【作者】 王晶；

【导师】 项卫星；

【作者基本信息】 吉林大学 ， 世界经济， 2012， 硕士

【摘要】 2008年全球金融危机的爆发使全球经济遭受重创，许多发达国家都陷入严重衰退。为稳定各国金融市场，刺激低迷的经济快速复苏，各国政府各出奇招。但面对空前严重的危机和各国内部经济结构的制约，常规的宏观调控政策在此次危机中效果甚微，以美国为首的世界许多国家都寄希望于量化宽松这一非常规的货币政策。2008年至2011年间，美联储先后两次启动量化宽松货币政策，其规模巨大，向市场释放出大量的流动性。特别是第二轮量化宽松政策的实施，在全球范围内引起一片质疑，其对美国经济复苏的刺激作用和对全球其他经济体特别是新兴经济体的影响成为各国关注的焦点。而中国作为全球规模最大、增长速度最快的新兴市场经济体，也必将更多受累于美联储量化宽松货币政策。在这样的背景下，全面、系统地认识和研究美联储两轮量化宽松货币政策的效果及其影响，从而制定有效的应对策略，具有重要的理论和现实意义。本文在对美联储量化宽松货币政策基本内容进行回顾和总结的基础上，从理论和实际两方面深入分析了其对美国经济的作用效果以及该政策对美国经济、全球经济和中国经济的影响。本文共分为六章。第1章为绪论。首先提出在全球金融危机爆发后，以美国为首的世界各国为走出经济阴霾纷纷进入“量化宽松时代”的特殊背景下，研究美联储量化宽松货币政策对美国经济和世界经济影响的重要性和必要性，然后对目前国内外学术界在美国量化宽松货币政策方面的研究成果进行了梳理和概括，最后对本文的创新之处和不足做了简要介绍。第2章主要对美联储实施的量化宽松货币政策进行了介绍和总结。首先对量化宽松的定义和特点进行简单回顾，然后总结了美联储两轮量化宽松政策的内容、提出背景及原因，并将美联储实施量化宽松政策的整体历程按时间顺序划分为六个阶段，分析了各阶段的特点，同时还介绍了美联储量化宽松货币政策在操作工具上的几种主要创新。第3章对美联储量化宽松货币政策的运行效果进行了研究。首先从理论上分析量化宽松货币政策的作用机制，主要包括资产配置再平衡机制、利率成本机制、汇率调节机制、财富效应机制和预期作用机制；然后结合实际情况，对该政策的实施效果进行评价，并深入分析了该政策在刺激美国经济复苏中收效甚微的原因。第4章主要分析了美国量化宽松货币政策对美国经济的影响。既客观地分析了量化宽松货币政策在稳定金融市场、提振市场信心、转嫁债务和危机等方面为美国带来的好处，也指出了该政策在长期内对美国经济复苏将产生的不利影响。第5章分析了美联储量化宽松货币政策对全球经济的影响。由于该政策是一种“以邻为壑”的做法，本章重点分析其对世界经济产生的消极影响，主要包括汇率操纵、可能引发汇率战和贸易保护主义、刺激国际大宗商品价格上涨、加大新兴经济体通胀压力、损害国际金融合作机制等方面。第6章进一步具体分析了美联储量化宽松货币政策在输入型通胀、贸易恶化、外汇储备等方面对中国经济造成的影响，并结合中国实际和现状，提出了若干对策建议。更多还原

【Abstract】 With the global financial crisis in2008, the world economy was devastatedseriously and many developed countries suffered severe recessions. Governments didwhat they can to stabilize the world’s financial markets and stimulate the recovery ofthe sluggish economy. But faced with the unprecedented magnitude crisis and theconstraints of the economic structure, the conventional macro-control policy had littleeffect. In this situation, many countries led by U.S. turned to the quantitative easingmonetary policy for help. From2008to2011, the Fed has introduced two rounds ofquantitative easing monetary policy with huge scale and released large amounts ofliquidity to the market. Especially, the second round of quantitative easing policysuffered a worldwide criticism as soon as it started and most countries focused theirattentions on the impacts of the policy to stimulate the recovery of U.S own economyand the effects to other countries. Meanwhile, as the largest and fastest-growingemerging market economy in the world, China may be affected more by the QE policy.In this context, it has important theoretical and practical significance to do acomprehensive and systematic study about the effects and combined impacts of theFed’s QE policy and develop some effective coping strategies.Under this background, based on the review and summary of the basic contentsof the QE policy, this paper analysis its effects on the U.S. economy, world economyand China’s economy in-depth from both theoretical and practical aspects.This paper is divided into six parts.Chapter1is the Introduction of the paper. First it puts forward the importanceand necessity of studying the impacts of the Fed’s QE policy on the U.S. economy andthe world economy under the special background that the US-led world economy hasentered the "era of quantitative easing" after the global financial crisis. And secondly it summarizes the research achievements of the relative topics in the domestic andforeign academic circles on the Quantitative easing policy of Fed’s. Finally, it gives abrief introduction about this article’s innovations and shortcomings.Chapter2gives a main introduction of the Federal Reserve’s Quantitative Easingmonetary policy. First, it states the definition of quantitative easing and a brief reviewof its characteristics, and then summarizes the contents, background and reasons ofQE1and QE2. Then, this paper divides the overall course into six chronologicalstages and analysis the characteristics of each stage. Meanwhile, it also introducesseveral major innovations on operation tools of the policy.Chapter3gives a detailed study of the running effects of the Federal Reserve’squantitative easing monetary policy. First, analysis the mechanisms from thetheoretical aspect, including asset allocation re-balancing mechanism, the cost of theinterest rate mechanism, the exchange rate adjustment mechanism, the wealth effectmechanism and the expected action mechanism. Then it evaluates the effects of QEpolicy in the actual situation and in-depth analysis the reason why the policy did littleto stimulate the recovery of economy in the U.S.Chapter4analyzes the impacts of Fed’s quantitative easing monetary policy onthe U.S. economy. It not only analysis the benefits of QE policy in stabilizingfinancial markets, boosting market confidence, transferring the debt and crisis, butalso points out that the policy will have a negative impact to the recovery of the U.S.economy in the long term.Chapter5analyzes the impacts of Fed’s quantitative easing monetary policy onthe global economy. Since the policy is a "beggar thy neighbor" approach, this sectionmainly focus on its negative impacts to the world economy, including currencymanipulation, the potential trade wars and protectionism, stimulation to theinternational commodity prices, the inflation in emerging economies, damage ofinternational financial cooperation mechanisms and so on.In Chapter6, this paper gives a detailed analysis further of the impacts of Fed’squantitative easing monetary policy to China’s economy in many aspects such as imported inflation, the deterioration of trade and the reserves of foreign exchange.And it also puts forward some suggestions and proposals combined with China’sreality.更多还原