美国金融稳定计划的财政效应

发布时间：2018-03-05 13:06

本文选题：问题资产纾困计划　切入点：“两房”接管计划　出处：《国际经济评论》2015年03期 　论文类型：期刊论文

【摘要】：美国金融稳定计划主要由问题资产纾困计划、"两房"接管计划和量化宽松货币政策组成。美国金融稳定计划不仅促进了美国的金融稳定和经济复苏,而且实现了现金流意义上的财政收支基本平衡,甚至是略有盈余,避免了主权债务危机在美国的重演。近年来,美国金融稳定计划已向美国政府提供了可观的利息和股息收入,并显著减轻其债务利息负担,但也带来巨额或有负债,如"两房"债务担保责任、美联储持有的债券价值将可能因退出量化宽松货币政策而显著下跌。不过,随着美国房地产市场的持续复苏、量化宽松的逐步退出和"两房"资产负债规模的不断压缩,美国金融稳定计划产生的或有负债规模预计会稳步下降。
[Abstract]:The U.S. financial stability plan consists mainly of the troubled asset rescue program, the Fannie and Freddie takeover plan and the quantitative easing monetary policy. The U.S. financial stability plan has not only contributed to financial stability and economic recovery in the United States. Moreover, it has achieved a basic balance of revenue and expenditure in the sense of cash flow, even a slight surplus, thus avoiding a recurrence of the sovereign debt crisis in the United States. In recent years, the Financial Stability Plan of the United States has provided considerable interest and dividend income to the United States government. And significantly reduce the interest burden on its debt, but also bring huge contingent liabilities, such as Fannie and Freddie debt guarantees, and the value of the Fed's bonds could fall significantly as a result of withdrawing from quantitative easing. With the continued recovery of the U.S. housing market, the phasing out of quantitative easing and the continued contraction of Fannie and Freddie's balance sheets, the contingent liabilities generated by the U.S. financial stability plan are expected to decline steadily.
【作者单位】：中国社会科学院世界经济与政治研究所;
【基金】：国家社会科学基金项目“美国主权债务可持续性与中国外汇储备管理研究”(项目批准号:11CGJ011)的阶段性成果
【分类号】：F837.12;F817.12

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