本文選題：美聯(lián)儲貨幣政策 + 量化寬松貨幣政策��； 參考：《華南理工大學》2016年碩士論文

【摘要】：自美國次貸危機爆發(fā)以來,對各國的經(jīng)濟都產(chǎn)生了極大的負面影響,同時各國的金融市場都受到了劇烈的震蕩,國際金融機構、金融市場,以及全球經(jīng)濟都出現(xiàn)了不同程度的衰退。為了防止經(jīng)濟的進一步下滑,全球主要經(jīng)濟體幾乎協(xié)調(diào)一致地采取了一種極為特殊的量化寬松貨幣政策,這種貨幣政策從原有的貨幣價格控制改為對貨幣數(shù)量的控制,通過數(shù)量控制來達到影響利率趨勢,從而達到改善經(jīng)濟的目的。本文對美國金融機構量化寬松數(shù)量控制型貨幣政策(量化寬松貨幣政策)進行深入探討,以揭示量化寬松的貨幣政策通過發(fā)行貨幣、控制貨幣數(shù)量來進行經(jīng)濟調(diào)控的作用機理和效果分析。日本最早使用了數(shù)量型貨幣政策工具,但是當時并不叫量化寬松政策,由于當時在十年衰退期內(nèi),日本經(jīng)濟出現(xiàn)流動性陷阱狀況,整個經(jīng)濟體的投資和需求都下降到一個相當?shù)偷某潭?而傳統(tǒng)的價格或者利率控制的貨幣政策此時已經(jīng)失效,于是非傳統(tǒng)的數(shù)量型量化寬松貨幣政策應運而生。此次金融危機中美國的量化寬松政策主要有以下兩個方面的內(nèi)容：第一,將低利率維持在一個很長的時間段,并承諾物價若不上升,則不提升利率第二,美聯(lián)儲還通過直接購買國債的方式向市場直接投放貨幣,同時還將有問題的金融資產(chǎn)置換了過來。本文通過對美國采取的政策內(nèi)容的實施效果進行分析,發(fā)現(xiàn)政策在解決信貸市場凍結以及刺激經(jīng)濟(實際上此處可以理解為提升通脹率)復蘇方面有積極作用。本文著重對美國量化寬松的貨幣政策的實施效果進行計量分析,對美國應對金融危機的貨幣政策傳導機制進行實證說明通過直接購買商業(yè)銀行和金融系統(tǒng)的金融資產(chǎn),將流動性較差的金融資產(chǎn)置換為流動性較高的金融資產(chǎn),然后利用扭轉操作通過買長賣短壓低長期利率的預期,并且量化寬松貨幣政策消除了2007年緊縮政策的時滯影響及國際金融危機的初步影響,及時避免了美國經(jīng)濟進一步的下滑,并使美國經(jīng)濟復蘇。本文形成以下結論：第一,量化寬松的貨幣政策通過保證效果和資產(chǎn)負債表的傳導特性,以及保證綜合資產(chǎn)效果來達到金融穩(wěn)定的作用。第二,量化寬松的貨幣政策的主要實施方式是通過降低利率,并承諾維持很長一段時間向金融市場直接注入流動性資金和購買政府長期債券等。第三,量化寬松的貨幣政策在實施的過程中,還是十分顯著地引導長期利率趨勢,重新將全球經(jīng)濟拯救了過來。第四,量化寬松的貨幣政策在美國金融危機爆發(fā)后,商業(yè)銀行及金融機構喪失了向實體經(jīng)濟輸血的功能,這就是實際上講的信貸凍結,量化寬松的貨幣政策首先需要解決的問題就是信貸凍結。在結構設計上,本文共分為四個主要章節(jié),第一章為緒論,第二章主要分析了量化寬松政策的演進路線、政策實施的中間標的、傳導機制等,通過分析指出本次美國的量化寬松貨幣政策事實上是一次與以往貨幣政策完全不同的貨幣政策實踐。第三章從量化寬松政策的實施背景出發(fā),分別描述了美國三次量化寬松政策的實施背景和實施過程,通過對量化寬松政策實施意圖和實施過程的描述,整理了美國量化寬松政策出臺需要達到的目的,美國量化寬松政策主要分為兩個主要目的,在前期,第一輪量化寬松政策的主要目的在于解決美國市場中的金融市場信貸凍結問題,第二個階段的第二與第三輪量化寬松政策的目的主要在于通過壓低長期利率來刺激經(jīng)濟發(fā)展。第四章在第三章的分析基礎上,對量化寬松政策的信貸擴張實施效果與經(jīng)濟刺激實施效果進行了分析,其中在分析信貸擴張效果方面,主要分析了量化寬松政策在貨幣擴張、信貸刺激等方面的效果,在經(jīng)濟刺激方面,主要分析了量化寬松政策在通貨膨脹、長期資金價格方面的作用。第五章對量化寬松政策實施后的實際經(jīng)濟表現(xiàn)進行了分析,對量化寬松政策是否達到了美聯(lián)儲的政策預期進行了評價。
[Abstract]:Since the outbreak of the United States subprime mortgage crisis, the economy of all countries has had a great negative impact. At the same time, the financial markets of all countries have been greatly shocked, the international financial institutions, the financial market, and the global economy have been in varying degrees of recession. In order to prevent the further decline of the economy, the major economies of the world are almost harmonized. A very special quantitative easing monetary policy has been adopted. This monetary policy is changed from the original currency price control to the control of the amount of money. The purpose of improving the economy is to achieve the purpose of improving the economy by controlling the amount of money by quantity control. This article is on quantitative easing monetary policy of quantitative easing (quantitative easing) in the United States financial institutions. Monetary policy is discussed in depth to reveal the mechanism and effect of quantitative easing monetary policy by issuing currency and controlling the amount of money to regulate economic regulation. Japan used the quantitative monetary policy tool first, but it was not called quantitative easing policy at that time, because the Japanese economy appeared during the ten year recession. The situation of liquidity trap, the investment and demand of the whole economy has fallen to a very low degree, and the traditional price or interest rate controlled monetary policy has failed at this time, so the non traditional quantitative quantitative easing monetary policy came into being. In this financial crisis, the quantitative easing policy of the United States mainly has the following two parties. Content: first, keep low interest rates in a long period of time, and promise that if prices do not rise, they do not raise interest rates by second. The Fed also put money directly into the market through direct purchase of treasury bonds, and also displaces the troubled financial assets. This article is carried out through the implementation of the policy content adopted in the United States. The effect is analyzed, and it is found that the policy has a positive effect on solving the freezing of the credit market and stimulating the economy (in fact it can be understood as an increase in the rate of inflation). This paper focuses on the quantitative analysis of the implementation effect of the monetary policy of quantitative easing in the United States and the empirical analysis of the monetary policy transmission mechanism of the financial crisis in the United States. It shows that through direct purchase of financial assets of commercial banks and financial systems, the financial assets of poor liquidity are replaced by liquidity higher financial assets, and then the expectation of buying long short term interest rates by buying long selling short and lowering the long-term interest rate by using torsional operations, and eliminating the time lag effect of the 2007 austerity policy and international finance by quantitative easing monetary policy. The initial impact of the crisis has avoided the further decline of the US economy and revived the US economy. The following conclusions are formed: first, the quantitative easing monetary policy can achieve financial stability by guaranteeing the effect and the transmission characteristics of the balance sheet and guaranteeing the effect of the comprehensive assets. Second, the quantitative easing monetary policy. The main way to implement the policy is to reduce the interest rate by reducing the interest rate, and promise to inject liquidity funds directly into the financial market for a long time and purchase the long-term government bonds. Third, in the process of implementation, the quantitative easing monetary policy is still very significant to guide the long-term interest rate trend and resave the global economy. Fourth, After the outbreak of the American financial crisis, the quantitative easing monetary policy has lost the function of the commercial banks and financial institutions to transfusions to the real economy. This is the actual credit freeze. The first problem that the quantitative easing monetary policy needs to be solved is the credit freeze. In the structure, this paper is divided into four main chapters, the first chapter For the introduction, the second chapter mainly analyzes the evolution route of the quantitative easing policy, the middle standard of policy implementation, the transmission mechanism and so on. Through the analysis, it is pointed out that the quantitative easing monetary policy in the United States is in fact a monetary policy practice completely different from the previous monetary policy. The third chapter starts from the implementation background of the quantitative easing policy. Do not describe the implementation background and implementation process of the three quantitative easing policy in the United States. Through the description of the implementation of the quantitative easing policy and the implementation process, the purpose of quantitative easing in the United States is collated. The quantitative easing policy in the United States is divided into two main items. In the early stage, the first round of quantitative easing policy is the main part. The purpose is to solve the problem of financial market credit freeze in the US market. The purpose of the second and the third round of quantitative easing in the second stages is to stimulate the economic development by lowering the long-term interest rate. The fourth chapter, on the basis of the analysis of the third chapter, carries out the effect of the credit expansion of the quantitative easing policy and the implementation of the economic stimulus. The effect is analyzed. In the analysis of the effect of credit expansion, the effect of quantitative easing policy in the aspects of monetary expansion and credit stimulation is mainly analyzed. In the aspect of economic stimulation, the main analysis of the quantitative easing policy in the aspects of inflation and long-term capital price is made. The fifth chapter is the actual practice after the implementation of the quantitative easing policy. Economic performance has been analyzed, and whether the quantitative easing policy has reached the policy expectation of the Federal Reserve has been evaluated.

【學位授予單位】：華南理工大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F827.12
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本文編號：1859799