世界经济概论13425.ppt

日本的泡沫经济、衰退和政策 1 The emergence of assets bubble (real estate and stock market) 2 Appreciation and bubble: Yen appreciation syndrome (McKinnon and Ohno) 3 Bubble’s harm and burst 4 Japan’s macroeconomic policy after the bubble 4.1 Reform and restructure of financial system 4.2 Monetary policy: zero-interest and quantitative easing Exact policy The dilemma of “liquidity trap” and deflation How to escape from “liquidity trap” 5、Japanese economy during the Crisis and it’s future 本次金融危机研究 1、the cause of the Financial Crisis 1.1 the boom of real estate industry 1.2 excessive risk-taking of banking industry loose monetary policy asset securitization banking governance structure the problem of Basel Ⅱ 1.3 global economic imbalance 2、the contagion of Crisis 2.1 traditional crisis contagion theory and international business cycle’s synchronization 2.2 trade channel the Slump of trade volume the reason of slump (aggregate demand, trade finance constraints, trade barriers) 2.3 finance channel-----the globalization of finance and banking 本次金融危机研究（续1） 3、the policy response of government facing the crisis 3.1 Financial regulation Regulation on the derivative and financial innovation Modification of Basel Accord 3.2 zero-interest and quantitative easing Exact policy methods and its’ theory foundation（Financial accelerator、bank lending channel et.al） The difference between the methods and Japan’s quantitative easing during 2001-2006 Global liquidity trap---will Japan’s tragedy repeat? 本次金融危机研究（续2） 4 The challenge of The crisis to economic theory 4.1 to monetary theory Friction of financial market and transmission of monetary policy Inflation target Liquidity trap theory 4.2 to international finance theory Financial globalization and liberalizations role (will the capital account regulation necessary?) Optimal currency areas theory and Currency union’s practice----Euro (supplement the history of Dollar and American currency Union) Exchange rate the