Comparative Study the output Effect of Interest Rate Policy Between China and America
论文作者:51lunwen论文属性:调研报告 Research Proposal登出时间:2009-06-03编辑:fic点击率:3278
论文字数:2443论文编号:org200906032123567117语种:英语 English地区:英国价格:$ 22
关键词:American substandardloan crisisstock marketrate policyFederal Reservemonetary policybank depositTheoretical divergences博士申请
1. Introduction
Currently, the American substandard loan crisis sweeps the world which leads to the crash of stock market and the turbulence of financial market. Many economists have studied the deep reasons of the crisis and they would like to think that the wrong interest rate policy and loose regulation environment are the main causes. This makes a lot of scholars concern about the implementation results of interest rate policy. As the world economic powers, the interest rate policy of China and the United States particularly attract people’s attention. Since Alan Greenspan, announced that the Federal Reserve didn’t use money measurements as the intermediate targets of monetary policy any more in July 1993, the interest rate policy had become the main measure for Federal Reserve to guide the financial market and adjust macro-economy. During the implement of the interest rate policy, Federal Reserve use short-term interbank rate as an intermediate goal through such means as open market operations. On the other hand, some official rates are frequently adjusted to convey the policy’s intention to the public. From January 2001 to June 2003, Federal Reserve had reduced interest 13 times and the lowest point 1% lasted for one year. Under the background that the economic needs increased rapidly in June 2004, Federal Reserve began to raise the interest rates 17 times continuously, which make the federal funds rate ascend to 5.25% in June 2006. However, in September 2007, the Federal Reserve reduced the federal funds rate from 5.25% to 4.75% in order to deal with the sub-loan crisis. In contrast, the position of interest rate policy in the monetary policy implement and transmission mechanism has been improved gradually since the People's Bank of China exercise the central bank’s functions in 1984. Particularly since 1996, the People's Bank of China has adjusted the bank deposit and loan interest rates many times. After 8 times’ reduction of the deposit and loan rate, there is a rise period of the rate since October 2004.The adjust times and range are rare in
history, which show the interest rate has become a major policy measures to control the macro-economy....................................................................
2. Brief Literature Review
2.1 ...................................
2.2 Theoretical divergences in researches
2.3.............................................
3. Methodology
4.
References
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