美国量化宽松货币政策对中国经济的影响研究

发布时间：2018-05-22 16:44

本文选题：量化宽松 + 通货膨胀　；参考：《吉林财经大学》2014年硕士论文

【摘要】：2008年雷曼兄弟倒闭，，金融危机进一步发酵，为刺激美国疲软的经济、维护金融系统的稳定，美联储推出多种非常规的货币政策工具向金融市场注入流动性，既量化宽松的货币政策。从金融危机开始，美国接连实施了四轮量化宽松货币政策。美国是中国的第二大贸易伙伴，两国经贸关系紧密，因此美国量化宽松货币政策必然会通过溢出效应对中国经济产生影响。本文以现有的理论为基础，详细的分析了2008年以来美联储四轮量化宽松货币政策对中国经济产生的影响。文章首先分析了美国量化宽松货币政策的实施背景，介绍了美国量化宽松货币政策的内容并分析了实施效果。本文着重从四个方面介绍了美国量化宽松货币政策对我国经济造成的影响。首先，美元是我国最主要的储备货币，本文系统的分析了美国量化宽松货币政策对我国货币政策独立性的影响及汇率政策的影响；第二，通过人民币升值、大宗商品物价上涨及国际热钱涌入等渠道分析对我国通货膨胀的溢出效应；第三，由于国际资本的逐利性，美国量化宽松货币政策会导致国际游资流入我国，因此分析了我国资本市场的产生影响；第四，分析了由美国量化宽松货币政策带来的美元贬值对我国外汇资产安全性的影响。本文的最后一部分针对美国量化宽松货币政策对中国经济造成的影响提出相应的应对策略，包括提高人民币国际地位并加快人民币国际化步伐，控制货币数量并加强物价监管，加强热钱监管保持宏观经济平稳运行，实现外汇储备多元化并强化持有美元资产的“条件性”，建立国际政策协调机制并增加在国际货币体系中的“话语权”，以此来应对美国量化宽松货币政策带来的冲击。
[Abstract]:With the collapse of Lehman Brothers in 2008 and the further ferment of the financial crisis, the Federal Reserve has introduced a variety of unconventional monetary policy instruments to inject liquidity into financial markets in order to stimulate the weak economy of the United States and maintain the stability of the financial system. Monetary policy with quantitative easing. From the beginning of the financial crisis, the United States has implemented four rounds of quantitative easing monetary policy. The United States is China's second largest trading partner, with close economic and trade ties between the two countries, so quantitative easing is bound to have an impact on China's economy through spillover effects. Based on the existing theories, this paper analyzes in detail the impact of the Federal Reserve's four rounds of quantitative easing (QE) on China's economy since 2008. This paper first analyzes the background of the quantitative easing monetary policy in the United States, introduces the content of the quantitative easing monetary policy in the United States and analyzes the effect of the implementation. This paper focuses on four aspects of the impact of quantitative easing monetary policy on China's economy. Firstly, the US dollar is the most important reserve currency in China. This paper systematically analyzes the influence of the quantitative easing monetary policy on the independence of monetary policy and the exchange rate policy of our country. Commodity price increases and international hot money inflows are used to analyze the spillover effects on China's inflation. Third, due to the profit-driven nature of international capital, the United States' quantitative easing monetary policy will lead to the inflow of international hot money into China. Therefore, this paper analyzes the influence of China's capital market. Fourthly, it analyzes the impact of the devaluation of the US dollar on the security of China's foreign exchange assets brought about by the quantitative easing monetary policy of the United States. In the last part of this paper, the author puts forward the corresponding countermeasures against the impact of the quantitative easing monetary policy on China's economy, including enhancing the international status of RMB and accelerating the pace of internationalization of RMB, controlling the quantity of money and strengthening price supervision. Strengthening the supervision of hot money to maintain the smooth operation of the macro economy, diversifying foreign exchange reserves, strengthening the "conditionality" of holding US dollar assets, establishing an international policy coordination mechanism, and increasing the "voice" in the international monetary system. In response to the impact of quantitative easing monetary policy in the United States.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F124;F827.12

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