美国金融危机救助政策研究:国内影响、国际溢出与政策启示  

Research on US Financial Crisis Relief Policy: Domestic Impact, International Spillover and Policy Implications

作　　者：吴婷婷[1,2] 王天浩 Wu Tingting;Wang Tianhao

机构地区：[1]上海对外经贸大学金融管理学院,上海201620 [2]上海对外经贸大学美国研究中心,上海201620

出　　处：《西南金融》2019年第12期33-43,共11页Southwest Finance

基　　金：国家社会科学基金青年项目“全球金融危机视角下的金融国际化与国家金融安全研究”(16CGJ006)

摘　　要：2008年美国金融危机对全球经济造成剧烈震荡,在危机不断升级的过程中,美国政府推出了一系列救助政策,不仅较好地稳定了国内市场,对全球经济复苏也作出了贡献。近年来经济形势不甚乐观,伴随系统性金融风险隐患,重温美国金融危机救助政策有利于更好地指导我国金融改革。本文将从美国金融危机救助政策着手,重点考察救助政策对其国内市场的影响以及国际溢出效应,通过分析政策利弊来得出对我国金融风险防范与管理的针对性建议,研究表明,美国量化宽松的货币政策无论对于国内市场救助还是国际溢出效应均表现良好,而常规性货币政策以及财政政策在单独使用时效果均不明显,但两者协调运用对经济复苏有较大帮助。基于此,本文总结出以下几点对我国金融风险管理的政策启示:加强货币政策和财政政策的协调;加强国际协作;重视信心在金融危机期间的作用。The 2008 US financial crisis caused severe shocks to the global economy.As the crisis continued to escalate,the US government introduced a series of rescue policies,which not only stabilized the domestic market but also contributed to the global economic recovery.The economic situation in recent years is not very optimistic.Along with the hidden dangers of systemic financial risks,revisiting the US financial crisis rescue policy can help better guide China's financial reform.This article starts with the US financial crisis rescue policy,focuses on examining the impact of the rescue policy on its domestic market and international spillover effects,and analyzes the pros and cons of the policy to derive targeted recommendations for China's financial risk prevention and management.The re⁃search shows that the quantitative easing in the United States Monetary policy has performed well for domestic mar⁃ket bailouts and international spillover effects,while conventional monetary policies and fiscal policies had no obvi⁃ous effect when used alone,but the coordinated use of the two has greatly helped economic recovery.Based on this,this article summarizes the following policy implications for China's financial risk management:strengthening the co⁃ordination of monetary and fiscal policies,strengthening international coordination,and focusing on the role of confi⁃dence in the financial crisis.

关 键 词：金融危机救助 风险溢出效应 系统性金融风险 风险防范 货币政策 货币政策溢出效应 财政政策 宏观审慎管理 预期管理 虚拟经济 实体经济 金融开放 

分 类 号：F830.99[经济管理—金融学]