金融危机传染、量化宽松与财政政策

发布时间：2018-05-11 12:28

本文选题：金融摩擦 + 金融危机传染　；参考：《南开经济研究》2017年05期

【摘要】：本文在一个带有金融摩擦的两国动态随机一般均衡模型中分析了金融危机的传染机制,并探讨了危机传染下一国量化宽松政策对于另一国财政政策效果的影响。研究发现,金融危机通过贸易联系进行跨国传染,其传染效应又通过金融加速器被进一步放大。在此机制作用下,本国应对金融危机的财政政策效果会受到外国量化宽松政策的影响:当外国量化宽松政策较弱时,本国财政政策可以较好地治理金融危机传染;但当外国量化宽松政策过强时,本国财政政策的挤出效应便会占主导,使得本国的投资波动和金融市场波动加剧,进而导致本国的财政政策失效。由此表明,在欧美各国量化宽松政策层出不穷的情况下,我国财政政策适合采取"新常态"所倡导的微调方式。
[Abstract]:This paper analyzes the contagion mechanism of financial crisis in a dynamic stochastic general equilibrium model of two countries with financial friction, and discusses the effect of quantitative easing on the fiscal policy of another country under crisis contagion. It is found that the financial crisis is transmitted across borders through trade links, and its contagion effect is amplified by financial accelerator. Under the action of this mechanism, the fiscal policy effect of our country will be affected by the foreign quantitative easing policy: when the foreign quantitative easing policy is weaker, our fiscal policy can better manage the contagion of the financial crisis; However, when the foreign quantitative easing policy is too strong, the crowding out effect of domestic fiscal policy will dominate, which will make the fluctuation of domestic investment and financial market aggravation, and then lead to the failure of domestic fiscal policy. This shows that, with the emergence of quantitative easing in Europe and the United States, China's fiscal policy is suitable for the fine-tuning mode advocated by the "New normal".
【作者单位】：广州大学经济与统计学院;
【分类号】：F812.0;F831.59

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