美国量化宽松货币政策的实施过程及效果分析

发布时间：2018-05-08 03:34

  本文选题：美联储货币政策 + 量化宽松货币政策　； 参考：《华南理工大学》2016年硕士论文

【摘要】：自美国次贷危机爆发以来,对各国的经济都产生了极大的负面影响,同时各国的金融市场都受到了剧烈的震荡,国际金融机构、金融市场,以及全球经济都出现了不同程度的衰退。为了防止经济的进一步下滑,全球主要经济体几乎协调一致地采取了一种极为特殊的量化宽松货币政策,这种货币政策从原有的货币价格控制改为对货币数量的控制,通过数量控制来达到影响利率趋势,从而达到改善经济的目的。本文对美国金融机构量化宽松数量控制型货币政策(量化宽松货币政策)进行深入探讨,以揭示量化宽松的货币政策通过发行货币、控制货币数量来进行经济调控的作用机理和效果分析。日本最早使用了数量型货币政策工具,但是当时并不叫量化宽松政策,由于当时在十年衰退期内,日本经济出现流动性陷阱状况,整个经济体的投资和需求都下降到一个相当低的程度,而传统的价格或者利率控制的货币政策此时已经失效,于是非传统的数量型量化宽松货币政策应运而生。此次金融危机中美国的量化宽松政策主要有以下两个方面的内容：第一,将低利率维持在一个很长的时间段,并承诺物价若不上升,则不提升利率第二,美联储还通过直接购买国债的方式向市场直接投放货币,同时还将有问题的金融资产置换了过来。本文通过对美国采取的政策内容的实施效果进行分析,发现政策在解决信贷市场冻结以及刺激经济(实际上此处可以理解为提升通胀率)复苏方面有积极作用。本文着重对美国量化宽松的货币政策的实施效果进行计量分析,对美国应对金融危机的货币政策传导机制进行实证说明通过直接购买商业银行和金融系统的金融资产,将流动性较差的金融资产置换为流动性较高的金融资产,然后利用扭转操作通过买长卖短压低长期利率的预期,并且量化宽松货币政策消除了2007年紧缩政策的时滞影响及国际金融危机的初步影响,及时避免了美国经济进一步的下滑,并使美国经济复苏。本文形成以下结论：第一,量化宽松的货币政策通过保证效果和资产负债表的传导特性,以及保证综合资产效果来达到金融稳定的作用。第二,量化宽松的货币政策的主要实施方式是通过降低利率,并承诺维持很长一段时间向金融市场直接注入流动性资金和购买政府长期债券等。第三,量化宽松的货币政策在实施的过程中,还是十分显著地引导长期利率趋势,重新将全球经济拯救了过来。第四,量化宽松的货币政策在美国金融危机爆发后,商业银行及金融机构丧失了向实体经济输血的功能,这就是实际上讲的信贷冻结,量化宽松的货币政策首先需要解决的问题就是信贷冻结。在结构设计上,本文共分为四个主要章节,第一章为绪论,第二章主要分析了量化宽松政策的演进路线、政策实施的中间标的、传导机制等,通过分析指出本次美国的量化宽松货币政策事实上是一次与以往货币政策完全不同的货币政策实践。第三章从量化宽松政策的实施背景出发,分别描述了美国三次量化宽松政策的实施背景和实施过程,通过对量化宽松政策实施意图和实施过程的描述,整理了美国量化宽松政策出台需要达到的目的,美国量化宽松政策主要分为两个主要目的,在前期,第一轮量化宽松政策的主要目的在于解决美国市场中的金融市场信贷冻结问题,第二个阶段的第二与第三轮量化宽松政策的目的主要在于通过压低长期利率来刺激经济发展。第四章在第三章的分析基础上,对量化宽松政策的信贷扩张实施效果与经济刺激实施效果进行了分析,其中在分析信贷扩张效果方面,主要分析了量化宽松政策在货币扩张、信贷刺激等方面的效果,在经济刺激方面,主要分析了量化宽松政策在通货膨胀、长期资金价格方面的作用。第五章对量化宽松政策实施后的实际经济表现进行了分析,对量化宽松政策是否达到了美联储的政策预期进行了评价。
[Abstract]:Since the outbreak of the United States subprime mortgage crisis, the economy of all countries has had a great negative impact. At the same time, the financial markets of all countries have been greatly shocked, the international financial institutions, the financial market, and the global economy have been in varying degrees of recession. In order to prevent the further decline of the economy, the major economies of the world are almost harmonized. A very special quantitative easing monetary policy has been adopted. This monetary policy is changed from the original currency price control to the control of the amount of money. The purpose of improving the economy is to achieve the purpose of improving the economy by controlling the amount of money by quantity control. This article is on quantitative easing monetary policy of quantitative easing (quantitative easing) in the United States financial institutions. Monetary policy is discussed in depth to reveal the mechanism and effect of quantitative easing monetary policy by issuing currency and controlling the amount of money to regulate economic regulation. Japan used the quantitative monetary policy tool first, but it was not called quantitative easing policy at that time, because the Japanese economy appeared during the ten year recession. The situation of liquidity trap, the investment and demand of the whole economy has fallen to a very low degree, and the traditional price or interest rate controlled monetary policy has failed at this time, so the non traditional quantitative quantitative easing monetary policy came into being. In this financial crisis, the quantitative easing policy of the United States mainly has the following two parties. Content: first, keep low interest rates in a long period of time, and promise that if prices do not rise, they do not raise interest rates by second. The Fed also put money directly into the market through direct purchase of treasury bonds, and also displaces the troubled financial assets. This article is carried out through the implementation of the policy content adopted in the United States. The effect is analyzed, and it is found that the policy has a positive effect on solving the freezing of the credit market and stimulating the economy (in fact it can be understood as an increase in the rate of inflation). This paper focuses on the quantitative analysis of the implementation effect of the monetary policy of quantitative easing in the United States and the empirical analysis of the monetary policy transmission mechanism of the financial crisis in the United States. It shows that through direct purchase of financial assets of commercial banks and financial systems, the financial assets of poor liquidity are replaced by liquidity higher financial assets, and then the expectation of buying long short term interest rates by buying long selling short and lowering the long-term interest rate by using torsional operations, and eliminating the time lag effect of the 2007 austerity policy and international finance by quantitative easing monetary policy. The initial impact of the crisis has avoided the further decline of the US economy and revived the US economy. The following conclusions are formed: first, the quantitative easing monetary policy can achieve financial stability by guaranteeing the effect and the transmission characteristics of the balance sheet and guaranteeing the effect of the comprehensive assets. Second, the quantitative easing monetary policy. The main way to implement the policy is to reduce the interest rate by reducing the interest rate, and promise to inject liquidity funds directly into the financial market for a long time and purchase the long-term government bonds. Third, in the process of implementation, the quantitative easing monetary policy is still very significant to guide the long-term interest rate trend and resave the global economy. Fourth, After the outbreak of the American financial crisis, the quantitative easing monetary policy has lost the function of the commercial banks and financial institutions to transfusions to the real economy. This is the actual credit freeze. The first problem that the quantitative easing monetary policy needs to be solved is the credit freeze. In the structure, this paper is divided into four main chapters, the first chapter For the introduction, the second chapter mainly analyzes the evolution route of the quantitative easing policy, the middle standard of policy implementation, the transmission mechanism and so on. Through the analysis, it is pointed out that the quantitative easing monetary policy in the United States is in fact a monetary policy practice completely different from the previous monetary policy. The third chapter starts from the implementation background of the quantitative easing policy. Do not describe the implementation background and implementation process of the three quantitative easing policy in the United States. Through the description of the implementation of the quantitative easing policy and the implementation process, the purpose of quantitative easing in the United States is collated. The quantitative easing policy in the United States is divided into two main items. In the early stage, the first round of quantitative easing policy is the main part. The purpose is to solve the problem of financial market credit freeze in the US market. The purpose of the second and the third round of quantitative easing in the second stages is to stimulate the economic development by lowering the long-term interest rate. The fourth chapter, on the basis of the analysis of the third chapter, carries out the effect of the credit expansion of the quantitative easing policy and the implementation of the economic stimulus. The effect is analyzed. In the analysis of the effect of credit expansion, the effect of quantitative easing policy in the aspects of monetary expansion and credit stimulation is mainly analyzed. In the aspect of economic stimulation, the main analysis of the quantitative easing policy in the aspects of inflation and long-term capital price is made. The fifth chapter is the actual practice after the implementation of the quantitative easing policy. Economic performance has been analyzed, and whether the quantitative easing policy has reached the policy expectation of the Federal Reserve has been evaluated.

【学位授予单位】：华南理工大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F827.12
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本文编号：1859799