量化宽松、财政赤字与美元资产安全
发布时间：2018-11-15 12:07
【摘要】：次贷危机爆发以来,美国采取了一系列货币和财政政策以拯救深陷泥潭的本国经济。美联储运用非常规政策工具向金融体系注入大量流动性资产,美联邦政府也大幅度提高了财政支出,使得财政赤字愈加恶化。在此背景下,美元资产的安全性成为投资者关注的焦点。本文分别从货币政策效果、财政赤字的可持续性以及投资主体等方面考察了美元资产的安全性,分析了美国宏观经济政策的实际作用,并从投资主体结构探讨了美国联邦政府的经济取向,最后以所涉及资产的市场表现回应美元资产安全问题。笔者认为,与其它货币资产相比,持有美元资产并不会承担额外的币种风险。
[Abstract]:Since the onset of the subprime mortgage crisis, the United States has adopted a series of monetary and fiscal policies to save its troubled economy. The Fed has used unconventional policy instruments to inject large amounts of liquidity into the financial system, and the federal government has sharply increased fiscal spending, exacerbating the deficit. In this context, the security of dollar assets has become the focus of investors. This paper examines the security of US dollar assets from the aspects of monetary policy effect, the sustainability of fiscal deficit and the investors, and analyzes the actual role of US macroeconomic policy. The economic orientation of the U.S. federal government is discussed from the perspective of the investment subject structure. Finally, the market performance of the related assets is used to respond to the issue of the safety of US dollar assets. In my opinion, compared with other currency assets, holding US dollar assets does not take on additional currency risks.
【作者单位】： 南京财经大学金融学院;
【基金】：江苏省高校优势学科建设工程(应用经济学)项目资助
【分类号】：F817.12;F827.12
[Abstract]:Since the onset of the subprime mortgage crisis, the United States has adopted a series of monetary and fiscal policies to save its troubled economy. The Fed has used unconventional policy instruments to inject large amounts of liquidity into the financial system, and the federal government has sharply increased fiscal spending, exacerbating the deficit. In this context, the security of dollar assets has become the focus of investors. This paper examines the security of US dollar assets from the aspects of monetary policy effect, the sustainability of fiscal deficit and the investors, and analyzes the actual role of US macroeconomic policy. The economic orientation of the U.S. federal government is discussed from the perspective of the investment subject structure. Finally, the market performance of the related assets is used to respond to the issue of the safety of US dollar assets. In my opinion, compared with other currency assets, holding US dollar assets does not take on additional currency risks.
【作者单位】： 南京财经大学金融学院;
【基金】：江苏省高校优势学科建设工程(应用经济学)项目资助
【分类号】：F817.12;F827.12
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