金融危机管理中的货币政策操作——美联储的若干工具创新及货币政策的国际协调  

The Monetary Policy Operation to Response to the Financial Crisis:Some innovated Instruments by Fed and International Monetary Policy Cooperation

作　　者：彭兴韵[1] 

机构地区：[1]中国社会科学院金融研究所,北京100732

出　　处：《金融研究》2009年第4期20-35,共16页Journal of Financial Research

摘　　要：次贷危机演变为全球性金融危机的过程中,美联储吸取了1929～1933年大萧条的教训,积极地通过货币政策来加强危机管理。本文对货币政策危机管理文献及历史经验的简要回顾基础上,系统地总结和分析了美联储这一次危机管理的货币政策操作,及其在维护金融体系流动性方面所创设的诸多货币政策工具,也分析了应对这次危机的货币政策国际协调机制和政策操作,最后对这次危机管理的货币政策操作做了简要评价。In the process of subprime crisis evolving into global crisis, Federal Reserve Bank learned lessons from the great depression between 1929 and 1933 and strived to manage crisis actively by means of monetary policy. On the ground of brief retrospect of related literature and historical experience of monetary policy about crisis management, this paper summarizes and analyzes the monetary policy operation of Federal Reserve Bank to response to the crisis, as well as the newly created monetary policy instruments to maintain the liquidity in financial system, at the same time, the international monetary policy cooperation is probed. Comments on the monetary policies of subprime crisis management and their results are reviewed at the end.

关 键 词：金融危机 危机管理 最后贷款人 货币政策 

分 类 号：F827.12[经济管理—财政学]