本文選題：量化寬松貨幣政策 + 正效應　； 參考：《山東財經(jīng)大學》2012年碩士論文

【摘要】：次貸危機爆發(fā)以來，美國、日本、英國等發(fā)達國家紛紛采取了各種救市政策來遏制經(jīng)濟的衰退，但是這些救市工具并沒有起到相應的作用。在各國都面臨著財政赤字和國債發(fā)行困境以及已經(jīng)降至接近于零的利率水平的情況下，各主要經(jīng)濟體紛紛開始求助于非常規(guī)的貨幣政策，即量化寬松貨幣政策。量化寬松貨幣政策最初只是被日本政府用于應對其國內(nèi)19世紀末的泡沫經(jīng)濟危機，，并沒有被大范圍的運用。此次大規(guī)模的實行量化寬松貨幣政策在世界上還是首次出現(xiàn)，因此其對世界經(jīng)濟究竟會產(chǎn)生什么樣的影響，就成為各種學者研究的熱點。 本文將從量化寬松貨幣政策這一大的背景出發(fā)，研究其對中國的貨幣政策究竟會產(chǎn)生怎么樣的影響，以及中國為應對量化寬松政策而進行的貨幣政策調(diào)整。 ⑴本文首先提出了本文的研究問題和研究意義，并對國內(nèi)外研究情況進行了文獻綜述，指出本研究的主要創(chuàng)新點。 ⑵本文就量化寬松這一政策理論進行了研究。包括對量化寬松貨幣政策內(nèi)涵的界定、運行機理的研究以及貨幣政策由發(fā)達國家向發(fā)展中國家傳導途徑。 ⑶本文的兩個實證研究。首先，我們應用SVAR模型和脈沖效應函數(shù)對美國量化寬松貨幣政策對中國貨幣政策的溢出效應進行了實證檢驗。包括了對中國貨幣政策實施環(huán)境的影響檢驗和對中國貨幣政策效應的影響檢驗。我們發(fā)現(xiàn)，美國實施量化寬松貨幣政策對中國的產(chǎn)出水平是有正方向影響的，對中國實施擴張性貨幣政策的效應也是具有正方向影響的。然后在此基礎上進一步利用VAR模型和方差分解的方法對中國的貨幣政策的擴張性和緊縮性兩個階段的效應分別進行了檢驗，并進一步從國際和國內(nèi)兩個方面分析了中國進行貨幣政策調(diào)整的原因。 ⑷為了更好地應對美國量化寬松貨幣政策對中國貨幣政策效應可能造成的影響本文基于前述實證研究結論，從量化寬松貨幣政策對中國貨幣政策環(huán)境的影響和對中國貨幣政策效應的影響兩個方面提出了可行性的政策建議。
[Abstract]:Since the outbreak of the subprime mortgage crisis, the United States, Japan, Britain and other developed countries have adopted a variety of rescue policies to curb the economic recession, but these rescue tools have not played a corresponding role. Major economies are turning to unconventional monetary policy, known as quantitative easing, as countries face fiscal deficits and bond issuance woes and interest rates have fallen to near zero. Quantitative easing was initially used only by the Japanese government to cope with the domestic bubble crisis of the late 19th century, but not on a wide scale. This large-scale implementation of quantitative easing monetary policy in the world is the first time, so what kind of impact on the world economy, it has become a hot spot of various scholars. From the background of the monetary policy of quantitative easing, this paper will study its influence on the monetary policy of China and the adjustment of monetary policy in response to the policy of quantitative easing. Firstly, this paper puts forward the research problems and significance of this paper, and summarizes the research situation at home and abroad, and points out the main innovation points of this research. This paper studies the policy theory of quantitative easing. It includes the definition of the monetary policy of quantitative easing, the study of the operational mechanism and the transmission of monetary policy from developed to developing countries. 3 two empirical studies in this paper. Firstly, we use SVAR model and impulse effect function to test the spillover effect of American quantitative easing monetary policy on Chinese monetary policy. Including the impact test on the implementation environment of China's monetary policy and the impact test on the effect of China's monetary policy. We find that the quantitative easing monetary policy in the United States has a positive impact on China's output level, as well as on China's expansionary monetary policy. On this basis, further use of VAR model and variance decomposition method to test the expansibility and contractility of China's monetary policy. And further from the international and domestic two aspects of China's monetary policy adjustment reasons. (4) in order to better deal with the possible effects of the quantitative easing monetary policy of the United States on China's monetary policy, this paper based on the above empirical research conclusions, Some feasible policy suggestions are put forward from two aspects: the influence of quantitative easing on China's monetary policy environment and the effect on China's monetary policy.
【學位授予單位】：山東財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F822.0;F827.12

【相似文獻】

相關期刊論文 前10條

1 康文;;貨幣政策對購房者行為的影響分析[J];統(tǒng)計與決策;2011年15期

2 趙曉;;貨幣政策已到尾聲[J];中外管理;2011年08期

3 劉行;;我國利率和股價互動關系的實證研究[J];企業(yè)導報;2011年10期

4 張茉楠;;盯住全球貨幣政策失當風險[J];w

本文編號：1913430