金融危机,银行倒闭和中央银行的作用幻灯片资料.pptVIP

Financial Crises, Bank Failures, and the Role of Central Banks金融危机，银行倒闭和中央银行的作用;;Banking crises (runs, panics, etc.)BoP and Currency Crises（银行危机（挤提、恐慌等），国际收支和货币危机）;Main Causes of Banking Crises（银行危机的主要根源）;Main Causes of Banking Crises (cont’d)银行危机的主要根源（续）;1. Macroeconomic Volatility （宏观波动）; Volatilities could be dealt with by: （通过下列方式应对波动） Reducing volatilities under domestic control（实施国内控制，减少波动） Implementation of steady monetary policies （实施稳定的货币政策 ） Reducing exposure by diversification （通过多样化分散风险） Foreign-owned banks（外国银行） ;Volatilities could also be dealt with by:（也可通过下列方式应对波动）;2. Credit Booms and Capital Inflows（信贷扩张和资本流入）;Should central banks discourage credit booms and short term capital inflows? And how?（中央银行是否应抑制信贷扩张和短期资本流入？如何抑制？）;Sterilization policies（对冲政策） Controls on Capital Flows（对资本流动实施管制） Reserve Requirements, variable capital requirements and other prudential instruments (reserve requirements are useful in a crisis—Argentine experience during the Tequila)（准备金要求，不同的资本要求和其他审慎工具（准备金要求在处理危机过程中非常有用——阿根廷的经验））;3. Asset prices bubbles and collapses （资产价格泡沫和泡沫的破灭）;Should Central Banks take action to restrain an “excessive’’ rise in asset prices—in order to prevent financial instability—even when inflation forecasts do not deviate from the target rates?(即使通货膨胀预测没有偏离目标——为了防止金融不稳定——中央银行是否也应采取措施抑制资产价格的“过度”上升？) ; What type of action? Should monetary policy be tightened?（采取何种措施？是否应紧缩货币政策？) In the mist of a crisis, how should the central bank deal with a bubble?( 在危机过程中，中央银行如何处理“泡沫”？) ;THE DEBATE IN THE LITERATURE 某些文献中的不同观点 “Conventional View” ??“传统观点”） Monetary policy should not respond to changes in asset prices, except if they signal changes in expected inflation.（货币政策无需对资产价格的变动做出反应，除非这些变动预示预期通胀率产生了变化） Monetary policy can do little more than deal with the fallout from unwinding of asset price bubbles（货币政策最多也仅仅能够对资产泡沫释放时的副产品有所影