美国金融危机管理的货币政策操作  

Monetary Policy Operation of Financial Crisis Management in the U.S.A.

作　　者：张细松[1] 

机构地区：[1]山东财经大学公共管理学院,山东济南250014

出　　处：《中南大学学报（社会科学版）》2012年第1期115-120,共6页Journal of Central South University：Social Sciences

基　　金：教育部2009年应急课题<国际金融危机应对研究-基于近30年数次全球性危机治理的视角>(2009JYJR039);山东省自然科学基金项目<货币政策区域效应及微观规制政策研究>(ZR2011GL008);山东财经大学2010年博士基金项目<中国货币政策非对称效应研究-基于地区经济周期差异视角>(2010030)

摘　　要：金融危机的产生与不当的对待资产价格泡沫的货币政策操作有密切关系。在此次美国金融危机中货币政策操作及国际协调发挥了积极的作用。多种方式融资、国债工具的提供、增加市场流动性以及防止大量金融机构倒闭是此次美国金融危机中货币政策操作的基本特征。金融危机中货币政策操作存在政策反应太慢或太快、市场以及负面效应等风险,货币政策国际协调也有效率不高、稳定性不足和可持续性不强等方面的不足。因此,为提高货币政策金融危机管理的效率,一方面要改进货币政策的操作,另一方面要加大货币政策国际协调的力度。There is close relationship between the generating of financial crisis and improper monetary policy operation on asset price bubbles.Monetary policy operation and international coalition played an active role in the U.S.A.financial crisis.Basic features of monetary policy operation in the crisis were to finance by a variety of ways,to provide debt instruments,to increase market liquidity and to prevent the collapse of large financial institutions.There was risk of policy responses which was too supercilious or rapid market and negative effects during the monetary policy operation.At the same time there was insignificance in terms of low efficiency and insufficient stability and weak sustainability during the international coalition of monetary policy.In order to improve the efficiency of crisis management,it should be to make better monetary policy operation,on the other hand to intensify international coalition of monetary policy.

关 键 词：美国金融危机 危机管理 货币政策操作 国际协调 

分 类 号：F831.59[经济管理—金融学] F821.0