美国量化宽松货币政策对中国的影响

发布时间：2018-03-08 19:40

本文选题：美国货币政策　切入点：量化宽松　出处：《北京外国语大学》2017年硕士论文　论文类型：学位论文

【摘要】：2008世界金融危机是受美国次贷危机的直接影响而产生的,当时美国很多金融机构宣布破产,市场流动性不足,失业率上升。在危机爆发初期,美联储试图通过零利率等传统货币政策来挽救国内经济,但效果并不明显。为了进一步刺激经济复苏,美联储选择在2008年底推出了第一轮量化宽松政策,该政策至今共实施了四轮。经济全球化使得各国之间的经济依存度逐渐升高,美联储所实施的量化宽松政策存在的溢出效应使得中国的汇率调整难度加大,加大中国通货膨胀压力,推高大宗商品价格以及影响到中国外汇资产的安全性和货币政策的独立性。本研究通过分析美国量化宽松货币政策对中国的影响,具体探究造成溢出效应的主要原因。当美国取消这一政策时也必将对中国又一次造成影响,在文章最后则对这些影响进行了具体阐述并结合具体问题提出了一些意见。本研究针对美国的量化宽松政策的理论内涵进行了具体阐述,结合经济学理论分析了美国量化宽松政策对中国货币政策造成溢出效应的主要原因,通过本研究认为:当中国面对量化宽松的货币政策时,应该注重"内外兼修",加强内部平衡,控制国内通胀,调整贸易结构,增加对国际资本流入的控制能力,平稳推动人民币国际化进程。
[Abstract]:The 2008 world financial crisis was directly affected by the subprime mortgage crisis in the United States, when many U.S. financial institutions declared bankruptcy, markets were illiquid and unemployment was rising. The Fed tried to save the domestic economy with traditional monetary policies such as zero interest rates, but the results were not obvious. In order to further stimulate the recovery, the Fed chose to launch its first round of quantitative easing in end of 2008. The policy has been implemented for four rounds. Economic globalization has gradually increased the degree of economic dependence among countries. The spillover effect of the quantitative easing policy implemented by the Federal Reserve has made it more difficult for China to adjust its exchange rate. Increasing inflationary pressure in China, pushing up commodity prices and affecting the security of China's foreign exchange assets and the independence of monetary policy. Specifically explore the main causes of spillover effects. When the United States cancels this policy, it will certainly have another impact on China. At the end of the article, the author elaborates these effects and puts forward some suggestions on the basis of the specific problems. This study is aimed at the theoretical connotation of the quantitative easing policy of the United States. Combined with the economic theory, this paper analyzes the main causes of the spillover effect of the quantitative easing policy on China's monetary policy, and points out that when China is facing the monetary policy of quantitative easing, We should pay attention to "internal and external repair", strengthen internal balance, control domestic inflation, adjust trade structure, increase the ability to control international capital inflow, and promote the internationalization of RMB smoothly.
【学位授予单位】：北京外国语大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F827.12

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