国际金融研究
國際金融研究
국제금융연구
Studies of International Finance
2013年
11期
16~26
,共null页
后危机时期 公开市场操作 新动态 文献综述
後危機時期 公開市場操作 新動態 文獻綜述
후위궤시기 공개시장조작 신동태 문헌종술
Post Financial Crisis Era; Open Market Operation; New Trend; Literature Review
在后金融危机时期，世界各国不约而同地加大了公开市场操作货币政策的实施力度。同时运用手法上出现了一些较为新颖的变化形式，例如量化宽松、扭曲操作、完全货币交易政策以及中国的央票操作等。本文从改善流动性、引导利率形成机制、新兴市场国家的创新三个方面．对当前新型的公开市场操作货币政策的传导路径与传导效果进行了文献综述与述评。对该问题的研究有助于丰富与拓展传统货币理论的研究框架．提高公开市场操作货币政策实施的有效性．并为新兴市场国家应对新型货币政策的挑战提供理论依据与行动指南。
在後金融危機時期，世界各國不約而同地加大瞭公開市場操作貨幣政策的實施力度。同時運用手法上齣現瞭一些較為新穎的變化形式，例如量化寬鬆、扭麯操作、完全貨幣交易政策以及中國的央票操作等。本文從改善流動性、引導利率形成機製、新興市場國傢的創新三箇方麵．對噹前新型的公開市場操作貨幣政策的傳導路徑與傳導效果進行瞭文獻綜述與述評。對該問題的研究有助于豐富與拓展傳統貨幣理論的研究框架．提高公開市場操作貨幣政策實施的有效性．併為新興市場國傢應對新型貨幣政策的挑戰提供理論依據與行動指南。
재후금융위궤시기，세계각국불약이동지가대료공개시장조작화폐정책적실시력도。동시운용수법상출현료일사교위신영적변화형식，례여양화관송、뉴곡조작、완전화폐교역정책이급중국적앙표조작등。본문종개선류동성、인도리솔형성궤제、신흥시장국가적창신삼개방면．대당전신형적공개시장조작화폐정책적전도로경여전도효과진행료문헌종술여술평。대해문제적연구유조우봉부여탁전전통화폐이론적연구광가．제고공개시장조작화폐정책실시적유효성．병위신흥시장국가응대신형화폐정책적도전제공이론의거여행동지남。
In the post financial crisis era, most countries in the world spontaneously strengthened the intensity ofopen market operations. And at the same time, some of the more novel variations of open market operations appeared, such as Quantitative Easing, Operation Twist, Outright Monetary Transactions and China＇s Central Bank Bills Operation. We studied the transmission mechanism and effects of these new open market operations in terms of liquidity improvement, guidance for interest rate formation mechanism and innovation in emerging countries. The study is conducive to enriching and expanding the research framework of traditional monetary theory, improving the effectiveness of open market operations, and providing a theoretical basis and guidance to actions for emerging countries to cope with the challenges coming from all the new monetary policies.
