本文選題：問題資產(chǎn)紓困計劃　切入點：“兩房”接管計劃　出處：《國際經(jīng)濟評論》2015年03期 　論文類型：期刊論文

【摘要】：美國金融穩(wěn)定計劃主要由問題資產(chǎn)紓困計劃、"兩房"接管計劃和量化寬松貨幣政策組成。美國金融穩(wěn)定計劃不僅促進了美國的金融穩(wěn)定和經(jīng)濟復蘇,而且實現(xiàn)了現(xiàn)金流意義上的財政收支基本平衡,甚至是略有盈余,避免了主權債務危機在美國的重演。近年來,美國金融穩(wěn)定計劃已向美國政府提供了可觀的利息和股息收入,并顯著減輕其債務利息負擔,但也帶來巨額或有負債,如"兩房"債務擔保責任、美聯(lián)儲持有的債券價值將可能因退出量化寬松貨幣政策而顯著下跌。不過,隨著美國房地產(chǎn)市場的持續(xù)復蘇、量化寬松的逐步退出和"兩房"資產(chǎn)負債規(guī)模的不斷壓縮,美國金融穩(wěn)定計劃產(chǎn)生的或有負債規(guī)模預計會穩(wěn)步下降。
[Abstract]:The U.S. financial stability plan consists mainly of the troubled asset rescue program, the Fannie and Freddie takeover plan and the quantitative easing monetary policy. The U.S. financial stability plan has not only contributed to financial stability and economic recovery in the United States. Moreover, it has achieved a basic balance of revenue and expenditure in the sense of cash flow, even a slight surplus, thus avoiding a recurrence of the sovereign debt crisis in the United States. In recent years, the Financial Stability Plan of the United States has provided considerable interest and dividend income to the United States government. And significantly reduce the interest burden on its debt, but also bring huge contingent liabilities, such as Fannie and Freddie debt guarantees, and the value of the Fed's bonds could fall significantly as a result of withdrawing from quantitative easing. With the continued recovery of the U.S. housing market, the phasing out of quantitative easing and the continued contraction of Fannie and Freddie's balance sheets, the contingent liabilities generated by the U.S. financial stability plan are expected to decline steadily.
【作者單位】： 中國社會科學院世界經(jīng)濟與政治研究所;
【基金】：國家社會科學基金項目“美國主權債務可持續(xù)性與中國外匯儲備管理研究”(項目批準號:11CGJ011)的階段性成果
【分類號】：F837.12;F817.12

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