美国量化宽松背景下的中国货币政策效应研究

发布时间：2018-05-20 05:50

本文选题：量化宽松货币政策 + 正效应　；参考：《山东财经大学》2012年硕士论文

【摘要】：次贷危机爆发以来，美国、日本、英国等发达国家纷纷采取了各种救市政策来遏制经济的衰退，但是这些救市工具并没有起到相应的作用。在各国都面临着财政赤字和国债发行困境以及已经降至接近于零的利率水平的情况下，各主要经济体纷纷开始求助于非常规的货币政策，即量化宽松货币政策。量化宽松货币政策最初只是被日本政府用于应对其国内19世纪末的泡沫经济危机，，并没有被大范围的运用。此次大规模的实行量化宽松货币政策在世界上还是首次出现，因此其对世界经济究竟会产生什么样的影响，就成为各种学者研究的热点。本文将从量化宽松货币政策这一大的背景出发，研究其对中国的货币政策究竟会产生怎么样的影响，以及中国为应对量化宽松政策而进行的货币政策调整。 ⑴本文首先提出了本文的研究问题和研究意义，并对国内外研究情况进行了文献综述，指出本研究的主要创新点。 ⑵本文就量化宽松这一政策理论进行了研究。包括对量化宽松货币政策内涵的界定、运行机理的研究以及货币政策由发达国家向发展中国家传导途径。 ⑶本文的两个实证研究。首先，我们应用SVAR模型和脉冲效应函数对美国量化宽松货币政策对中国货币政策的溢出效应进行了实证检验。包括了对中国货币政策实施环境的影响检验和对中国货币政策效应的影响检验。我们发现，美国实施量化宽松货币政策对中国的产出水平是有正方向影响的，对中国实施扩张性货币政策的效应也是具有正方向影响的。然后在此基础上进一步利用VAR模型和方差分解的方法对中国的货币政策的扩张性和紧缩性两个阶段的效应分别进行了检验，并进一步从国际和国内两个方面分析了中国进行货币政策调整的原因。 ⑷为了更好地应对美国量化宽松货币政策对中国货币政策效应可能造成的影响本文基于前述实证研究结论，从量化宽松货币政策对中国货币政策环境的影响和对中国货币政策效应的影响两个方面提出了可行性的政策建议。
[Abstract]:Since the outbreak of the subprime mortgage crisis, the United States, Japan, Britain and other developed countries have adopted a variety of rescue policies to curb the economic recession, but these rescue tools have not played a corresponding role. Major economies are turning to unconventional monetary policy, known as quantitative easing, as countries face fiscal deficits and bond issuance woes and interest rates have fallen to near zero. Quantitative easing was initially used only by the Japanese government to cope with the domestic bubble crisis of the late 19th century, but not on a wide scale. This large-scale implementation of quantitative easing monetary policy in the world is the first time, so what kind of impact on the world economy, it has become a hot spot of various scholars. From the background of the monetary policy of quantitative easing, this paper will study its influence on the monetary policy of China and the adjustment of monetary policy in response to the policy of quantitative easing. Firstly, this paper puts forward the research problems and significance of this paper, and summarizes the research situation at home and abroad, and points out the main innovation points of this research. This paper studies the policy theory of quantitative easing. It includes the definition of the monetary policy of quantitative easing, the study of the operational mechanism and the transmission of monetary policy from developed to developing countries. 3 two empirical studies in this paper. Firstly, we use SVAR model and impulse effect function to test the spillover effect of American quantitative easing monetary policy on Chinese monetary policy. Including the impact test on the implementation environment of China's monetary policy and the impact test on the effect of China's monetary policy. We find that the quantitative easing monetary policy in the United States has a positive impact on China's output level, as well as on China's expansionary monetary policy. On this basis, further use of VAR model and variance decomposition method to test the expansibility and contractility of China's monetary policy. And further from the international and domestic two aspects of China's monetary policy adjustment reasons. (4) in order to better deal with the possible effects of the quantitative easing monetary policy of the United States on China's monetary policy, this paper based on the above empirical research conclusions, Some feasible policy suggestions are put forward from two aspects: the influence of quantitative easing on China's monetary policy environment and the effect on China's monetary policy.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F822.0;F827.12

【相似文献】