中南大学学报：社会科学版
中南大學學報：社會科學版
중남대학학보：사회과학판
Journal of Central South Huiversity: Social Science
2012年
1期
115~120
,共null页
美国金融危机 危机管理 货币政策操作 国际协调
美國金融危機 危機管理 貨幣政策操作 國際協調
미국금융위궤 위궤관리 화폐정책조작 국제협조
U.S.financial crisis; crisis management; monetary policy operation; international coalition
金融危机的产生与不当的对待资产价格泡沫的货币政策操作有密切关系。在此次美国金融危机中货币政策操作及国际协调发挥了积极的作用。多种方式融资、国债工具的提供、增加市场流动性以及防止大量金融机构倒闭是此次美国金融危机中货币政策操作的基本特征。金融危机中货币政策操作存在政策反应太慢或太快、市场以及负面效应等风险,货币政策国际协调也有效率不高、稳定性不足和可持续性不强等方面的不足。因此,为提高货币政策金融危机管理的效率,一方面要改进货币政策的操作,另一方面要加大货币政策国际协调的力度。
金融危機的產生與不噹的對待資產價格泡沫的貨幣政策操作有密切關繫。在此次美國金融危機中貨幣政策操作及國際協調髮揮瞭積極的作用。多種方式融資、國債工具的提供、增加市場流動性以及防止大量金融機構倒閉是此次美國金融危機中貨幣政策操作的基本特徵。金融危機中貨幣政策操作存在政策反應太慢或太快、市場以及負麵效應等風險,貨幣政策國際協調也有效率不高、穩定性不足和可持續性不彊等方麵的不足。因此,為提高貨幣政策金融危機管理的效率,一方麵要改進貨幣政策的操作,另一方麵要加大貨幣政策國際協調的力度。
금융위궤적산생여불당적대대자산개격포말적화폐정책조작유밀절관계。재차차미국금융위궤중화폐정책조작급국제협조발휘료적겁적작용。다충방식융자、국채공구적제공、증가시장류동성이급방지대량금융궤구도폐시차차미국금융위궤중화폐정책조작적기본특정。금융위궤중화폐정책조작존재정책반응태만혹태쾌、시장이급부면효응등풍험,화폐정책국제협조야유효솔불고、은정성불족화가지속성불강등방면적불족。인차,위제고화폐정책금융위궤관리적효솔,일방면요개진화폐정책적조작,령일방면요가대화폐정책국제협조적력도。
There is close relationship between the generating of financial crisis and improper monetary policy operation on asset price bubbles.Monetary policy operation and international coalition played an active role in the U.S.A.financial crisis.Basic features of monetary policy operation in the crisis were to finance by a variety of ways,to provide debt instruments,to increase market liquidity and to prevent the collapse of large financial institutions.There was risk of policy responses which was too supercilious or rapid market and negative effects during the monetary policy operation.At the same time there was insignificance in terms of low efficiency and insufficient stability and weak sustainability during the international coalition of monetary policy.In order to improve the efficiency of crisis management,it should be to make better monetary policy operation,on the other hand to intensify international coalition of monetary policy.
