美日中央银行金融危机管理比较研究

发布时间：2018-08-07 13:54

【摘要】：危机管理，原本是管理学科中的专业术语，现已被借鉴和应用于金融学科之中。金融危机管理主要是指政府机构为了应对金融危机事前、事中和事后所产生的不利影响，采取相应的对策，包括事前预警、事中管理和事后的制度完善等。在经济日益金融化的今天，金融危机的爆发会对金融市场和金融机构造成极大的危害，对当前平稳的金融秩序构成威胁，并且直接影响着整体国民经济的健康稳定发展。如果不妥善处理，将会导致灾难性的后果。另外，从维持社会平稳秩序的角度来看，金融危机管理是一种典型的公共产品；从维护金融安全的视角来看，金融危机管理乃是一国政府及时且必须提供的公共物品。因而，一旦爆发金融危机，就需要政府调动所有可能调动的力量，由相关部门综合运用各种手段和措施，尽全力去挽回危机的负面影响，尽可能去缩小危机对经济金融造成的损害。那么，是否能够控制金融危机的范围与程度，能否抓住机遇促进改革与发展，最终在于金融危机管理的有效性，它直接反映了一国金融危机管理的水平。由于金融危机管理所具有的特殊性，它不同于普通的危机管理的一个重要特色在于其“金融性”。它与金融危机的应对措施以及中央银行能够扮演的角色关系密不可分。因此，中央银行在金融危机管理过程中发挥了至关重要的作用。那么，对于中央银行金融危机管理的研究无论从理论上还是在实践中都具有极其重要的意义。中国人民银行国际司“中央银行资产负债表及其应对危机能力”课题组（2010）认为，中央银行在应对危机中的作用主要集中在以下两个方面：一是中央银行是否应该在应对金融危机中承担主要责任；二是如果中央银行发挥主要作用，那么究竟应采取哪些措施应对危机。张雪春（2009）认为，中央银行的金融危机管理主要体现在两个方面：一是实施宽松的货币政策，包括降低利率及存款准备金率等；二是从维护金融稳定角度出发，履行最后贷款人职能，通过再贴现、再贷款向市场提供流动性，，满足经济实体的货币需求，防止出现大量抛售资产行为。而古德弗兰德（2004）指出，中央银行政策的根本力量来源于它对基础货币的垄断。由此可见：中央银行的职责与维护一国货币和金融稳定密切相关；中央银行垄断一国货币发行，因此能够通过一定的货币政策操作和履行最后贷款人职能帮助应对金融危机；货币政策、金融稳定和最后贷款人这三方面理论构成了中央银行金融危机管理的基本理论。通过对美日两国央行在金融危机事前、事中和事后的应对措施进行时序性比较，以及分析美联储和日本银行在危机管理中的相似性与不同点，对于理解美国和日本这两个当今世界重要经济体的中央银行金融危机管理进程颇有裨益，同时，有助于全面地了解金融危机管理的发展脉络以及最新的前沿动向。本文的简要结构框架如下：具体而言，本文主要包括以下内容：首先，主要介绍在2007年美国发生次贷危机之后，世界各国均对金融危机及其管理投入更多精力与研究。尤其是有关中央银行在金融危机管理中所扮演的角色，更是成为核心议题。绪论部分主要就金融危机的理论背景、比较研究的意义、研究目的与方法以及创新与不足加以叙述，为后文展开分析做好铺垫。其次是金融危机管理的相关理论综述。本章主要介绍了金融危机的定义及成因，金融危机管理的概念和措施。然后，利用现有理论基础，譬如金融监管理论、最后贷款人理论以及金融虚拟性理论将金融危机与金融危机管理有机地结合在一起；同时简要分析了中央银行在其中扮演的重要角色。然后进入到主要的研究环节。分别对金融危机事前、事中和事后管理进行分析和阐述。先从美联储与日本银行对于金融危机预警机制建立的模型角度进行分析，比较了美联储与日本银行，乃至全世界范围内主要中央银行所应用的危机预警模型——DSGE模型；同时，另辟蹊径地介绍和分析了日本银行在此基础之上最新的创新研究。接下来说明美联储和日本银行的金融危机事中管理，鉴于货币政策在一国中央银行危机管理手段的重要性，本文用两章的内容分别比较了美联储和日本银行的常规性（即传统型）货币政策以及非常规货币政策。并着重通过量化宽松及两国央行资产负债表的变化情况比较说明了美联储与日本银行在进行金融危机管理过程中的异同。其后，讨论一国进行金融危机事后管理的相关举措，即司法改革与相关配套措施的完善，尤其是与中央银行改革相关的法律法规以及存款保险法案的完善。最后，总结最近一次金融危机中美联储的危机管理办法，更重要的是，通过比较后的综合以及一个国际性的视角来看待金融危机管理问题。提出：在世界经济和金融市场全球化的今天，一国金融危机管理的最终目的乃是要转嫁危机；而金融危机管理的实质在于坚持维护金融稳定和可持续发展。本文的主要创新之处在于：通过运用比较金融学的研究方法，从中央银行金融危机管理的角度入手，尝试列举和分析了世界上重要的两家中央银行——美联储和日本银行的金融危机管理手段和措施，并阐述其相似与不同点。在分析金融危机事前管理部分，阐明并比较了美联储与日本银行的危机管理预警模型，分析了两国央行在这一领域研究的最新成果。并且，在金融危机事后管理部分分析了司法制度改革与配套措施的完善，为围绕中央银行构建完整的监管体系提供了参考。同时，在比较之后综合并统一了金融危机管理有关的理论与思想，以美国为例，从综合性的和国际性的视角看待并分析了一国金融危机管理的目的与实质。另外，本文的主要不足之处在于在金融危机事后管理的部分并未对所熟知的“退出机制”加以分析和阐述，本文并不将其作为重点，希望日后能够有所补充。
[Abstract]:Crisis management, which is originally a professional term in the management discipline, has now been used for reference and applied to the financial discipline. The financial crisis management mainly refers to the government agencies to respond to the adverse effects of the financial crisis before, in events and after the event, and to take corresponding countermeasures, including pre event early warning, management and afterwards system improvement, etc. Today, the outbreak of the financial crisis will cause great harm to the financial market and financial institutions, threaten the current stable financial order, and directly affect the healthy and stable development of the whole national economy. If not properly handled, it will lead to the consequences of disaster. In addition, to maintain a stable social order. From the point of view, financial crisis management is a typical public product. From the perspective of maintaining financial security, financial crisis management is a timely and necessary public goods provided by a state government. As a result, the government needs the government to mobilize all possible forces and use all kinds of means and measures in the event of a financial crisis. Measures should be done to save the negative impact of the crisis as far as possible to reduce the damage caused by the crisis to the economy and finance as far as possible. Then, whether the scope and extent of the financial crisis can be controlled, and whether the opportunity can be seized to promote the reform and development is the effectiveness of the financial crisis management, which directly reflects the level of the financial crisis management of a country.
Because of the particularity of the financial crisis management, it is different from the "financial" characteristic of the common crisis management. It is inseparable with the measures of the financial crisis and the role that the central bank can play. Therefore, the central bank has played a vital role in the process of financial crisis management. It is very important to study the financial crisis management of the central bank, both in theory and in practice.
The international division of the people's Bank of China, "the balance sheet of the central bank and the ability to cope with the crisis" (2010), believes that the central bank's role in dealing with the crisis is mainly concentrated in the following two aspects: first, whether the central bank should bear the main responsibility in dealing with the financial crisis; and the two is that if the central bank plays a major role, Then what measures should be taken to deal with the crisis. Zhang Xuechun (2009) believes that the central bank's financial crisis management is mainly reflected in two aspects: first, the implementation of the loose monetary policy, including the reduction of interest rates and the deposit reserve ratio; two, from the perspective of maintaining financial stability, the performance of the lender of last resort, rediscount, and rediscount. Loans provide liquidity to the market to meet the monetary demand of economic entities and prevent a large number of selling assets. And Goodfriend (2004) points out that the fundamental force of the central bank policy comes from its monopoly on the basic currency. The three theories of monetary policy, financial stability and lender of last resort are the basic theories of the central bank's financial crisis management.
It is helpful to understand the financial crisis management process of the Central Bank of the United States and Japan, which are the two important economies of the United States and Japan, by comparing the time series of the response measures between the US and Japan before the financial crisis, in the event and after the event, and the analysis of the similarities and differences between the Federal Reserve and the Japanese bank in the crisis management. This will help us to fully understand the development of financial crisis management and the latest trends.
The brief structural framework of this article is as follows:
Specifically, the main contents of this paper are as follows:
First, after the subprime crisis in the United States in 2007, the countries all over the world have more energy and Research on the financial crisis and its management. Especially, the role played by the central bank in the financial crisis management is the core issue. The introduction is mainly about the theoretical background of the golden thaw crisis, and the significance of the research. The purpose and method, as well as innovation and shortage are narrated, so as to pave the way for analysis.
This chapter introduces the definition and causes of financial crisis, the concept and measures of financial crisis management. Then, we combine the existing theoretical basis, such as the theory of financial supervision, the theory of lender of last resort and the theory of financial virtuality to combine the financial crisis with the management of financial crisis organically. At the same time, a brief analysis of the important role played by the central bank is briefly analyzed and then the main research links are introduced. The bank, and even the DSGE model, the crisis early-warning model used by the major central banks around the world, and a new approach to the latest innovation research on the basis of the Bank of Japan on the basis of a new approach to the Bank of Japan, and the financial crisis in the Bank of Japan, in view of the monetary policy in a central bank. The importance of the means of crisis management is compared with the conventional (traditional) monetary policy and unconventional monetary policy of the Federal Reserve and Japanese bank in two chapters, and the comparison between the quantitative easing and the change of the balance sheet of the central bank shows that the Federal Reserve and the Japanese bank are conducting financial crisis management. The similarities and differences in the process. Then, we discuss the relevant measures of a country to manage the financial crisis after the event, that is, the improvement of the judicial reform and related supporting measures, especially the laws and regulations related to the reform of the central bank and the perfection of the deposit insurance act.
Finally, we summarize the recent financial crisis management methods of the central and American Federal Reserve, and more importantly, look at the problem of financial crisis management through a comparative comprehensive and an international perspective. The essence of financial crisis management is to maintain financial stability and sustainable development.
The main innovations of this paper are as follows: through the use of comparative finance research methods, from the perspective of the central bank's financial crisis management, we try to enumerate and analyze the financial crisis management means and measures of the two central banks, the central banks of the world - the Federal Reserve and the Japanese bank, and explain their similarities and differences. In the financial crisis management part, it clarifies and compares the crisis management and early warning model between the Federal Reserve and the Japanese bank, analyzes the latest achievements of the central bank's research in this field, and analyses the reform of the judicial system and the perfection of the supporting measures in the post management part of the financial crisis, and provides a complete regulatory system around the central bank. At the same time, the theory and thought of financial crisis management are integrated and unified after the comparison. Taking the United States as an example, the purpose and essence of a country's financial crisis management are viewed and analyzed from a comprehensive and international perspective. In addition, the main insufficiency of this article is that the part of the financial crisis management is not right. The "exit mechanism", which is well known, is analyzed and expounded. This article does not take it as a focal point, and I hope it can be supplemented in the future.
【学位授予单位】：辽宁大学
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F831.59;F827.12;F823.13

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