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美国留学生经济学作业—央行市场调节有效性分析

论文作者:英语论文网论文属性:作业 Assignment登出时间:2014-07-27编辑:yangcheng点击率:4553

论文字数:2426论文编号:org201407251109026207语种:英语 English地区:美国价格:免费论文

关键词:中央银行调整市场有效性central bankadjusted market

摘要:这次经济危机在世界经济历史上也是十分罕见的,因为范围大影响广。危机刚开始的时候中央银行通过降低利率等传统货币政策工具对市场进行公开操作。当危机蔓延到实体经济的时候,就引入了很多非传统的政策来刺激经济,这些策略都是在一定程度上有助于恢复市场信心的。然而由于脆弱的全球经济复苏的基础,更强大的后续政策是必要的。本文首先简要介绍了金融危机的原因,其次总结中央银行主要采取的货币政策。第三,分析和评估这些非传统政策强调政策的有效性。​

Introduction引言


从2007年开始的经济危机就导致全球经济逐步衰退,全球经济危机的主要体制是因为通过政策来刺激经济的发展。这次经济危机在世界经济历史上也是十分罕见的,因为范围大影响广。危机刚开始的时候中央银行通过降低利率等传统货币政策工具对市场进行公开操作。当危机蔓延到实体经济的时候,就引入了很多非传统的政策来刺激经济,这些策略都是在一定程度上有助于恢复市场信心的。然而由于脆弱的全球经济复苏的基础,更强大的后续政策是必要的。本文首先简要介绍了金融危机的原因,其次总结中央银行主要采取的货币政策。第三,分析和评估这些非传统政策强调政策的有效性。


The financial crisis that happened since the year 2007 has led to a serious global economic recession. Major economies worldwide have responded to the crisis by introducing policies to stimulate the economic development. It is indeed rarely seen in the history of world economy of such a wide range of responses and large amounts of capital injection. At the beginning of the crisis, central banks deal with the problems focusing on the traditional monetary policy instruments such as reduction of interest rates or deposit-reserve ratio and open market operation. When the crisis spread to the real economy, untraditional policies have been introduced to revitalize the economy. These policies helped to restore market confidence to some extent. However, on account of frailness of the foundation of global economic recovery, more powerful subsequent policies are needed. This paper firstly briefly introduces the causes of the financial crisis and secondly summaries the monetary policies that have been taken by major central banks. Thirdly, analyse and evaluate the effectiveness of these policies emphasize on untraditional policies.


Causes of the recent financial crisis   最近的金融危机的原因


The detonation cord of the financial crisis is the subprime crisis that occurred in US in 2007. The malfeasance on the subprime mortgages loan that brought about high risk of default in real estate market.  Wagner(2010) stated the result of default in Lehman Brothers and others financial companies that engendered a sharp rise in the counterparty risk and doubt had been arisen on the solvency of financial institutions which led to  a decline in the rate of return in government bonds, lessened in wholesale funding and fallen in equity prices. The underlying reason of the crisis is the privative financial system. Bank managers who are called “greedy-for-money” should take the primary responsibility of the crisis. They are seeking the profit without considering more about risk (Wagner, 2010). Ineffectiveness of supervision 

and regulation in the macro level is another reason which should be considered as well. Wagner (2010) mentioned that even the best government responses can not eliminate the hidden peril of next crisis fundamentally.

Major central banks responses to financial crisis


In order to cope with the financial crisis, different monetary policies have been taken by central banks. Through reviewing the passed measures, the central bank policies in response to financial crisis can be summarized as follows.

Traditional tools are the first to be used as instruments of dealing with the deterioration of market conditions. Monetary policies are established in achieving the target of output and inflation. Financial crisis occurred accompany with high rate of inflation. Central banks reduced interest rate in succession, some countries even reached zero-lower bound in interest rate. In the Unit论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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