货币与财政政策后续效应评估:40次银行危机样本

发布时间：2018-05-05 09:46

本文选题：金融机构 + 金融危机　；参考：《改革》2012年05期

【摘要】：以20世纪80年代以来40次重要的系统性银行危机为基础,对金融危机后的货币政策和财政政策选择进行实证评价。实证结果表明,"适度扩张"的货币政策和财政政策能产生相对较优的经济效果,应成为金融危机后的主要政策选择,但由于两种政策刺激或稳定经济的效力都集中体现在短期,为避免持续和大规模货币扩张和财政赤字带来的负面影响,一旦危机消退、经济企稳回升,之前作为"反危机工具"出现的扩张性货币和财政政策就应该逐步淡出。
[Abstract]:Based on 40 important systemic banking crises since 1980s, this paper makes an empirical evaluation of monetary policy and fiscal policy choice after the financial crisis. The empirical results show that monetary and fiscal policies with "moderate expansion" can produce relatively better economic effects and should become the main policy options after the financial crisis. However, the effectiveness of the two policies to stimulate or stabilize the economy is concentrated in the short term. To avoid the negative effects of sustained and massive monetary expansion and fiscal deficits, once the crisis recedes and the economy stabilizes, expansionary monetary and fiscal policies previously used as an "anti-crisis tool" should gradually fade out.
【作者单位】：中国人民大学财政金融政策研究中心;
【基金】：国家自然科学基金项目“宏观审慎政策体系与实施方案研究”(批准号:71150003) 北京市教育委员会共建项目“中国货币国际化战略研究”
【分类号】：F811.0;F821.0

【参考文献】