英国新工党政府货币政策研究（1997-2010）

发布时间：2019-03-17 14:45

【摘要】：1997年新工党上台后继承了前任保守党政府引进的通货膨胀目标制,同时在货币政策方面进行了一系列改革。新工党政府在通货膨胀目标制的基础上进一步改革货币政策框架,授予英格兰银行独立执行货币政策的权力,建立货币政策委员会,成立金融服务监管局和债务管理局,并改进通货膨胀目标。新工党政府在执政前10年间成功地将英国的通胀水平控制在目标水平,并降低了通货膨胀预期,英国经历了一段低失业率和低通胀的经济稳定时期。2009年,全球金融危机波及到英国,面对动荡的经济形势,新工党政府在原有政策基础上增加了量化宽松这一政策工具,刺激经济增长。同时,金融危机暴露了新工党政府货币政策的不足。本文共分引言和正文两大部分。引言部分介绍了文章研究思路和学术界研究现状。国内外学术界现有的研究多是简单介绍或经济性分析,缺乏对这一时期货币政策的历史性解读。探究新工党政府货币政策的内容,将这一时期货币政策与传统工党政府和前任保守党政府的货币政策进行对比,探究货币政策特点及其反映出的指导思想,并把新工党政府货币政策放在二战后英国货币政策的发展线索中进行历史定位很有必要。第一章主要介绍新工党上台时在货币政策领域需要解决的问题。1979-1997年保守党政府执政期间,虽然引进了通货膨胀目标制,但是仍然存在着货币标的不恰当,政策目标不明确,政策制定和执行机构责任划分不清,货币政策透明性不够等问题,这些问题都亟待新上台的新工党政府解决。第二章阐述新工党政府对货币政策的创新。新工党政府继承了保守党引进的通货膨胀目标制,并重新界定财政部和英格兰银行责任,授予英格兰银行独立执行货币政策的权力。改进通货膨胀目标,改变保守党政府将通胀目标定为一个范围的做法,将通胀目标定为一个数字。提高政策透明度,定期公布货币政策委员会的会议记录和决定以及通货膨胀报告,并实行公开信制度。第三章梳理了新工党政府的货币政策经历。新工党政府货币政策大体分为三个阶段,在1997年-2003年这一阶段中,英格兰银行以零售物价指数定义通货膨胀目标,主要运用利率工具调整通胀,经济总体平稳运行。2003年-2007年为第二阶段,这一阶段通胀目标的指标改为消费价格指数,其他方面与第一阶段没有太大差别。2007年美国次贷危机发生后,货币政策委员会开始同时使用常规的利率工具和非常规的量化宽松手段调控宏观经济,这一时期政策工具和经济形势与前两个时期明显不同,是政策经历的第三个阶段。第四章对新工党货币政策进行评价和定位。新工党政府实行的货币政策明确了财政部和英格兰银行之间的责任关系,提高了货币政策透明度。新工党政府货币政策与财政政策实现有效配合,在1997年-2007年这10年间货币政策总体表现良好。这期间英国保持了低水平的稳定通胀,并在就业和经济增长方面表现良好。新工党政府货币政策改变了战后两党政府“走走停停”的经济表现,但是在金融危机面前暴露了自身不足,这为其后上台的保守党和自民党联合政府继续改进英国货币政策提供了借鉴。
[Abstract]:After the new Labour Party took office in 1997, it inherited the inflation target system introduced by the former Conservative party, and made a series of reforms in the monetary policy. The new Labour government, on the basis of the inflation target system, further reforms the monetary policy framework, granting the Bank of England the power to implement monetary policy independently, establishing a monetary policy committee, setting up the Financial Services Authority and the debt authority, and improving the inflation target. The new Labour government successfully controlled the UK's inflation level at the target level in the first 10 years of its ruling, and lowered inflation expectations, and the UK experienced a period of low unemployment and low inflation. In 2009, the global financial crisis spread to the UK and faced a volatile economic situation. The new Labour government, on the basis of its original policy, has added quantitative easing to the policy tool to stimulate economic growth. At the same time, the financial crisis has exposed the inadequacy of the new Labour government's monetary policy. This article is divided into the introduction and the main body. The introduction part introduces the thought of the article and the current situation of the academic research. The existing research of academic circles at home and abroad is a brief introduction or economic analysis, and a lack of historical interpretation of the monetary policy in this period. To explore the content of the monetary policy of the new Labour Party, compare the monetary policy of this period with the monetary policy of the traditional labour government and the former Conservative Party, and explore the characteristics of the monetary policy and the guiding ideology reflected. It is necessary to put the new Labour government's monetary policy in the development clue of Britain's monetary policy after the second world war. The first chapter mainly introduces the problem that the new Labour Party needs to solve in the field of monetary policy. During the period from 1979 to 1997, while the government of the Conservative Party has introduced the target system of inflation, it still has the inappropriateness of the subject of the currency, and the policy objective is not clear. The policy-making and executing agency's responsibilities are not clear, and the transparency of monetary policy is not enough. These problems need to be solved by the new Labour government in the new stage. The second chapter describes the new Labour government's innovation of monetary policy. The new Labour government has inherited the inflation target introduced by the Tories and redefines the Ministry of Finance and the Bank's responsibility to grant the Bank of England the power to implement monetary policy independently. To improve the target of inflation, change the conservative party's target of inflation as a range of practices, set the target of inflation as a figure. To increase the transparency of the policy, to publish on a regular basis the minutes and decisions of the Monetary Policy Committee, as well as the inflation report, and to introduce an open-letter system. The third chapter sorts out the experience of the new Labour government's monetary policy. The new Labour government monetary policy is generally divided into three stages. In the period 1997-2003, the Bank of England defined the inflation target in the retail price index, mainly using the interest rate tool to adjust the inflation and the economy to run smoothly. In 2003-2007, the second phase, The index of inflation target in this stage is changed to the consumer price index, and other aspects are not very different from the first stage. After the US subprime crisis in 2007, the monetary policy committee began to use regular interest-rate tools and unconventional quantitative easing to control the macro-economy. The policy tool and the economic situation in this period are obviously different from the first two periods, and are the third stage of the policy experience. The fourth chapter is to evaluate and position the monetary policy of the new Labour Party. The new Labour government's monetary policy defines the relationship between the Ministry of Finance and the Bank of England and increases the transparency of monetary policy. The new Labour government's monetary policy and fiscal policy are in effective cooperation, and the monetary policy has a good overall performance between 1997 and 2007. The UK maintains a low level of stable inflation during this period and has a good performance in terms of employment and economic growth. The new Labour government's monetary policy has changed the economic performance of the two-party government's "to stop and stop" after the war, but it has been exposed to its shortcomings in the face of the financial crisis, which provides a reference for the subsequent Conservative and Liberal Democratic Party's coalition government to continue to improve the British monetary policy.
【学位授予单位】：山东师范大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：K561.5

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