美国量化宽松货币政策对全球经济的影响研究

发布时间：2018-05-09 16:38

本文选题：美国 + 流动性陷阱　；参考：《武汉大学》2013年博士论文

【摘要】：量化宽松货币政策是近年来一些经济体在传统货币政策失灵时使用的创新型货币政策。实施该政策时,一般通过向金融机构和非金融机构购买或抵押金融资产的方式,在基础利率为零情况下向经济体注入流动性,以实现对经济的扩张性刺激作用。本世纪以来,美联储、日本、英国、欧洲央行相继实施了量化宽松货币政策,为后危机时代全球经济复苏起到了关键的作用,但也强化了流动性泛滥的风险。发达国家货币政策持续量化宽松,己成为当前世界经济运行的重要特征和面临的主要风险,也成为学术界、政策制定者、市场机构竞相研究的热点。本文以美国实施量化宽松货币政策为研究核心,研究了金融危机以来美联储实施四轮量化宽松货币政策的背景、内容、政策调整原因,进一步分析美国量化宽松货币政策实施对主要经济体、全球经济和金融市场的影响,运用VAR模型实证检验了美国量化宽松货币政策对经济和金融市场影响效应。同时,对美国量化宽松货币政策退出的可能性及影响进行了研究,重点就量化宽松货币政策退出的市场条件、退出时机以及退出过程中可能存在的潜在风险进行了系统分析。最后,分析美国量化宽松货币政策对中国经济的影响,包括量化宽松货币政策对中国内外部货币环境的冲击、量化宽松货币政策调整对中国经济与金融市场影响等,在此基础上从中国宏观调控、央行货币政策、金融机构三个角度提出我国应对量化宽松货币政策建议。论文共分为六章：第一章绪论,提出全文选题背景和研究意义,对量化宽松货币政策的相关概念给予界定,梳理与归纳现有研究成果,阐明研究思路和方法,指出文章的创新之处与不足。第二章分别梳理“流动性陷阱”下实施非常规的量化宽松货币政策的相关理论来源。第三章研究了美国实施量化宽松货币政策背景、优势及主要内容。第四章对量化宽松货币政策对主要经济体、经济与金融市场的影响进行了研究,并利用VAR模型实证分析了政策的实施效果和传导机制。第五章对量化宽松货币政策退出的原因和影响进行了分析,对美联储退出量化宽松的策略进行了总结。第六章总结量化宽松货币政策对中国冲击的同时,对中国应对主要国家量化宽松货币政策提出对策建议。
[Abstract]:Quantitative easing (QE) is an innovative monetary policy used by some economies in recent years when traditional monetary policy has failed. When the policy is implemented, liquidity is injected into the economy under the condition of zero base interest rate by purchasing or mortgaging financial assets from financial institutions and non-financial institutions, in order to achieve expansionary stimulus to the economy. Since this century, the Federal Reserve, Japan, Britain and the European Central Bank have implemented quantitative easing monetary policy, which has played a key role in the post-crisis global economic recovery, but also strengthened the risk of excessive liquidity. The sustained quantitative easing of monetary policy in developed countries has become an important feature of the current world economy and the main risk it faces. It has also become a hot spot in academic circles, policy makers and market institutions. This paper focuses on the implementation of quantitative easing monetary policy in the United States, and studies the background, content and policy adjustment reasons of the four rounds of quantitative easing monetary policy implemented by the Federal Reserve since the financial crisis. This paper further analyzes the impact of the implementation of quantitative easing monetary policy on the major economies, global economy and financial markets, and empirically tests the effects of quantitative easing monetary policy on the economic and financial markets by using VAR model. At the same time, this paper studies the possibility and influence of the withdrawal of the quantitative easing monetary policy in the United States, focusing on the market conditions, the timing of the exit and the potential risks in the process of withdrawing from the quantitative easing monetary policy. Finally, it analyzes the impact of quantitative easing monetary policy on China's economy, including the impact of quantitative easing monetary policy on China's internal and external monetary environment, and the impact of the adjustment of quantitative easing monetary policy on China's economy and financial market. On the basis of this, some suggestions on how to deal with the monetary policy of quantitative easing in China are put forward from three angles: China's macro-control, the central bank's monetary policy and the financial institutions. The thesis is divided into six chapters: the first chapter introduces the background and significance of the thesis, defines the relevant concepts of quantitative easing monetary policy, combs and summarizes the existing research results, and clarifies the research ideas and methods. Points out the innovation and deficiency of the article. Chapter two combs the theoretical sources of implementing unconventional quantitative easing monetary policy under liquidity trap. Chapter three studies the background, advantages and main contents of quantitative easing monetary policy in the United States. The fourth chapter studies the effect of quantitative easing on the main economy, economy and financial market, and makes an empirical analysis of the effect and transmission mechanism of the policy by using VAR model. The fifth chapter analyzes the reasons and effects of the withdrawal of quantitative easing monetary policy and summarizes the strategy of the Federal Reserve exit from quantitative easing. The sixth chapter summarizes the impact of quantitative easing monetary policy on China, and puts forward countermeasures and suggestions for China to deal with quantitative easing monetary policy in major countries.
【学位授予单位】：武汉大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F113;F827.12

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