1935年美国联邦储备体系的改革

发布时间：2018-07-05 06:55

本文选题：美国联邦储备体系 + 1935年银行法　；参考：《南开大学》2011年博士论文

【摘要】：1935年美国联邦储备体系的改革是对联储体系结构及其权力的重大调整,在联储发展史上具有划时代的意义。它是由富兰克林·罗斯福政府策划,按照劳克林·柯里的改革理念构思,在马里纳·艾克尔斯的主持下完成的。这次改革最终将联储体系打造成了一家真正意义上的中央银行,并使其与政府之间的合作成为促进美国经济健康发展的关键之一。本文对改革前联储体系的基本特征、联储改革思想及改革计划的确立、改革法案在国会的辩论、推动改革的力量以及改革的结果与意义,作了比较全面和深入的探讨。根据1913年《联邦储备法》建立的联储体系存在诸多弊端。联储委员会虽然在法律上是12家联储银行的监管者,但它实际上既没有独立的地位,也没有足够的权力履行这种监督职能。相比之下,联储银行倒是随着业务的扩展而实力不断增强,逐渐掌握了货币政策的控制权。不仅如此,联储决策者们在货币政策指导思想上仍然囿于一孔之见,坚持早已脱离美国金融实际的真实票据理论。这样一来,体系内部的权力分散与冲突,加之指导思想的失误,致使联储在1920年代后期误判了经济形势,引发了一场前所未有的经济萧条。在这种紧急状态下,联储决策者们仍然未能醒悟,没有采取适当措施救经济于水火之中。显然,当时的联储体系还无法也没有扮演一家中央银行的角色。在经济大萧条中临危受命的罗斯福总统宣布实施“新政”,希望能挽狂澜于既倒。然而,“百日新政”的种种措施并未能有效地刺激经济复苏。到1934年,包括罗斯福本人在内的新政改革派们开始调整思路,逐渐转向以打击垄断来推动公平,以更大规模的赤字开支来援助失业者和众多贫民。与这种改革思路的调整相适应,罗斯福政府决定对联储体系进行改革。这既是打击东部大银行家垄断货币体系的举措,也是为政府扩大财政开支做融资方面的准备。在行政当局的安排下,来自西部的银行家艾克尔斯出任联储长官,成为联储改革的主要负责人。艾克尔斯在制定联储改革方案的过程中得到了货币经济学家柯里的帮助。二人对依靠赤字财政走出经济困境和美国在货币管理体系上存在的问题有很多共同的见解。柯里在对1920年代后期美国的货币政策加以研究后,认定联储体系货币政策的失误是引发萧条的主因,并有针对性地提出了一套货币管理理论。在这套理论的基础之上,柯里为联储体系改革制定了详细的改革计划,试图将货币管理权集中于联储委员会之手,通过公开市场等货币工具进行货币管理,使联储有能力制定和执行正确的货币政策。以柯里改革计划为蓝本的柯里-艾克尔斯备忘录汇聚了两人有关联储改革的主要思想,得到了罗斯福总统的支持。行政当局乃根据这份备忘录制定出联储改革法案,提交国会审议。法案在众议院得到了代表西部大银行、中小银行家以及中西部农场主的国会议员的认可,很快获得通过。然而,代表东部尤其是纽约地区大银行利益的以卡特·格拉斯为首的参议院保守派,则对联储改革法案百般阻挠,并进行了修正。在艾克尔斯领导的改革派的不懈努力之下,联储改革法案终于在保留柯里和艾克尔斯改革思想基本内容的情况下获得国会批准,成为《1935年银行法》的重要组成部分。《1935年银行法》将货币管理的绝大部分权力赋予了新成立的联储理事会。原来处于半自治地位的联储银行则失去了过去这种独立性,必须服从联储理事会的决定与监管。改革后的联储体系理所当然地放弃了真实票据理论,在对经济形势评估的基础之上制定灵活的货币政策,以维护经济的稳定,并做好了在经济危机发生时充当最后贷款人的准备。于是,联储体系终于有权力和手段履行中央银行的基本功能,从而成了一家名副其实的中央银行。正是由于联储体系在1935年改革后通过货币政策调整经济的能力不断加强,行政当局才开始意识到与之合作的重要性,并在合作中使联储在第二次世界大战后逐渐变成了政府推行经济政策的重要工具。
[Abstract]:The reform of the United States Federal Reserve System in 1935 was a major adjustment to the structure and power of the Fed. It was of epoch-making significance in the history of the Fed. It was planned by the Franklin I administration, conceived in accordance with the concept of Laughlin Currie's reform, and completed under the auspices of Marina Ike. The reform will eventually be carried out. The Fed has become a real central bank, and the cooperation between the Fed and the government has become one of the keys to the healthy development of the United States economy. The basic features of the pre - reform fed system, the establishment of the thought of the Fed reform and the reform plan, the debate on the reform bill in Congress, the strength and reform of the reform. The results and significance are discussed comprehensively and thoroughly.
The Fed system, established under the Federal Reserve Act of 1913, has many drawbacks. The Federal Reserve, although it is legally a regulator of the 12 Fed banks, does not have an independent position and has no power to perform such a supervisory function. Not only that, the Federal Reserve policymakers are still constrained by the idea of monetary policy, insisting on the real paper theory that has long been divorced from the American financial reality. In this way, the decentralization and conflict within the system, coupled with the error of the guiding ideology, caused the fed to misjudge in the late 1920s. The economic situation has led to an unprecedented economic depression. In such an emergency, the Fed policymakers are still unable to wake up and have not taken appropriate measures to save the economy. It is clear that the Fed was not yet able to play a central bank.
In the great depression, President Roosevelt announced the implementation of the new deal, hoping to save the tide. However, the measures of the "New Deal" failed to effectively stimulate the economic recovery. By 1934, the new policy reformers, including Roosevelt himself, began to adjust their ideas and gradually turn to fight monopoly to push the public. The Roosevelt administration has decided to reform the Fed system in response to a more massive deficit to help the unemployed and the poor. Ackles, a banker from the west, became the chief executive of the Federal Reserve reform.
Ackles was helped by Currie, a monetary economist in the process of formulating the Fed's reform program. Two people have a lot of common views on the problem of relying on deficit finance to get out of the economic dilemma and the problems existing in the monetary management system in the United States. After studying the monetary policy of the United States in the late 1920s, Currie identified the Fed system. On the basis of this theory, Currie made a detailed reform plan for the reform of the Fed system, trying to focus monetary management on the Federal Reserve Committee and currency management through the open market and other monetary instruments. It has the ability to formulate and implement the correct monetary policy.
The Currie Ackles memorandum, which was based on the Currie reform plan, brought together the main ideas of two people on the Fed reform, and was supported by President Roosevelt. The administration was based on the memo to formulate a Federal Reserve reform bill to be submitted to the Congress for consideration. The bill was represented in the house of representatives for the large western banks, small and medium bankers and the house of Representatives. The Congressmen of the Midwest farmers approved the approval very quickly. However, the Senate conservatives, headed by Carter Glass, who represented the great banks in the East, especially the New York region, have blocked and amended the Fed reform bill. Under the unremitting efforts of Ackles led reformers, the Fed Reform Act At last, the congressional approval was made in retaining the basic content of Corey and Ackles's reform thought, and became an important part of the <1935 banking law.
<1935 banking law gave most of the power of monetary management to the newly established Federal Reserve Board. The semi autonomous fed bank lost its past independence and must obey the decision and regulation of the Federal Reserve Board. The reformed fed system, of course, gave up the real paper theory, in the economic situation. Based on the assessment, a flexible monetary policy is developed to maintain economic stability and be prepared to act as a lender of last resort at the time of the economic crisis. The Fed finally has the power and means to perform the basic functions of the central bank, thus becoming a central bank with its own reputation. It is precisely because the Fed system is in 1935. After the reform, the ability to adjust the economy through monetary policy continued to strengthen, and the administration began to realize the importance of cooperation with it, and in cooperation, the Fed gradually became an important tool for the government to carry out economic policies after the Second World War.
【学位授予单位】：南开大学
【学位级别】：博士
【学位授予年份】：2011
【分类号】：K712.52;F827.12

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