危机管理中美联储货币政策工具创新对我国的启示  

The Inspiration of Fed's Monetary Policy Instruments Innovation in Crisis Management

作　　者：刘锡良[1] 周轶海[1] 

机构地区：[1]西南财经大学中国金融研究中心

出　　处：《财经科学》2010年第12期1-9,共9页Finance & Economics

基　　金：教育部哲学社会科学研究重大课题公关项目"中国金融国际化中的风险防范与金融安全研究"(项目批准号:06JZD0016);教育部"国际金融危机应对研究"应急课题资助(批准号:2009JYJR006)

摘　　要：为缓解本次危机对金融市场和实体经济的冲击,以美联储为代表的各主要央行推出大量以"信贷宽松"或"数量宽松"为特点的"非常规"货币政策,对危机中受损的常规货币政策传导渠道进行弥补,加强了各国央行的合作力度,有效缓解了危机带来的负面冲击。本文将集中研究美联储的货币政策工具的特点、效果,并总结对我国的启示,这也将有助于我国深入理解美联储即将采用的第二轮量化宽松货币政策的本质。To ease the damage to financial markets and real economy, the major central banks represented by the Fed take a large number of quantitative easing measures and credit easing measures characterized by ＂unconventional＂ monetary policy as the crisis management measures, to compensate the monetary policy transmission channels damaged by the crisis, reinforce collaboration among central banks of different nations, and effectively reduce negative damages caused by the crisis. Therefore, this paper will focus on the hall- marks and effects of Fed＇ s monetary polity tools, and summarizes the inspiration China might get. It will also be beneficial for us to understand the essence of the second round Quantitative Easing Monetary Policy of Fed.

关 键 词：金融危机 货币政策 信贷宽松 信用宽松 

分 类 号：F827.12[经济管理—财政学] F822.0