摘要
自2000年至今,美国的联邦基金利率变动经历了三个时期:降息期(2001年5月到2003年6月)、加息期(2004年6月到2007年9月)、再降息期(2007年9月至今)。美国的低利率政策助长了股票市场和房地产市场的资产价格膨胀,催化了泡沫经济的形成和加剧。这正是后来引发次贷危机——世界金融危机——全球经济危机的首要因素。有鉴于美国联邦基准利率变动的经验和教训,我国必须增强基准利率的可控性和可测性,加强金融市场的风险监控、货币政策和财政政策的有效配合。
Since 2000, the interest rate of American Federal Funds has experienced three periods： the period of interest reduction （from May, 2001 to June, 2003）, the period of interest increase （from April, 2004 to September, 2007） and the period of interest re-reduction （from September 2007 to now）. The low interest policy of America has helped the asset price inflation in stock market and real estate market, and promoted the formation and aggravation of bubble economy. This is exactly the main factor which causes the sub-prime lending crisis,the world financial crisis,and the global economic crisis later. In view of the experience and lesson from changes in federal benchmark interest rate of America, our country must enhance the controllability and predictability of benchmark interest rate, and reinforce the risk monitoring and controlling of financial market and the effective coordination of monetary policies and financial policies.
出处
《北方经贸》
2009年第9期118-120,共3页
Northern Economy and Trade
关键词
基准利率
联邦基准利率
货币政策
金融危机
Benchmark Interest Rate
Federal Benchmark Interest Rate
Monetary Policy
Financial Crisis
