本文選題：美國貨幣政策　切入點：量化寬松　出處：《北京外國語大學》2017年碩士論文　論文類型：學位論文

【摘要】：2008世界金融危機是受美國次貸危機的直接影響而產生的,當時美國很多金融機構宣布破產,市場流動性不足,失業(yè)率上升。在危機爆發(fā)初期,美聯儲試圖通過零利率等傳統貨幣政策來挽救國內經濟,但效果并不明顯。為了進一步刺激經濟復蘇,美聯儲選擇在2008年底推出了第一輪量化寬松政策,該政策至今共實施了四輪。經濟全球化使得各國之間的經濟依存度逐漸升高,美聯儲所實施的量化寬松政策存在的溢出效應使得中國的匯率調整難度加大,加大中國通貨膨脹壓力,推高大宗商品價格以及影響到中國外匯資產的安全性和貨幣政策的獨立性。本研究通過分析美國量化寬松貨幣政策對中國的影響,具體探究造成溢出效應的主要原因。當美國取消這一政策時也必將對中國又一次造成影響,在文章最后則對這些影響進行了具體闡述并結合具體問題提出了一些意見。本研究針對美國的量化寬松政策的理論內涵進行了具體闡述,結合經濟學理論分析了美國量化寬松政策對中國貨幣政策造成溢出效應的主要原因,通過本研究認為:當中國面對量化寬松的貨幣政策時,應該注重"內外兼修",加強內部平衡,控制國內通脹,調整貿易結構,增加對國際資本流入的控制能力,平穩(wěn)推動人民幣國際化進程。
[Abstract]:The 2008 world financial crisis was directly affected by the subprime mortgage crisis in the United States, when many U.S. financial institutions declared bankruptcy, markets were illiquid and unemployment was rising. The Fed tried to save the domestic economy with traditional monetary policies such as zero interest rates, but the results were not obvious. In order to further stimulate the recovery, the Fed chose to launch its first round of quantitative easing in end of 2008. The policy has been implemented for four rounds. Economic globalization has gradually increased the degree of economic dependence among countries. The spillover effect of the quantitative easing policy implemented by the Federal Reserve has made it more difficult for China to adjust its exchange rate. Increasing inflationary pressure in China, pushing up commodity prices and affecting the security of China's foreign exchange assets and the independence of monetary policy. Specifically explore the main causes of spillover effects. When the United States cancels this policy, it will certainly have another impact on China. At the end of the article, the author elaborates these effects and puts forward some suggestions on the basis of the specific problems. This study is aimed at the theoretical connotation of the quantitative easing policy of the United States. Combined with the economic theory, this paper analyzes the main causes of the spillover effect of the quantitative easing policy on China's monetary policy, and points out that when China is facing the monetary policy of quantitative easing, We should pay attention to "internal and external repair", strengthen internal balance, control domestic inflation, adjust trade structure, increase the ability to control international capital inflow, and promote the internationalization of RMB smoothly.
【學位授予單位】：北京外國語大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F827.12

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