发展中的颠簸:私人部门债务去化期的政策应对——以美国次贷危机后的响应为鉴  

Policy Reaction and Market Performance in the US Post-Crisis Debt Deleveraging Cycle

作　　者：刘婧蓉 卢赫 刘士嘉 LIU Jingrong;LU He;LIU Shijia(Debt Capital Markets Department,CITIC Securities)

机构地区：[1]中信证券债务资本市场部

出　　处：《金融市场研究》2024年第8期58-67,共10页Financial Market Research

摘　　要：次贷危机发生后,美国金融体系和经济增长遇到巨大的冲击,私人部门也随之进入债务去化周期。在此期间,美国政府实施了强有力的政策组合,通过政府部门加杠杆来托底经济,实施宽松稳定的货币政策支持经济复苏,“快速响应”和“力度坚决”是调控政策能行之有效,帮助私人部门较快走出债务去化期的要点之一。这些经验或可为中国当下的政策应对提供一定的借鉴。This paper analyzes the policy initiatives and their effects in the US debt deleveraging cycle after the subprime crisis and draws qualitative conclusions by observing subsequent market trends.The study shows that in the post-crisis debt deleveraging cycle in the US,the private sector downsized spontaneously,while the government increased leverage to prop up the economy.A loose but stable monetary policy in support of economic recovery was crucial,while rapid and aggressive macroeconomic policy measures were the core factors that enabled the US to quickly exit the debt deleveraging cycle.Analyzing the economic and debt deleveraging cycles in the US helps in the understanding of China's current situation of high macro leverage and provides a reference for the nation's policy response to the debt deleveraging cycle.

关 键 词：杠杆率 债务去化 政府部门 私人部门 

分 类 号：F831.51[经济管理—金融学]