量化宽松货币政策的理论基础和实践效果研究

发布时间：2017-12-28 20:31

本文关键词：量化宽松货币政策的理论基础和实践效果研究　出处：《湖南大学》2015年硕士论文　论文类型：学位论文

【摘要】：本文从定义、理论基础、框架体系、不同国家实践经历和政策实施效果检验四个方面系统分析了量化宽松货币政策。其定义为一国的中央银行在短期名义利率接近或等于零时,通过公开市场操作或创立新的货币政策操作窗口,为金融机构提供紧急流动性贷款,缓解市场资金紧张,降低风险溢价,平复金融恐慌。同时,通过公开市场操作购买国债、资产支持证券、商业票据或公司债券,压低中长期利率,向金融体系注入大量基础货币,降低资金成本,增加货币供给,防止通货紧缩,刺激经济复苏。本文梳理了量化宽松货币政策的理论基础和实践操作框架,以及日本在2001-2006年的首次量化宽松政策实践以及美联储应对金融危机和刺激经济复苏、欧洲央行应对金融危机和债务危机的政策实践。以美国为研究对象实证分析量化宽松政策的实施效果,主要结论为:(1)金融稳定效果方面,利率调整等常规货币政策无法有效降低反应金融市风险溢价的TED利差水平。单一创新性货币政策工具的金融稳定效果也不明显,但创新性货币政策工具总量对TED利差的影响则非常明显,一系列信贷支持货币政策工具为市场提供了紧急流动性支持,避免了信贷枯竭和更大范围内的金融机构破产倒闭;(2)提升货币供给方面,美联储通过量化宽松政策向银行体系注入了大量的基础货币,但基础货币的扩张并没有促进银行信贷扩张,货币政策的传导机制受阻。美联储注入到商业银行的基础货币以超额储备金的形式回到了美联储的资产负债表上,而未能以贷款的形式进入到实体经济。广义货币供给的增长主要源于基础货币的扩张,而非源自于银行信贷的增长;(3)经济刺激效果方面,分为信贷、通货膨胀、资产价格和汇率四个渠道。M2的增长有利于银行信贷的扩张,信贷渠道效果显著。危机后美国货币供给的增长对物价的影响非常微弱,并未遵循经典的货币理论,通货膨胀渠道不显著。量化宽松政策对资产价格的刺激作用体现在短期,长期来看则没有作用,对美元汇率的影响则相反,短期无影响,随后才促使美元走强。最后,本文提出美、日、英、欧等发达国家所实行的量化宽松货币政策实践对我国货币政策的启示。
[Abstract]:This paper systematically analyzes the quantitative easing monetary policy from four aspects: definition, theoretical basis, framework system, experience of different countries and policy implementation. It is defined as a central bank in a country where short-term nominal interest rates are close to or equal to zero. Through open market operation or the creation of new monetary policy operation window, it provides emergency liquidity loans for financial institutions, relieving market capital tension, reducing risk premium and smoothing financial panic. At the same time, through open market operation, we can buy treasury bonds, asset backed securities, commercial bills or corporate bonds through the open market operation, reduce the long-term interest rates, inject large amounts of basic money into the financial system, reduce the cost of capital, increase the money supply, prevent deflation and stimulate economic recovery. This paper reviews the theoretical basis and practical framework of quantitative easing monetary policy, and Japan in the first 2001-2006 years of practice the policy of quantitative easing and the practice of the Fed's response to the financial crisis and stimulate economic recovery, the European Central Bank to deal with the financial crisis and the debt crisis. Taking the United States as the research object, we empirically analyze the implementation effect of the quantitative easing policy. The main conclusions are as follows: (1) in terms of financial stability effect, the conventional monetary policy such as interest rate adjustment can not effectively reduce the TED interest rate that reflects the risk premium of the Financial City. The financial stability effect of a single innovative monetary policy tools is not obvious, but the influence of innovative monetary policy tools of total TED spreads is very obvious, a series of credit support tools of monetary policy to provide emergency liquidity support to the market, to avoid credit depletion and a wider range of financial institutions bankruptcy; (2) raise the money supply, the Fed's quantitative easing through the injection of a large number of base money to the banking system, but the expansion of base money does not promote the expansion of bank credit, the monetary policy transmission mechanism is blocked. The Fed's basic money injected into commercial banks has returned to the Federal Reserve's balance sheet in the form of excess reserves, but failed to enter the real economy in the form of loans. The growth of generalized money supply is mainly due to the expansion of basic money rather than the growth of bank credit. (3) the effect of economic stimulus is divided into four channels: credit, inflation, asset price and exchange rate. The growth of M2 is beneficial to the expansion of bank credit, and the effect of credit channel is remarkable. After the crisis, the growth of the US money supply has a very weak impact on the price, and does not follow the classical monetary theory. The channel of inflation is not significant. The stimulation effect of quantitative easing policy on asset prices is reflected in the short term, but in the long run, it has no effect, and the impact on the US dollar exchange rate is the opposite. Finally, this paper puts forward the Enlightenment of the practice of quantitative easing monetary policy implemented by the developed countries of the United States, Japan, Britain and Europe to China's monetary policy.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F821.0

【参考文献】