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《金融教育研究》[ISSN:1006-6977/CN:61-1281/TN]

卷:

期数:

2015年03期

页码:

23-28

栏目:

出版日期:

2015-05-01

文章信息/Info

Title:

The Effectiveness Analysis and Comparison of Incentives of US-EU Monetary Policy in Post-crisis Era

作者:

吴英杰;

广东技术师范学院,广东 广州,510260

Author(s):

WU Yingjie

关键词:

量化宽松; 主权债务; 非传统货币政策; 央行资产负债表; 前瞻性指引

Keywords:

quantitative easing;  sovereign debt;  unconventional monetary policy;  central bank balance sheets;  prospective guidelines

分类号:

F821.0

文献标志码:

A

摘要:

美国金融海啸与欧元区主权债务危机的爆发推动了非传统货币政策工具的运用,改变了发达国家对危机前货币政策的共识。央行资产负债表变动和前瞻性指引成了危机期间美欧频繁使用的量化宽松政策,这些政策使美国从金融海啸中走出来并重拾经济复兴之路。但欧元区主权债务危机的反复爆发和传染表明,这些政策要充分发挥作用尚需要超国家的欧洲政治经济机构的整合。美国的成功取决于美国联邦政府和货币机构作为一个整体,愿意共同合作并做出对国家最有利的事情,而且共同服从国家利益的观念得到社会普遍的认可和尊重。欧元区走不出危机泥潭、经济继续衰退主要源于:一是危机解决的公共品属性诱发了成员国的集体行动和道德风险;二是货币政策引发的利益冲...

Abstract:

The outbreak of American financial tsunami and the euro zone’s sovereign-debt crisis promote the use of unconventional monetary policy tools and change the consensus of pre-crisis on monetary policy of devel-oped countries. Central bank balance sheets and prospective guidelines were frequently used by the United States and Europe during the crisis and these policies make America come out from the financial tsunami and restore the e-conomic revival road. The eruption and contagion repeatedly of euro zone’s sovereign debt showed that an integra-tion of European political and economic supranational institutions was needed if the role of these policies can be giv-en full play. America ’s success depends on the US federal government and monetary institutions as a whole,their willing to work together and make the most beneficial thing for the country,and their notion of obey common nation-al interest is widely recognized and respected. The euro zone’s economy continuing to decline is mainly due to:first-ly,the public goods attribute of solving the crisis induced collective action and moral risk;secondly,monetary policy caused the conflict of interests and power politics;finally,as a loose federation,when they face the common crisis, they lack a supranational authority of government to promote the public interests and make correct policy decision.

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更新日期/Last Update: 1900-01-01