金融危机后发达国家实施的非常规货币政策探析-货币银行论文-金融学论文-经济学论文.docxVIP

金融危机后发达国家实施的非常规货币政策探析-货币银行论文-金融学论文-经济学论文 ——文章均为WORD文档，下载后可直接编辑使用亦可打印—— 　　摘 要：　为应对今后一段时间内主要发达经济体陆续启动货币政策正常化进程的冲击, 需要对2008年金融危机后出台的非常规货币政策的措施和影响进行深入分析。危机爆发以后, 主要发达经济体的政策重心和工具有所不同, 在传统货币政策失效的情况下纷纷出台了前瞻性指引负利率量化宽松等非常规货币政策, 极大地促进了经济恢复。但是, 非常规货币政策也给世界经济金融市场埋下了新的隐患。实施非常规货币政策不仅导致主要发达经济体央行资产负债表大幅扩张, 结构发生显着变化;同时, 将引发新兴经济体货币升值, 资本大量流入, 形成资产泡沫;而退出非常规货币政策将引发新兴经济体货币贬值, 资本大量外流, 增加债务压力和资产价格暴跌, 甚至引发货币危机。 　　关键词：　发达经济体; 非常规货币政策; 资产负债表; 新兴经济体; 资本流动; 　　Abstract：　In order to cope with the impact of the normalization of monetary policy in the major advanced economies in the future, it is necessary to analyze deeply the unconventional monetary policies and corresponding impacts after the 2008 financial crisis.After the crisis broke out, the focus and tools of the policies made by the major advanced economies were different. However, in the case of the failure of traditional monetary policy, unconventional monetary policies such as forward-looking guidance, negative interest rate and quantitative easing were introduced.These unconventional monetary policies promoted economic recovery.However, unconventional monetary policy has also laid a new hidden danger to the world economic and financial market.The implementation of unconventional monetary policy has not only led to a significant expansion of the central banks balance sheet in major developed economies but also a significant change in structure;at the same time, it will trigger currency appreciation in emerging economies, capital inflows, and asset bubbles.Withdrawal from unconventional monetary policy will lead to the depreciation of the emerging economys currency, the massive outflow of capital, the increase in debt pressure and asset price plunging, and even the currency crisis. 　　Keyword：　advanced economies; unconventional monetary policies; balance sheet; emerging economies; capital Flows; 　　一、 引言 　　2007年美国爆发住房次级贷款危机, 并在2008年演变成为半个多世纪以来全球最严重的金融危机, 各主要发达经济体经济纷纷陷入衰退的泥潭当中。金融危机后, 美、英、日、欧等四大主要发达经济体受到零利率下限的约束, 传统货币政策已无实施空