次贷危机以来美国货币政策对中国的影响及对策
发布时间：2019-06-05 11:59
【摘要】：2007年美国爆发了席卷全球的次贷危机，美国股市剧烈震荡，失业率急剧上升，投资迅速下降以及信贷严重紧缩，美国经济陷入前所未有的低迷态势。为了重振经济，尽快走出危机阴霾，美联储首先实施了常规性货币政策，，于2007年和2008年分别对联邦基金基准利率、再贴现率以及准备金率进行了调整，然而，常规性货币政策的实施并没有使美国经济有所好转，美国失业率居高不下，通货膨胀率开始抬头，众多金融机构纷纷宣布破产，美国经济因此走向深度衰退。于是，2009年3月美联储启动了非常规性货币政策，即向市场注入大量流动性。从常规性货币政策的实施到非常规性货币政策的运用，超越了人们的想象，美联储运用货币政策进行宏观调控，给美国经济带来影响之余，在一定程度上左右了中国经济的发展，给中国经济带来了不可小觑的冲击。 论文主要分为五部分，第一章绪论，分别介绍了论文的研究背景、研究意义，并对国内外研究现状进行了阐述，对论文的研究思路和方法进行了总结。第二章主要介绍货币政策的理论基础，分别对常规性货币政策与非常规性货币政策的相关理论进行阐述。第三章分析次贷危机以来美联储货币政策的实施效果。首先介绍2007年至2008年美联储常规性货币政策的实施，继而从美国的失业率、通货膨胀率以及GDP增长三方面入手，分析常规性货币政策的实施效果。其次，介绍2009年以来美联储非常规性货币政策的实施，继而从美国的失业率、通货膨胀率以及GDP增长三方面入手，对非常规性货币政策的实施效果加以分析。第四章主要研究美联储货币政策的实施对中国经济的影响。人民币兑美元单边升值导致热钱大规模涌入我国；全球大宗商品价格飙升，中国面临严重的输入型通货膨胀；中国外汇储备连年增长，损失风险加大；中国货币政策的调整陷入两难境地以及中国出口遭受冲击五方面论述美联储货币政策的实施对中国经济的影响。第五章提出了应对措施。
[Abstract]:In 2007, the United States broke out the subprime mortgage crisis sweeping the world, the US stock market fluctuated violently, the unemployment rate rose sharply, investment fell rapidly and credit was severely tight, and the US economy fell into an unprecedented downturn. In order to revive the economy and get out of the crisis as soon as possible, the Fed first implemented a conventional monetary policy, adjusting the federal funds benchmark interest rate, the discount rate and the reserve requirement ratio in 2007 and 2008, respectively. The implementation of conventional monetary policy has not improved the U. S. economy, the unemployment rate in the United States is high, inflation is beginning to rise, many financial institutions have declared bankruptcy, and the U. S. economy has gone into a deep recession. As a result, in March 2009, the Fed launched an unconventional monetary policy, that is, to inject a lot of liquidity into the market. From the implementation of conventional monetary policy to the use of unconventional monetary policy, beyond people's imagination, the Federal Reserve uses monetary policy to carry out macro-control, which has an impact on the US economy. To a certain extent, it has influenced the development of China's economy and brought great impact to the Chinese economy. The paper is divided into five parts, the first chapter is the introduction, which introduces the research background and significance of the paper, and expounds the research status at home and abroad, and summarizes the research ideas and methods of the paper. The second chapter mainly introduces the theoretical basis of monetary policy, and expounds the related theories of conventional monetary policy and unconventional monetary policy respectively. The third chapter analyzes the implementation effect of Fed monetary policy since the subprime mortgage crisis. This paper first introduces the implementation of the regular monetary policy of the Federal Reserve from 2007 to 2008, and then analyzes the implementation effect of the conventional monetary policy from three aspects: unemployment rate, inflation rate and GDP growth in the United States. Secondly, it introduces the implementation of unconventional monetary policy of the Federal Reserve since 2009, and then analyzes the effect of the implementation of unconventional monetary policy from three aspects: unemployment rate, inflation rate and GDP growth in the United States. The fourth chapter mainly studies the impact of the implementation of Fed monetary policy on China's economy. The unilateral appreciation of RMB against the US dollar has led to a massive influx of hot money into China. Global commodity prices have soared and China is facing serious imported inflation. China's foreign exchange reserves have increased year after year and the risk of loss has increased. The adjustment of China's monetary policy is in a dilemma and the impact on China's exports is discussed in five aspects: the impact of the implementation of Fed monetary policy on the Chinese economy. The fifth chapter puts forward the countermeasures.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F827.12;F124
本文编号：2493511
[Abstract]:In 2007, the United States broke out the subprime mortgage crisis sweeping the world, the US stock market fluctuated violently, the unemployment rate rose sharply, investment fell rapidly and credit was severely tight, and the US economy fell into an unprecedented downturn. In order to revive the economy and get out of the crisis as soon as possible, the Fed first implemented a conventional monetary policy, adjusting the federal funds benchmark interest rate, the discount rate and the reserve requirement ratio in 2007 and 2008, respectively. The implementation of conventional monetary policy has not improved the U. S. economy, the unemployment rate in the United States is high, inflation is beginning to rise, many financial institutions have declared bankruptcy, and the U. S. economy has gone into a deep recession. As a result, in March 2009, the Fed launched an unconventional monetary policy, that is, to inject a lot of liquidity into the market. From the implementation of conventional monetary policy to the use of unconventional monetary policy, beyond people's imagination, the Federal Reserve uses monetary policy to carry out macro-control, which has an impact on the US economy. To a certain extent, it has influenced the development of China's economy and brought great impact to the Chinese economy. The paper is divided into five parts, the first chapter is the introduction, which introduces the research background and significance of the paper, and expounds the research status at home and abroad, and summarizes the research ideas and methods of the paper. The second chapter mainly introduces the theoretical basis of monetary policy, and expounds the related theories of conventional monetary policy and unconventional monetary policy respectively. The third chapter analyzes the implementation effect of Fed monetary policy since the subprime mortgage crisis. This paper first introduces the implementation of the regular monetary policy of the Federal Reserve from 2007 to 2008, and then analyzes the implementation effect of the conventional monetary policy from three aspects: unemployment rate, inflation rate and GDP growth in the United States. Secondly, it introduces the implementation of unconventional monetary policy of the Federal Reserve since 2009, and then analyzes the effect of the implementation of unconventional monetary policy from three aspects: unemployment rate, inflation rate and GDP growth in the United States. The fourth chapter mainly studies the impact of the implementation of Fed monetary policy on China's economy. The unilateral appreciation of RMB against the US dollar has led to a massive influx of hot money into China. Global commodity prices have soared and China is facing serious imported inflation. China's foreign exchange reserves have increased year after year and the risk of loss has increased. The adjustment of China's monetary policy is in a dilemma and the impact on China's exports is discussed in five aspects: the impact of the implementation of Fed monetary policy on the Chinese economy. The fifth chapter puts forward the countermeasures.
【学位授予单位】：河北大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F827.12;F124
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