,選取相關(guān)指標(biāo)從實證上研究美國量化寬松貨幣政策對中國輸入性通貨膨脹的溢出效應(yīng)進行實證分析,得出在三條傳導(dǎo)路徑當(dāng)中,貿(mào)易傳導(dǎo)途徑十分清晰,利率傳導(dǎo)途徑不暢通,而貨幣擴張導(dǎo)途徑比較清晰。最后,在理論和實證分析的基礎(chǔ)上,從多角度就中國如何應(yīng)對各國所采取的量化寬松貨幣政策,如何治理其可能帶來的輸入性通貨膨脹,如何降低其帶來的不利影響,從而保持本國經(jīng)濟平穩(wěn)的增長和金融系統(tǒng)的穩(wěn)定,而提出了對策建議。
[Abstract]:From the end of 2009 to 2011, China experienced a new round of inflation, such as the increase of 4. 9% in each month of 2011, and the increase of CPI for 4 months in a row exceeded 6. 5%. During this period, countries such as the United States, Britain and the European Union have adopted quantitative easing to stabilize the financial system and achieve economic recovery. Many scholars have a common view on this round of inflation: this round of inflation has obvious input characteristics, and a review of the literature on the current round of inflation, It is found that almost all the literature has expressed the same view in the article: quantitative easing monetary policy is an important cause of inflation in China. On the basis of previous studies on imported inflation and quantitative easing monetary policy, this paper makes full use of the methods of static analysis and comparative static analysis, theoretical analysis and empirical analysis. The problem of "the spillover effect of quantitative easing monetary policy on China's inflation" is discussed from the theoretical development and practical application. Based on the perspective of quantitative easing monetary policy and the inflation from 2009 to 2011, this paper studies the transmission mechanism of spillover effect of quantitative easing monetary policy on inflation in China. The structure of the thesis is carried out in the following logical ways: firstly, the paper theoretically analyzes the transmission way of quantitative easing monetary policy to the spillover effect of imported inflation, and obtains a large amount of data from home and abroad to conduct a realistic investigation; Then, based on the policy tools and policy objectives of monetary policy, this paper selects relevant indicators to empirically study the spillover effect of quantitative easing monetary policy on China's imported inflation. It is concluded that among the three transmission paths, the trade transmission path is very clear, the interest rate transmission path is not smooth, and the monetary expansion path is clear. Finally, on the basis of theoretical and empirical analysis, this paper discusses from various angles how China should deal with the quantitative easing monetary policy adopted by various countries, how to manage the possible imported inflation and how to reduce its adverse effects. In order to maintain stable economic growth and the stability of the financial system, and put forward countermeasures.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F822.5;F827.12

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本文編號：2388521