英國新工黨政府貨幣政策研究（1997-2010）
發(fā)布時間：2019-03-17 14:45
【摘要】：1997年新工黨上臺后繼承了前任保守黨政府引進的通貨膨脹目標制,同時在貨幣政策方面進行了一系列改革。新工黨政府在通貨膨脹目標制的基礎(chǔ)上進一步改革貨幣政策框架,授予英格蘭銀行獨立執(zhí)行貨幣政策的權(quán)力,建立貨幣政策委員會,成立金融服務(wù)監(jiān)管局和債務(wù)管理局,并改進通貨膨脹目標。新工黨政府在執(zhí)政前10年間成功地將英國的通脹水平控制在目標水平,并降低了通貨膨脹預(yù)期,英國經(jīng)歷了一段低失業(yè)率和低通脹的經(jīng)濟穩(wěn)定時期。2009年,全球金融危機波及到英國,面對動蕩的經(jīng)濟形勢,新工黨政府在原有政策基礎(chǔ)上增加了量化寬松這一政策工具,刺激經(jīng)濟增長。同時,金融危機暴露了新工黨政府貨幣政策的不足。本文共分引言和正文兩大部分。引言部分介紹了文章研究思路和學(xué)術(shù)界研究現(xiàn)狀。國內(nèi)外學(xué)術(shù)界現(xiàn)有的研究多是簡單介紹或經(jīng)濟性分析,缺乏對這一時期貨幣政策的歷史性解讀。探究新工黨政府貨幣政策的內(nèi)容,將這一時期貨幣政策與傳統(tǒng)工黨政府和前任保守黨政府的貨幣政策進行對比,探究貨幣政策特點及其反映出的指導(dǎo)思想,并把新工黨政府貨幣政策放在二戰(zhàn)后英國貨幣政策的發(fā)展線索中進行歷史定位很有必要。第一章主要介紹新工黨上臺時在貨幣政策領(lǐng)域需要解決的問題。1979-1997年保守黨政府執(zhí)政期間,雖然引進了通貨膨脹目標制,但是仍然存在著貨幣標的不恰當,政策目標不明確,政策制定和執(zhí)行機構(gòu)責任劃分不清,貨幣政策透明性不夠等問題,這些問題都亟待新上臺的新工黨政府解決。第二章闡述新工黨政府對貨幣政策的創(chuàng)新。新工黨政府繼承了保守黨引進的通貨膨脹目標制,并重新界定財政部和英格蘭銀行責任,授予英格蘭銀行獨立執(zhí)行貨幣政策的權(quán)力。改進通貨膨脹目標,改變保守黨政府將通脹目標定為一個范圍的做法,將通脹目標定為一個數(shù)字。提高政策透明度,定期公布貨幣政策委員會的會議記錄和決定以及通貨膨脹報告,并實行公開信制度。第三章梳理了新工黨政府的貨幣政策經(jīng)歷。新工黨政府貨幣政策大體分為三個階段,在1997年-2003年這一階段中,英格蘭銀行以零售物價指數(shù)定義通貨膨脹目標,主要運用利率工具調(diào)整通脹,經(jīng)濟總體平穩(wěn)運行。2003年-2007年為第二階段,這一階段通脹目標的指標改為消費價格指數(shù),其他方面與第一階段沒有太大差別。2007年美國次貸危機發(fā)生后,貨幣政策委員會開始同時使用常規(guī)的利率工具和非常規(guī)的量化寬松手段調(diào)控宏觀經(jīng)濟,這一時期政策工具和經(jīng)濟形勢與前兩個時期明顯不同,是政策經(jīng)歷的第三個階段。第四章對新工黨貨幣政策進行評價和定位。新工黨政府實行的貨幣政策明確了財政部和英格蘭銀行之間的責任關(guān)系,提高了貨幣政策透明度。新工黨政府貨幣政策與財政政策實現(xiàn)有效配合,在1997年-2007年這10年間貨幣政策總體表現(xiàn)良好。這期間英國保持了低水平的穩(wěn)定通脹,并在就業(yè)和經(jīng)濟增長方面表現(xiàn)良好。新工黨政府貨幣政策改變了戰(zhàn)后兩黨政府“走走停�！钡慕�(jīng)濟表現(xiàn),但是在金融危機面前暴露了自身不足,這為其后上臺的保守黨和自民黨聯(lián)合政府繼續(xù)改進英國貨幣政策提供了借鑒。
[Abstract]:After the new Labour Party took office in 1997, it inherited the inflation target system introduced by the former Conservative party, and made a series of reforms in the monetary policy. The new Labour government, on the basis of the inflation target system, further reforms the monetary policy framework, granting the Bank of England the power to implement monetary policy independently, establishing a monetary policy committee, setting up the Financial Services Authority and the debt authority, and improving the inflation target. The new Labour government successfully controlled the UK's inflation level at the target level in the first 10 years of its ruling, and lowered inflation expectations, and the UK experienced a period of low unemployment and low inflation. In 2009, the global financial crisis spread to the UK and faced a volatile economic situation. The new Labour government, on the basis of its original policy, has added quantitative easing to the policy tool to stimulate economic growth. At the same time, the financial crisis has exposed the inadequacy of the new Labour government's monetary policy. This article is divided into the introduction and the main body. The introduction part introduces the thought of the article and the current situation of the academic research. The existing research of academic circles at home and abroad is a brief introduction or economic analysis, and a lack of historical interpretation of the monetary policy in this period. To explore the content of the monetary policy of the new Labour Party, compare the monetary policy of this period with the monetary policy of the traditional labour government and the former Conservative Party, and explore the characteristics of the monetary policy and the guiding ideology reflected. It is necessary to put the new Labour government's monetary policy in the development clue of Britain's monetary policy after the second world war. The first chapter mainly introduces the problem that the new Labour Party needs to solve in the field of monetary policy. During the period from 1979 to 1997, while the government of the Conservative Party has introduced the target system of inflation, it still has the inappropriateness of the subject of the currency, and the policy objective is not clear. The policy-making and executing agency's responsibilities are not clear, and the transparency of monetary policy is not enough. These problems need to be solved by the new Labour government in the new stage. The second chapter describes the new Labour government's innovation of monetary policy. The new Labour government has inherited the inflation target introduced by the Tories and redefines the Ministry of Finance and the Bank's responsibility to grant the Bank of England the power to implement monetary policy independently. To improve the target of inflation, change the conservative party's target of inflation as a range of practices, set the target of inflation as a figure. To increase the transparency of the policy, to publish on a regular basis the minutes and decisions of the Monetary Policy Committee, as well as the inflation report, and to introduce an open-letter system. The third chapter sorts out the experience of the new Labour government's monetary policy. The new Labour government monetary policy is generally divided into three stages. In the period 1997-2003, the Bank of England defined the inflation target in the retail price index, mainly using the interest rate tool to adjust the inflation and the economy to run smoothly. In 2003-2007, the second phase, The index of inflation target in this stage is changed to the consumer price index, and other aspects are not very different from the first stage. After the US subprime crisis in 2007, the monetary policy committee began to use regular interest-rate tools and unconventional quantitative easing to control the macro-economy. The policy tool and the economic situation in this period are obviously different from the first two periods, and are the third stage of the policy experience. The fourth chapter is to evaluate and position the monetary policy of the new Labour Party. The new Labour government's monetary policy defines the relationship between the Ministry of Finance and the Bank of England and increases the transparency of monetary policy. The new Labour government's monetary policy and fiscal policy are in effective cooperation, and the monetary policy has a good overall performance between 1997 and 2007. The UK maintains a low level of stable inflation during this period and has a good performance in terms of employment and economic growth. The new Labour government's monetary policy has changed the economic performance of the two-party government's "to stop and stop" after the war, but it has been exposed to its shortcomings in the face of the financial crisis, which provides a reference for the subsequent Conservative and Liberal Democratic Party's coalition government to continue to improve the British monetary policy.
【學(xué)位授予單位】：山東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：K561.5
本文編號：2442399
[Abstract]:After the new Labour Party took office in 1997, it inherited the inflation target system introduced by the former Conservative party, and made a series of reforms in the monetary policy. The new Labour government, on the basis of the inflation target system, further reforms the monetary policy framework, granting the Bank of England the power to implement monetary policy independently, establishing a monetary policy committee, setting up the Financial Services Authority and the debt authority, and improving the inflation target. The new Labour government successfully controlled the UK's inflation level at the target level in the first 10 years of its ruling, and lowered inflation expectations, and the UK experienced a period of low unemployment and low inflation. In 2009, the global financial crisis spread to the UK and faced a volatile economic situation. The new Labour government, on the basis of its original policy, has added quantitative easing to the policy tool to stimulate economic growth. At the same time, the financial crisis has exposed the inadequacy of the new Labour government's monetary policy. This article is divided into the introduction and the main body. The introduction part introduces the thought of the article and the current situation of the academic research. The existing research of academic circles at home and abroad is a brief introduction or economic analysis, and a lack of historical interpretation of the monetary policy in this period. To explore the content of the monetary policy of the new Labour Party, compare the monetary policy of this period with the monetary policy of the traditional labour government and the former Conservative Party, and explore the characteristics of the monetary policy and the guiding ideology reflected. It is necessary to put the new Labour government's monetary policy in the development clue of Britain's monetary policy after the second world war. The first chapter mainly introduces the problem that the new Labour Party needs to solve in the field of monetary policy. During the period from 1979 to 1997, while the government of the Conservative Party has introduced the target system of inflation, it still has the inappropriateness of the subject of the currency, and the policy objective is not clear. The policy-making and executing agency's responsibilities are not clear, and the transparency of monetary policy is not enough. These problems need to be solved by the new Labour government in the new stage. The second chapter describes the new Labour government's innovation of monetary policy. The new Labour government has inherited the inflation target introduced by the Tories and redefines the Ministry of Finance and the Bank's responsibility to grant the Bank of England the power to implement monetary policy independently. To improve the target of inflation, change the conservative party's target of inflation as a range of practices, set the target of inflation as a figure. To increase the transparency of the policy, to publish on a regular basis the minutes and decisions of the Monetary Policy Committee, as well as the inflation report, and to introduce an open-letter system. The third chapter sorts out the experience of the new Labour government's monetary policy. The new Labour government monetary policy is generally divided into three stages. In the period 1997-2003, the Bank of England defined the inflation target in the retail price index, mainly using the interest rate tool to adjust the inflation and the economy to run smoothly. In 2003-2007, the second phase, The index of inflation target in this stage is changed to the consumer price index, and other aspects are not very different from the first stage. After the US subprime crisis in 2007, the monetary policy committee began to use regular interest-rate tools and unconventional quantitative easing to control the macro-economy. The policy tool and the economic situation in this period are obviously different from the first two periods, and are the third stage of the policy experience. The fourth chapter is to evaluate and position the monetary policy of the new Labour Party. The new Labour government's monetary policy defines the relationship between the Ministry of Finance and the Bank of England and increases the transparency of monetary policy. The new Labour government's monetary policy and fiscal policy are in effective cooperation, and the monetary policy has a good overall performance between 1997 and 2007. The UK maintains a low level of stable inflation during this period and has a good performance in terms of employment and economic growth. The new Labour government's monetary policy has changed the economic performance of the two-party government's "to stop and stop" after the war, but it has been exposed to its shortcomings in the face of the financial crisis, which provides a reference for the subsequent Conservative and Liberal Democratic Party's coalition government to continue to improve the British monetary policy.
【學(xué)位授予單位】：山東師范大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：K561.5
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