美联储应对次贷危机的货币政策操作研究.pdf 全文免费在线阅读

  本文关键词：美联储应对次贷危机的货币政策操作研究，由笔耕文化传播整理发布。

网友zhangkuan1439近日为您收集整理了关于美联储应对次贷危机的货币政策操作研究的文档，希望对您的工作和学习有所帮助。以下是文档介绍：上海交通大学硕士学位论文美联储应对次贷危机的货币政策操作研究姓名:周沁怡申请学位级别:硕士专业:金融学指导教师:胡海鸥20100101美联储应对次贷危机的货币政策操作研究摘要货币政策规则是中央银行制定货币政策时的重要依据,货币政策应该采取单一规则还是相机抉择一直是一个值得研究的问题。次贷危机的爆发对美国经济产生了消极的影响,美联储在这次金融危机中为稳定金融体系积极充当金融体系“最后贷款人”的角色,采用了灵活的货币政策操作,在加大传统金融工具调节幅度的同时积极创新,开发了定期拍卖工具,一级交易商融资融券工具等多种新的货币政策工具。本文采用单因子利率模型对美联储定期拍卖工具的操作效果进行了研究,检验结果证明,创新的货币政策工具的实施对降低市场的流动性风险产生了积极的影响。美联储的货币政策操作比较成功的达到了救市的目的,这是与美国的货币发行制度与政策调节方式紧密相关的。虽然我国目前没有发生金融危机,但美国的成功经验值得我们借鉴。我国以外汇为基础的货币发行机制决定了货币政策操作主要依靠存款准备金率调节以及公开市场操作,通过脉冲响应模型、协整检验和 GRANGER因果检验证明这两项外汇对冲手段都存在局限性。我国货币政策操作存在不足的根本原因是我国货币发行体系还不够健全,缺乏完善的利率调节机制。虽然我国短期内爆发与次贷危机类似的金融危机的可能性不大,但是应加快货币市场建设的步伐,完善利率传导的机制,提高货币政策操作的有效性。关键字次贷危机,货币政策操作,流动性RESEARCH ON FEDERAL RESERVE'ARY POLICY OPERATIONSIN RESPONSE TO THE SUB-PRIME CRISISABSTRACTThe ary policy rule is of great importance when central bankmakes ary policies. Choosing a single rule or discretion has alwaysbeen an issue which worthies studying. The outbreak of the sub-prime crisisin the U.S. economy had a negative impact on its economy. During thecurrent financial crisis the Federal Reserve has been acting as the "lender oflast resort" to stabilize the financial system. ary policy operationshave been used with great flexibility. These operations include intensifyingthe effects of traditional financial tools, making positive innovations, like aterm auction facility, a primary dealer lending facility and other new tools.In this paper, based on the single-factor interest rate model, we conduct astudy on the effectiveness of Federal Reserve ary policy. The testresults prove that during the crisis, the implementation of aryinnovative tools has a positive impact in reducing the market liquidity risk.Federal Reserve’s ary policy operations have been proved to beeffective in saving the market, which closely related to its money issuancesystem and open market operation system.Although currently there is no financial crisis in China, it is good for usto learn from the experience of United States. Our foreign exchange-basedcurrency issuance mechanism makes ary policy operations mainlydepend on the deposit reserve ratio adjustment and open market operations.Through the impulse response function, co integration test and GRANGERcausality test they prove effectiveness of these two foreign exchangehedging instruments are limited. The limitation lies in that China's arypolicy system is still to be improved. Although in the short-term, thelikelihood of sub-prime crisis in China is small, China should speed up thepace of construction of the currency market, improve our interest ratetransmission mechanism and enhance the effectiveness of ary policyoperation.KEY WORDS: subprime mortgage crisis, ary operation, marketliquidity-1-第一章绪论1.1 选题的背景和意义对货币政策操作规则的研究一直是学术界关注的问题。从最早的单一规则与相机抉择之争,发展到后来的泰勒规则、麦卡勒姆规则以及平滑操作理论,学术界试图找到一种最优的政策操作规则,最大程度的推动经济的发展。2007 年由于房地产抵押证券及其衍生品价格泡沫的破裂,导致金融机构破产、资产价格下跌,美国次贷危机爆发,并且这场危机迅速蔓延到其他金融市场,演变成一场全球性的金融危机。在处理市场面临的流动性紧张的问题时,美联储充分吸取了以往在应对危机时的经验教训,采取了各

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  本文关键词：美联储应对次贷危机的货币政策操作研究，由笔耕文化传播整理发布。