美日中央銀行金融危機管理比較研究
發(fā)布時間：2018-08-07 13:54
【摘要】：危機管理，原本是管理學科中的專業(yè)術語，現已被借鑒和應用于金融學科之中。金融危機管理主要是指政府機構為了應對金融危機事前、事中和事后所產生的不利影響，采取相應的對策，包括事前預警、事中管理和事后的制度完善等。在經濟日益金融化的今天，金融危機的爆發(fā)會對金融市場和金融機構造成極大的危害，對當前平穩(wěn)的金融秩序構成威脅，并且直接影響著整體國民經濟的健康穩(wěn)定發(fā)展。如果不妥善處理，將會導致災難性的后果。另外，從維持社會平穩(wěn)秩序的角度來看，金融危機管理是一種典型的公共產品；從維護金融安全的視角來看，金融危機管理乃是一國政府及時且必須提供的公共物品。因而，一旦爆發(fā)金融危機，就需要政府調動所有可能調動的力量，由相關部門綜合運用各種手段和措施，盡全力去挽回危機的負面影響，盡可能去縮小危機對經濟金融造成的損害。那么，是否能夠控制金融危機的范圍與程度，能否抓住機遇促進改革與發(fā)展，最終在于金融危機管理的有效性，它直接反映了一國金融危機管理的水平。 由于金融危機管理所具有的特殊性，它不同于普通的危機管理的一個重要特色在于其“金融性”。它與金融危機的應對措施以及中央銀行能夠扮演的角色關系密不可分。因此，中央銀行在金融危機管理過程中發(fā)揮了至關重要的作用。那么，對于中央銀行金融危機管理的研究無論從理論上還是在實踐中都具有極其重要的意義。 中國人民銀行國際司“中央銀行資產負債表及其應對危機能力”課題組（2010）認為，中央銀行在應對危機中的作用主要集中在以下兩個方面：一是中央銀行是否應該在應對金融危機中承擔主要責任；二是如果中央銀行發(fā)揮主要作用，那么究竟應采取哪些措施應對危機。張雪春（2009）認為，中央銀行的金融危機管理主要體現在兩個方面：一是實施寬松的貨幣政策，包括降低利率及存款準備金率等；二是從維護金融穩(wěn)定角度出發(fā)，履行最后貸款人職能，通過再貼現、再貸款向市場提供流動性，，滿足經濟實體的貨幣需求，防止出現大量拋售資產行為。而古德弗蘭德（2004）指出，中央銀行政策的根本力量來源于它對基礎貨幣的壟斷。由此可見：中央銀行的職責與維護一國貨幣和金融穩(wěn)定密切相關；中央銀行壟斷一國貨幣發(fā)行，因此能夠通過一定的貨幣政策操作和履行最后貸款人職能幫助應對金融危機；貨幣政策、金融穩(wěn)定和最后貸款人這三方面理論構成了中央銀行金融危機管理的基本理論。 通過對美日兩國央行在金融危機事前、事中和事后的應對措施進行時序性比較，以及分析美聯儲和日本銀行在危機管理中的相似性與不同點，對于理解美國和日本這兩個當今世界重要經濟體的中央銀行金融危機管理進程頗有裨益，同時，有助于全面地了解金融危機管理的發(fā)展脈絡以及最新的前沿動向。 本文的簡要結構框架如下： 具體而言，本文主要包括以下內容： 首先，主要介紹在2007年美國發(fā)生次貸危機之后，世界各國均對金融危機及其管理投入更多精力與研究。尤其是有關中央銀行在金融危機管理中所扮演的角色，更是成為核心議題。緒論部分主要就金融危機的理論背景、比較研究的意義、研究目的與方法以及創(chuàng)新與不足加以敘述，為后文展開分析做好鋪墊。 其次是金融危機管理的相關理論綜述。本章主要介紹了金融危機的定義及成因，金融危機管理的概念和措施。然后，利用現有理論基礎，譬如金融監(jiān)管理論、最后貸款人理論以及金融虛擬性理論將金融危機與金融危機管理有機地結合在一起；同時簡要分析了中央銀行在其中扮演的重要角色。然后進入到主要的研究環(huán)節(jié)。分別對金融危機事前、事中和事后管理進行分析和闡述。先從美聯儲與日本銀行對于金融危機預警機制建立的模型角度進行分析，比較了美聯儲與日本銀行，乃至全世界范圍內主要中央銀行所應用的危機預警模型——DSGE模型；同時，另辟蹊徑地介紹和分析了日本銀行在此基礎之上最新的創(chuàng)新研究。接下來說明美聯儲和日本銀行的金融危機事中管理，鑒于貨幣政策在一國中央銀行危機管理手段的重要性，本文用兩章的內容分別比較了美聯儲和日本銀行的常規(guī)性（即傳統型）貨幣政策以及非常規(guī)貨幣政策。并著重通過量化寬松及兩國央行資產負債表的變化情況比較說明了美聯儲與日本銀行在進行金融危機管理過程中的異同。其后，討論一國進行金融危機事后管理的相關舉措，即司法改革與相關配套措施的完善，尤其是與中央銀行改革相關的法律法規(guī)以及存款保險法案的完善。 最后，總結最近一次金融危機中美聯儲的危機管理辦法，更重要的是，通過比較后的綜合以及一個國際性的視角來看待金融危機管理問題。提出：在世界經濟和金融市場全球化的今天，一國金融危機管理的最終目的乃是要轉嫁危機；而金融危機管理的實質在于堅持維護金融穩(wěn)定和可持續(xù)發(fā)展。 本文的主要創(chuàng)新之處在于：通過運用比較金融學的研究方法，從中央銀行金融危機管理的角度入手，嘗試列舉和分析了世界上重要的兩家中央銀行——美聯儲和日本銀行的金融危機管理手段和措施，并闡述其相似與不同點。在分析金融危機事前管理部分，闡明并比較了美聯儲與日本銀行的危機管理預警模型，分析了兩國央行在這一領域研究的最新成果。并且，在金融危機事后管理部分分析了司法制度改革與配套措施的完善，為圍繞中央銀行構建完整的監(jiān)管體系提供了參考。同時，在比較之后綜合并統一了金融危機管理有關的理論與思想，以美國為例，從綜合性的和國際性的視角看待并分析了一國金融危機管理的目的與實質。另外，本文的主要不足之處在于在金融危機事后管理的部分并未對所熟知的“退出機制”加以分析和闡述，本文并不將其作為重點，希望日后能夠有所補充。
[Abstract]:Crisis management, which is originally a professional term in the management discipline, has now been used for reference and applied to the financial discipline. The financial crisis management mainly refers to the government agencies to respond to the adverse effects of the financial crisis before, in events and after the event, and to take corresponding countermeasures, including pre event early warning, management and afterwards system improvement, etc. Today, the outbreak of the financial crisis will cause great harm to the financial market and financial institutions, threaten the current stable financial order, and directly affect the healthy and stable development of the whole national economy. If not properly handled, it will lead to the consequences of disaster. In addition, to maintain a stable social order. From the point of view, financial crisis management is a typical public product. From the perspective of maintaining financial security, financial crisis management is a timely and necessary public goods provided by a state government. As a result, the government needs the government to mobilize all possible forces and use all kinds of means and measures in the event of a financial crisis. Measures should be done to save the negative impact of the crisis as far as possible to reduce the damage caused by the crisis to the economy and finance as far as possible. Then, whether the scope and extent of the financial crisis can be controlled, and whether the opportunity can be seized to promote the reform and development is the effectiveness of the financial crisis management, which directly reflects the level of the financial crisis management of a country.
Because of the particularity of the financial crisis management, it is different from the "financial" characteristic of the common crisis management. It is inseparable with the measures of the financial crisis and the role that the central bank can play. Therefore, the central bank has played a vital role in the process of financial crisis management. It is very important to study the financial crisis management of the central bank, both in theory and in practice.
The international division of the people's Bank of China, "the balance sheet of the central bank and the ability to cope with the crisis" (2010), believes that the central bank's role in dealing with the crisis is mainly concentrated in the following two aspects: first, whether the central bank should bear the main responsibility in dealing with the financial crisis; and the two is that if the central bank plays a major role, Then what measures should be taken to deal with the crisis. Zhang Xuechun (2009) believes that the central bank's financial crisis management is mainly reflected in two aspects: first, the implementation of the loose monetary policy, including the reduction of interest rates and the deposit reserve ratio; two, from the perspective of maintaining financial stability, the performance of the lender of last resort, rediscount, and rediscount. Loans provide liquidity to the market to meet the monetary demand of economic entities and prevent a large number of selling assets. And Goodfriend (2004) points out that the fundamental force of the central bank policy comes from its monopoly on the basic currency. The three theories of monetary policy, financial stability and lender of last resort are the basic theories of the central bank's financial crisis management.
It is helpful to understand the financial crisis management process of the Central Bank of the United States and Japan, which are the two important economies of the United States and Japan, by comparing the time series of the response measures between the US and Japan before the financial crisis, in the event and after the event, and the analysis of the similarities and differences between the Federal Reserve and the Japanese bank in the crisis management. This will help us to fully understand the development of financial crisis management and the latest trends.
The brief structural framework of this article is as follows:
Specifically, the main contents of this paper are as follows:
First, after the subprime crisis in the United States in 2007, the countries all over the world have more energy and Research on the financial crisis and its management. Especially, the role played by the central bank in the financial crisis management is the core issue. The introduction is mainly about the theoretical background of the golden thaw crisis, and the significance of the research. The purpose and method, as well as innovation and shortage are narrated, so as to pave the way for analysis.
This chapter introduces the definition and causes of financial crisis, the concept and measures of financial crisis management. Then, we combine the existing theoretical basis, such as the theory of financial supervision, the theory of lender of last resort and the theory of financial virtuality to combine the financial crisis with the management of financial crisis organically. At the same time, a brief analysis of the important role played by the central bank is briefly analyzed and then the main research links are introduced. The bank, and even the DSGE model, the crisis early-warning model used by the major central banks around the world, and a new approach to the latest innovation research on the basis of the Bank of Japan on the basis of a new approach to the Bank of Japan, and the financial crisis in the Bank of Japan, in view of the monetary policy in a central bank. The importance of the means of crisis management is compared with the conventional (traditional) monetary policy and unconventional monetary policy of the Federal Reserve and Japanese bank in two chapters, and the comparison between the quantitative easing and the change of the balance sheet of the central bank shows that the Federal Reserve and the Japanese bank are conducting financial crisis management. The similarities and differences in the process. Then, we discuss the relevant measures of a country to manage the financial crisis after the event, that is, the improvement of the judicial reform and related supporting measures, especially the laws and regulations related to the reform of the central bank and the perfection of the deposit insurance act.
Finally, we summarize the recent financial crisis management methods of the central and American Federal Reserve, and more importantly, look at the problem of financial crisis management through a comparative comprehensive and an international perspective. The essence of financial crisis management is to maintain financial stability and sustainable development.
The main innovations of this paper are as follows: through the use of comparative finance research methods, from the perspective of the central bank's financial crisis management, we try to enumerate and analyze the financial crisis management means and measures of the two central banks, the central banks of the world - the Federal Reserve and the Japanese bank, and explain their similarities and differences. In the financial crisis management part, it clarifies and compares the crisis management and early warning model between the Federal Reserve and the Japanese bank, analyzes the latest achievements of the central bank's research in this field, and analyses the reform of the judicial system and the perfection of the supporting measures in the post management part of the financial crisis, and provides a complete regulatory system around the central bank. At the same time, the theory and thought of financial crisis management are integrated and unified after the comparison. Taking the United States as an example, the purpose and essence of a country's financial crisis management are viewed and analyzed from a comprehensive and international perspective. In addition, the main insufficiency of this article is that the part of the financial crisis management is not right. The "exit mechanism", which is well known, is analyzed and expounded. This article does not take it as a focal point, and I hope it can be supplemented in the future.
【學位授予單位】：遼寧大學
【學位級別】：博士
【學位授予年份】：2014
【分類號】：F831.59;F827.12;F823.13
本文編號：2170228
[Abstract]:Crisis management, which is originally a professional term in the management discipline, has now been used for reference and applied to the financial discipline. The financial crisis management mainly refers to the government agencies to respond to the adverse effects of the financial crisis before, in events and after the event, and to take corresponding countermeasures, including pre event early warning, management and afterwards system improvement, etc. Today, the outbreak of the financial crisis will cause great harm to the financial market and financial institutions, threaten the current stable financial order, and directly affect the healthy and stable development of the whole national economy. If not properly handled, it will lead to the consequences of disaster. In addition, to maintain a stable social order. From the point of view, financial crisis management is a typical public product. From the perspective of maintaining financial security, financial crisis management is a timely and necessary public goods provided by a state government. As a result, the government needs the government to mobilize all possible forces and use all kinds of means and measures in the event of a financial crisis. Measures should be done to save the negative impact of the crisis as far as possible to reduce the damage caused by the crisis to the economy and finance as far as possible. Then, whether the scope and extent of the financial crisis can be controlled, and whether the opportunity can be seized to promote the reform and development is the effectiveness of the financial crisis management, which directly reflects the level of the financial crisis management of a country.
Because of the particularity of the financial crisis management, it is different from the "financial" characteristic of the common crisis management. It is inseparable with the measures of the financial crisis and the role that the central bank can play. Therefore, the central bank has played a vital role in the process of financial crisis management. It is very important to study the financial crisis management of the central bank, both in theory and in practice.
The international division of the people's Bank of China, "the balance sheet of the central bank and the ability to cope with the crisis" (2010), believes that the central bank's role in dealing with the crisis is mainly concentrated in the following two aspects: first, whether the central bank should bear the main responsibility in dealing with the financial crisis; and the two is that if the central bank plays a major role, Then what measures should be taken to deal with the crisis. Zhang Xuechun (2009) believes that the central bank's financial crisis management is mainly reflected in two aspects: first, the implementation of the loose monetary policy, including the reduction of interest rates and the deposit reserve ratio; two, from the perspective of maintaining financial stability, the performance of the lender of last resort, rediscount, and rediscount. Loans provide liquidity to the market to meet the monetary demand of economic entities and prevent a large number of selling assets. And Goodfriend (2004) points out that the fundamental force of the central bank policy comes from its monopoly on the basic currency. The three theories of monetary policy, financial stability and lender of last resort are the basic theories of the central bank's financial crisis management.
It is helpful to understand the financial crisis management process of the Central Bank of the United States and Japan, which are the two important economies of the United States and Japan, by comparing the time series of the response measures between the US and Japan before the financial crisis, in the event and after the event, and the analysis of the similarities and differences between the Federal Reserve and the Japanese bank in the crisis management. This will help us to fully understand the development of financial crisis management and the latest trends.
The brief structural framework of this article is as follows:
Specifically, the main contents of this paper are as follows:
First, after the subprime crisis in the United States in 2007, the countries all over the world have more energy and Research on the financial crisis and its management. Especially, the role played by the central bank in the financial crisis management is the core issue. The introduction is mainly about the theoretical background of the golden thaw crisis, and the significance of the research. The purpose and method, as well as innovation and shortage are narrated, so as to pave the way for analysis.
This chapter introduces the definition and causes of financial crisis, the concept and measures of financial crisis management. Then, we combine the existing theoretical basis, such as the theory of financial supervision, the theory of lender of last resort and the theory of financial virtuality to combine the financial crisis with the management of financial crisis organically. At the same time, a brief analysis of the important role played by the central bank is briefly analyzed and then the main research links are introduced. The bank, and even the DSGE model, the crisis early-warning model used by the major central banks around the world, and a new approach to the latest innovation research on the basis of the Bank of Japan on the basis of a new approach to the Bank of Japan, and the financial crisis in the Bank of Japan, in view of the monetary policy in a central bank. The importance of the means of crisis management is compared with the conventional (traditional) monetary policy and unconventional monetary policy of the Federal Reserve and Japanese bank in two chapters, and the comparison between the quantitative easing and the change of the balance sheet of the central bank shows that the Federal Reserve and the Japanese bank are conducting financial crisis management. The similarities and differences in the process. Then, we discuss the relevant measures of a country to manage the financial crisis after the event, that is, the improvement of the judicial reform and related supporting measures, especially the laws and regulations related to the reform of the central bank and the perfection of the deposit insurance act.
Finally, we summarize the recent financial crisis management methods of the central and American Federal Reserve, and more importantly, look at the problem of financial crisis management through a comparative comprehensive and an international perspective. The essence of financial crisis management is to maintain financial stability and sustainable development.
The main innovations of this paper are as follows: through the use of comparative finance research methods, from the perspective of the central bank's financial crisis management, we try to enumerate and analyze the financial crisis management means and measures of the two central banks, the central banks of the world - the Federal Reserve and the Japanese bank, and explain their similarities and differences. In the financial crisis management part, it clarifies and compares the crisis management and early warning model between the Federal Reserve and the Japanese bank, analyzes the latest achievements of the central bank's research in this field, and analyses the reform of the judicial system and the perfection of the supporting measures in the post management part of the financial crisis, and provides a complete regulatory system around the central bank. At the same time, the theory and thought of financial crisis management are integrated and unified after the comparison. Taking the United States as an example, the purpose and essence of a country's financial crisis management are viewed and analyzed from a comprehensive and international perspective. In addition, the main insufficiency of this article is that the part of the financial crisis management is not right. The "exit mechanism", which is well known, is analyzed and expounded. This article does not take it as a focal point, and I hope it can be supplemented in the future.
【學位授予單位】：遼寧大學
【學位級別】：博士
【學位授予年份】：2014
【分類號】：F831.59;F827.12;F823.13
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