本文選題：美國聯(lián)邦儲備體系 + 1935年銀行法��； 參考：《南開大學(xué)》2011年博士論文

【摘要】：1935年美國聯(lián)邦儲備體系的改革是對聯(lián)儲體系結(jié)構(gòu)及其權(quán)力的重大調(diào)整,在聯(lián)儲發(fā)展史上具有劃時代的意義。它是由富蘭克林·羅斯福政府策劃,按照勞克林·柯里的改革理念構(gòu)思,在馬里納·艾克爾斯的主持下完成的。這次改革最終將聯(lián)儲體系打造成了一家真正意義上的中央銀行,并使其與政府之間的合作成為促進(jìn)美國經(jīng)濟(jì)健康發(fā)展的關(guān)鍵之一。本文對改革前聯(lián)儲體系的基本特征、聯(lián)儲改革思想及改革計(jì)劃的確立、改革法案在國會的辯論、推動改革的力量以及改革的結(jié)果與意義,作了比較全面和深入的探討。 根據(jù)1913年《聯(lián)邦儲備法》建立的聯(lián)儲體系存在諸多弊端。聯(lián)儲委員會雖然在法律上是12家聯(lián)儲銀行的監(jiān)管者,但它實(shí)際上既沒有獨(dú)立的地位,也沒有足夠的權(quán)力履行這種監(jiān)督職能。相比之下,聯(lián)儲銀行倒是隨著業(yè)務(wù)的擴(kuò)展而實(shí)力不斷增強(qiáng),逐漸掌握了貨幣政策的控制權(quán)。不僅如此,聯(lián)儲決策者們在貨幣政策指導(dǎo)思想上仍然囿于一孔之見,堅(jiān)持早已脫離美國金融實(shí)際的真實(shí)票據(jù)理論。這樣一來,體系內(nèi)部的權(quán)力分散與沖突,加之指導(dǎo)思想的失誤,致使聯(lián)儲在1920年代后期誤判了經(jīng)濟(jì)形勢,引發(fā)了一場前所未有的經(jīng)濟(jì)蕭條。在這種緊急狀態(tài)下,聯(lián)儲決策者們?nèi)匀晃茨苄盐?沒有采取適當(dāng)措施救經(jīng)濟(jì)于水火之中。顯然,當(dāng)時的聯(lián)儲體系還無法也沒有扮演一家中央銀行的角色。 在經(jīng)濟(jì)大蕭條中臨危受命的羅斯�？偨y(tǒng)宣布實(shí)施“新政”,希望能挽狂瀾于既倒。然而,“百日新政”的種種措施并未能有效地刺激經(jīng)濟(jì)復(fù)蘇。到1934年,包括羅斯福本人在內(nèi)的新政改革派們開始調(diào)整思路,逐漸轉(zhuǎn)向以打擊壟斷來推動公平,以更大規(guī)模的赤字開支來援助失業(yè)者和眾多貧民。與這種改革思路的調(diào)整相適應(yīng),羅斯福政府決定對聯(lián)儲體系進(jìn)行改革。這既是打擊東部大銀行家壟斷貨幣體系的舉措,也是為政府?dāng)U大財政開支做融資方面的準(zhǔn)備。在行政當(dāng)局的安排下,來自西部的銀行家艾克爾斯出任聯(lián)儲長官,成為聯(lián)儲改革的主要負(fù)責(zé)人。 艾克爾斯在制定聯(lián)儲改革方案的過程中得到了貨幣經(jīng)濟(jì)學(xué)家柯里的幫助。二人對依靠赤字財政走出經(jīng)濟(jì)困境和美國在貨幣管理體系上存在的問題有很多共同的見解。柯里在對1920年代后期美國的貨幣政策加以研究后,認(rèn)定聯(lián)儲體系貨幣政策的失誤是引發(fā)蕭條的主因,并有針對性地提出了一套貨幣管理理論。在這套理論的基礎(chǔ)之上,柯里為聯(lián)儲體系改革制定了詳細(xì)的改革計(jì)劃,試圖將貨幣管理權(quán)集中于聯(lián)儲委員會之手,通過公開市場等貨幣工具進(jìn)行貨幣管理,使聯(lián)儲有能力制定和執(zhí)行正確的貨幣政策。 以柯里改革計(jì)劃為藍(lán)本的柯里-艾克爾斯備忘錄匯聚了兩人有關(guān)聯(lián)儲改革的主要思想,得到了羅斯�？偨y(tǒng)的支持。行政當(dāng)局乃根據(jù)這份備忘錄制定出聯(lián)儲改革法案,提交國會審議。法案在眾議院得到了代表西部大銀行、中小銀行家以及中西部農(nóng)場主的國會議員的認(rèn)可,很快獲得通過。然而,代表東部尤其是紐約地區(qū)大銀行利益的以卡特·格拉斯為首的參議院保守派,則對聯(lián)儲改革法案百般阻撓,并進(jìn)行了修正。在艾克爾斯領(lǐng)導(dǎo)的改革派的不懈努力之下,聯(lián)儲改革法案終于在保留柯里和艾克爾斯改革思想基本內(nèi)容的情況下獲得國會批準(zhǔn),成為《1935年銀行法》的重要組成部分。 《1935年銀行法》將貨幣管理的絕大部分權(quán)力賦予了新成立的聯(lián)儲理事會。原來處于半自治地位的聯(lián)儲銀行則失去了過去這種獨(dú)立性,必須服從聯(lián)儲理事會的決定與監(jiān)管。改革后的聯(lián)儲體系理所當(dāng)然地放棄了真實(shí)票據(jù)理論,在對經(jīng)濟(jì)形勢評估的基礎(chǔ)之上制定靈活的貨幣政策,以維護(hù)經(jīng)濟(jì)的穩(wěn)定,并做好了在經(jīng)濟(jì)危機(jī)發(fā)生時充當(dāng)最后貸款人的準(zhǔn)備。于是,聯(lián)儲體系終于有權(quán)力和手段履行中央銀行的基本功能,從而成了一家名副其實(shí)的中央銀行。正是由于聯(lián)儲體系在1935年改革后通過貨幣政策調(diào)整經(jīng)濟(jì)的能力不斷加強(qiáng),行政當(dāng)局才開始意識到與之合作的重要性,并在合作中使聯(lián)儲在第二次世界大戰(zhàn)后逐漸變成了政府推行經(jīng)濟(jì)政策的重要工具。
[Abstract]:The reform of the United States Federal Reserve System in 1935 was a major adjustment to the structure and power of the Fed. It was of epoch-making significance in the history of the Fed. It was planned by the Franklin I administration, conceived in accordance with the concept of Laughlin Currie's reform, and completed under the auspices of Marina Ike. The reform will eventually be carried out. The Fed has become a real central bank, and the cooperation between the Fed and the government has become one of the keys to the healthy development of the United States economy. The basic features of the pre - reform fed system, the establishment of the thought of the Fed reform and the reform plan, the debate on the reform bill in Congress, the strength and reform of the reform. The results and significance are discussed comprehensively and thoroughly.
The Fed system, established under the Federal Reserve Act of 1913, has many drawbacks. The Federal Reserve, although it is legally a regulator of the 12 Fed banks, does not have an independent position and has no power to perform such a supervisory function. Not only that, the Federal Reserve policymakers are still constrained by the idea of monetary policy, insisting on the real paper theory that has long been divorced from the American financial reality. In this way, the decentralization and conflict within the system, coupled with the error of the guiding ideology, caused the fed to misjudge in the late 1920s. The economic situation has led to an unprecedented economic depression. In such an emergency, the Fed policymakers are still unable to wake up and have not taken appropriate measures to save the economy. It is clear that the Fed was not yet able to play a central bank.
In the great depression, President Roosevelt announced the implementation of the new deal, hoping to save the tide. However, the measures of the "New Deal" failed to effectively stimulate the economic recovery. By 1934, the new policy reformers, including Roosevelt himself, began to adjust their ideas and gradually turn to fight monopoly to push the public. The Roosevelt administration has decided to reform the Fed system in response to a more massive deficit to help the unemployed and the poor. Ackles, a banker from the west, became the chief executive of the Federal Reserve reform.
Ackles was helped by Currie, a monetary economist in the process of formulating the Fed's reform program. Two people have a lot of common views on the problem of relying on deficit finance to get out of the economic dilemma and the problems existing in the monetary management system in the United States. After studying the monetary policy of the United States in the late 1920s, Currie identified the Fed system. On the basis of this theory, Currie made a detailed reform plan for the reform of the Fed system, trying to focus monetary management on the Federal Reserve Committee and currency management through the open market and other monetary instruments. It has the ability to formulate and implement the correct monetary policy.
The Currie Ackles memorandum, which was based on the Currie reform plan, brought together the main ideas of two people on the Fed reform, and was supported by President Roosevelt. The administration was based on the memo to formulate a Federal Reserve reform bill to be submitted to the Congress for consideration. The bill was represented in the house of representatives for the large western banks, small and medium bankers and the house of Representatives. The Congressmen of the Midwest farmers approved the approval very quickly. However, the Senate conservatives, headed by Carter Glass, who represented the great banks in the East, especially the New York region, have blocked and amended the Fed reform bill. Under the unremitting efforts of Ackles led reformers, the Fed Reform Act At last, the congressional approval was made in retaining the basic content of Corey and Ackles's reform thought, and became an important part of the <1935 banking law.
<1935 banking law gave most of the power of monetary management to the newly established Federal Reserve Board. The semi autonomous fed bank lost its past independence and must obey the decision and regulation of the Federal Reserve Board. The reformed fed system, of course, gave up the real paper theory, in the economic situation. Based on the assessment, a flexible monetary policy is developed to maintain economic stability and be prepared to act as a lender of last resort at the time of the economic crisis. The Fed finally has the power and means to perform the basic functions of the central bank, thus becoming a central bank with its own reputation. It is precisely because the Fed system is in 1935. After the reform, the ability to adjust the economy through monetary policy continued to strengthen, and the administration began to realize the importance of cooperation with it, and in cooperation, the Fed gradually became an important tool for the government to carry out economic policies after the Second World War.
【學(xué)位授予單位】：南開大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2011
【分類號】：K712.52;F827.12

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