摘要
金融危机爆发后,为应对危机,中国人民银行和美联储均采取了包括大幅降息在内的宽松货币政策。然而,基于中美两国受危机影响、经济形势、金融体制等因素的不同,中美宽松货币政策在扩张动因、工具选择、扩张程度、政策传导上都有着本质的区别,货币政策效果迥异。深入剖析中美宽松货币政策本质区别,对中央银行平衡经济恢复和管理通胀预期,制定科学合理的退出战略具有重要意义。基于上述分析,文章从中美两国中央银行宽松货币政策退出的紧迫性和必要性、退出时机、退出方式等方面阐述了各自的最优退出战略。
The PBOC and the Fed have both taken a number of traditional and non-traditional policy actions such as QE Policy during the current episode of financial turmoil. However, the monetary policies of China and America are not always the same. This paper discusses the differences regarding the pace, strength, manner and the instruments of monetary policies adopted by the two countries, and focuses on the political and economic causes of the differences. It is shown that the economic structure, the financial system, the policy effect and the expectations of macro economy determine the choice of exit strategy. Based on the analysis of this paper, we find that China and America should choose different exit strategies given the different situation.
出处
《国际金融研究》
CSSCI
北大核心
2010年第2期38-47,共10页
Studies of International Finance
关键词
金融危机
适度宽松的货币政策
定量宽松
退出战略
Sub-prime Financial Crisis
Easy Monetary Policy
Quantitative Easing
Exit Strategy
