English  |  正體中文  |  简体中文  |  Items with full text/Total items : 75002/106093 (71%)
Visitors : 19424935      Online Users : 484
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/100533


    Title: 2008年金融海嘯後各國央行量化寬鬆貨幣政策之比較--以美國、英國、日本為例
    Comparison on Quantitative Easing Monetary Policies of Central Banks Around the World in the Aftermath of the 2008 Financial Crisis:A Study of the US, UK and Japan
    Authors: 陳燈詳
    Contributors: 吳文傑
    陳燈詳
    Keywords: 量化寬鬆貨幣政策
    前瞻指引
    資產組合再平衡
    公債殖利率
    Quantitative easing
    forward guidance
    portfolio rebalancing mechanism
    bond yields
    Date: 2016
    Issue Date: 2016-08-22 13:18:44 (UTC+8)
    Abstract: 2008年美國次級房貸違約事件引發全球金融海嘯,國際主要國家之中央銀行紛紛採取傳統寬鬆貨幣政策,調降短期利率以振興經濟、刺激景氣。然而,因名目利率已降至趨近於零,而處於流動性陷阱的情況下,各國央行遂轉而採取大量擴張貨幣基礎之非傳統貨幣政策。例如:美國聯邦準備理事會、英國英格蘭銀行、日本銀行等央行採取一般泛稱為量化寬鬆的貨幣政策,大舉擴充其資產負債表,以電子化方式發行新貨幣,購買政府公債、房貸抵押擔保證券、公司債、商業本票等金融資產,直接注資於經濟體中。此外,央行兼採前瞻指引措施與社會大眾溝通貨幣政策未來可能方向,承諾市場於特定期限內維持相對低的利率水準,藉以達到降低借貸成本、增加市場流動性、提振消費開支等政策目的。觀察各國政府部門所公布的經濟數據,量化寬鬆貨幣政策經由資產組合再平衡等傳導機制,確實發揮一定經濟成效,包括有效降低公債殖利率、推升資產價格、促進就業、維持物價穩定。然而,伴隨量化寬鬆貨幣政策亦產生限縮央行獨立性、造成分配面不公平、損及金融機構健全、引發道德風險等負面結果。因此,有別於傳統貨幣政策理論的量化寬鬆貨幣政策是否能通過現實的考驗仍有待長時間觀察。
    The massive defaults of American Subprime Mortgages in 2008 led to a global financial tsunami. In response, Central Banks in major countries adopted conventional easing monetary policies, reducing short-term interest rates in order to stimulate and revive the economy. However, as the nominal interest rate are near the zero bound and became exposed to a liquidity trap, Central Banks then shifted to the application of unconventional monetary policies with expanded monetary bases. For example: Central Banks such as the US Federal Reserve Board, The Bank of England and the Bank of Japan have adopted a monetary policy referred to as "Quantitative Easing (QE)" through creating new money electronically and purchasing financial assets such as government bonds, mortgage-backed securities, corporate bonds, and commercial papers, directly injecting capital into the economy to aggressively expand its balance sheets. In addition, in order to reach the policy goals of reducing borrowing costs, enhancing market liquidity and increasing consumer expenditure, Central Banks also adopted “Forward Guidance” to communicate the future directions of monetary policies to the public, promising to maintain at a relatively low interest rate level for an extended period. As can be observed from the economic figures that various governments have released, QE monetary policies show certain levels of success through their portfolio rebalancing mechanism, including effectively reducing yield rates on government bonds, raising asset prices, promoting employment and maintaining inflation stability. However, QE monetary policies also lead to several negative outcomes, such as the constraint of Central Bank independence, unfairness in allocation, damages to financial institution soundness, and the triggering of moral hazards. Thus, whether unconventional QE monetary policies would survive the test of reality still requires long term observation.
    Reference: 1.中文
    中央銀行(2013)。美、日量化寬鬆政策。中央銀行2013年1月28日新聞稿。
    吳惠林(2014)。2014全球經濟展望──QE退場下,全球經濟何處去?(初版),台北:中華經濟研究院出版社。
    呂美女、陳佩君(譯)(2014)。安倍再起日本再生(初版)(小川榮太郎原著)。台北市:天下雜誌。
    李振昌、陳儀(譯)(2013)。經濟成長的終結(初版)(Stephen D. King原著)。台北市:商周。
    李榮謙(2014)。貨幣銀行學(十版增訂)。台北市:智勝文化。
    梁國源(2014)。當世界正在質變(初版)。台北市:天下文化。
    許瑞宋(譯)(2009)。總體經濟的聖杯:資產負債表衰退啟示錄(辜朝明Richard C. Koo原著)。台北市:財信。
    許瑞宋(譯)(2013)。柏南克的四堂課:聯準會與金融危機(Ben S. Bernanke原著)。台北市:財信。
    陳儀(譯)(2010)。末日博士危機經濟學(初版)(Nouriel Roubini, 與Stephen Mihm原著)。台北市:大塊文化。
    黃仁德(2008)。總體經濟學。自版。
    黃富櫻(2014)。前瞻指引的國際發展趨勢與對本行的啟示。中央銀行經濟研究處(編),中央銀行國際金融參考資料第67輯(1-39頁)。台北市:中央銀行。
    蕭翠玲(2011)。日本央行之貨幣政策與穩定金融措施。中央銀行經濟研究處(編),中央銀行國際貨幣金融參考資料第 62 輯(84-113頁)。台北市:中央銀行。
    蘇顯揚、劉慶瑞、魏聰哲、呂慧敏、黃翠雪(2014)。日本安倍經濟學的內涵與影響。財團法人台北外匯市場發展基金會委託研究計畫。http://www.tpefx.com.tw/uploads/download/tw/jpap.pdf


    2.英文
    Benford, J., S. Berry, K. Nikolov, C. Young, & M. Robson(2009), “Quantitative easing”, Bank of England Quarterly Bulletin, 2009 Q2. pp. 91-100.
    Bernanke, B. S.(2002), “Deflation: Making Sure It Doesn't Happen Here”, speech before the National Economists Club, Washington, D.C. November 21.
    Bernanke, B. S., V. R. Reinhart, & B. P. Sack(2004), “Monetary Policy Alternatives at the Zero Bound: An Empirical Assessment”, Finance and Economics Discussion Series, Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C.
    Bernanke, B. S.(2014), Central banking after the great recession: lessons learned and challenges ahead, a discussion with Federal Reserve chairman Ben Bernanke on the FED’s 100th anniversary. Washington, D.C., January 16, 2014.
    Cúrdia, V. & A. Ferrero (2013), “How Stimulatory Are Large-Scale Asset Purchases?”, FRBSF Economic Letter, 2013-22, August 12, 2013.
    Engen, E. M., T. Laubach, & D. Reifschneider(2015), The Macroeconomic Effects of the Federal Reserve's Unconventional Monetary Policies, Finance and Economics Discussion Series, 2015-005.
    Farrant, K., M. Inkinen, M. Rutkowska, & K. Theodoridis(2013), “What can company data tell us about financing and investment decisions?” Bank of England Quarterly Bulletin, Volume 53 No. 4. pp. 321-370.
    Fawley, B. W. & C. J. Neely(2013), “Four Stories of Quantitative Easing”, Federal Reserve Bank of St. Louis Review, January/February 2013, 95(1), pp. 51-88.
    Feroli, M., D Greenlaw, P. Hooper, F. S. Mishkin, & A. Sufi(2016), “Language after Liftoff: Fed Communication Away from the Zero Lower Bound”, 2016 US Monetary Policy Forum.
    Fischer, S.(2015), “Conducting Monetary Policy with a Large Balance Sheet”, speech at the 2015 U.S. Monetary Policy Forum, Sponsored by the University of Chicago Booth School of Business, New York, February 27.
    Fisher, P.(2010), “The Corporate Sector and the Bank of England’s Asset Purchases”, speech Association of Corporate Treasurers Winter Paper 2010, 18 February.
    Ito, T.(2014), We Are All QE-sians Now, Institute for Monetary and Economic Studies, Bank of Japan, Discussion Paper No. 2014-E-5.
    Joyce, M., A. Lasaosa, I.Stevens & M. Tong(2010), The financial market impact of quantitative easing, Bank of England Working Paper No. 393.
    Joyce, M., & M. Spaltro(2014), Quantitative easing and bank lending: a panel data approach, Bank of England Working Paper, No. 504.
    Joyce, M., M. Tong & R. Woods(2011), “The United Kingdom’s quantitative easing policy: design, operation and impact”, Quarterly Bulletin 2011 Q3, Bank of England, pp. 200-212.
    Kennedy, S.(2015, October 28), “BOJ Bazooka Beats the Rest at QE as Balance Sheet Keeps Swelling”, Bloomberg Markets. Retrieved May 12, 2016, from http://www.bloomberg.com/news/articles/2015-10-28/boj-bazooka-beats-the-rest-at-qe-as-balance-sheet-keeps-swelling
    Keynes, J. M.(1936), General Theory of Employment, Interest and Money, London: McMillan and Company.
    Kimura, T., H. Kobayashi, J. Muranaga, and H. Ugai(2003), “The effect of the increase in the monetary base on Japan’s economy at zero interest rates: an empirical analysis”, BIS Papers no. 19, PP.276-372.
    Kohn, D. L.(2009), “Monetary Policy in the Financial Crisis”, speech at the Conference in Honor of Dewey Daane, Nashville, Tennessee.
    Kuroda, H.(2015), “Quantitative and Qualitative Monetary Easing:Theory and Practice”, speech at the Foreign Correspondents’ Club of Japan.
    Labonte, M.(2014), “Federal Reserve: Unconventional Monetary Policy Options,” CRS Report for Congress R42962, February 6, 2014, Congressional Research Service.
    Mishkin, F. S.(1996), The Channels of Monetary Transmission: Lessons for Monetary Policy. NBER Working Paper No. 5464, National Bureau of Economic Research.
    Powell, J. H.(2014), “A Conversation on Central Banking Issues”, speech at 2014 Spring Membership Meeting, Institute for International Finance, London England, June 6.
    Shirakawa, M.(2011), “Money, Government Securities and A Central Bank: Interdependency of Confidence”, Speech at the 2011 Spring Meeting of The Japan Society of Monetary Economics, May 28.
    Thornton, D. L.(2014), “QE: Is there a Portfolio Balance Effect?”, Federal Reserve Bank of St. Louis REVIEW, First Quarter 2014, 96(1), pp. 55-72.
    Wen, Y.(2014), QE: When and How Should the Fed Exit? Working Paper 2014-016A, Federal Reserve Bank of St. Louis.
    White, W. R.(2012), Ultra Easy Monetary Policy and the Law of Unintended Consequences, Federal Reserve Bank of Dallas Globalization and Monetary Policy Institute Working Paper No.126, August 2012, Revised: September 2012.
    Wu, T.(2014), Unconventional Monetary Policy and Long-Term Interest Rates, IMF Working Paper, WP/14/189.
    Yamaoka, H. & M. Syed(2010), Managing the Exit: Lessons from Japan’s Reversal of Unconventional Monetary Policy, IMF Working Paper, WP/10/114.

    Yellen, J. L.(2011), “The Federal Reserve's Asset Purchase Program”, speech at the Brimmer Policy Forum, Allied Social Science Associations Annual Meeting, Denver, Colorado, January 8.
    3.網路等電子化資料
    日本國首相官邸(2013),總理演說,2013年 1月 28日第183屆國會安倍內閣總理大臣所信表明演說,2016年5月19日,取自:http://www.kantei.go.jp/cn/96_abe/statement/201301/28syosin.html
    Fed(2008),What is forward guidance and how is it used in the Federal Reserve's monetary policy? Retrieved May 19, 2016, from http://www.federalreserve.gov/faqs/what-is-forward-guidance-how-is-it-used-in-the-federal-reserve-monetary-policy.htm
    Bank of England(2010), “Inflation Report August 2010”, pp. 38-40, Retrieved May 19, 2016, from
    http://www.bankofengland.co.uk/publications/Documents/inflationreport/ir10aug.pdf

    Bank of England(2012 a), “Inflation Report May 2012”, pp. 9-16, Retrieved July 06, 2016, from
    http://www.bankofengland.co.uk/publications/Documents/inflationreport/ir12may1.pdf

    Bank of England(2012 b), “Inflation Report August 2012”, pp. 9-17, Retrieved July 06, 2016, from
    http://www.bankofengland.co.uk/publications/Documents/inflationreport/ir12aug1.pdf

    Bank of England(2015), “Asset Purchase Facility Quarterly Report 2015 Q4”, pp. 1-4, Retrieved July 6, 2016, from
    http://www.bankofengland.co.uk/publications/Documents/other/markets/apf/q415.pdf
    Board of Governors of the Federal Reserve System(2000), “Monetary Policy Report to the Congress”, February 17, pp. 2-12. Retrieved May 12, 2016, from http://www.federalreserve.gov/boarddocs/hh/2000/february/FullReport.pdf
    Board of Governors of the Federal Reserve System(2010), “Monetary Policy Report to the Congress”, July 21, P.37. Retrieved May 12, 2016, from http://www.federalreserve.gov/monetarypolicy/files/20100721_mprfullreport.pdf
    Board of Governors of the Federal Reserve System(2012), “99th Annual Report 2012”, May 2013. pp. 22-46. Retrieved May 12, 2016, from
    http://www.federalreserve.gov/publications/annual-report/files/2012-annual-report.pdf

    Cabinet Office, Ministry of Finance and Bank of Japan(2013), “Joint Statement of the Government and the Bank of Japan on Overcoming Deflation and Achieving Sustainable Economic Growth”, Bank of Japan’s release, Jan. 22. Retrieved May 25, 2005, from
    https://www.boj.or.jp/en/announcements/release_2013/k130122c.pdf

    Monetary Affairs Department of Bank of Japan(2015), “Quantitative and Qualitative Monetary Easing:Assessment of Its Effects in the Two Years since Its Introduction”, Bank of Japan Review, 2015-E-3. Retrieved May 25, 2005, from
    https://www.boj.or.jp/en/research/wps_rev/rev_2015/data/rev15e03.pdf
    Description: 碩士
    國立政治大學
    行政管理碩士學程
    98921034
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0098921034
    Data Type: thesis
    Appears in Collections:[行政管理碩士學程(MEPA)] 學位論文

    Files in This Item:

    File SizeFormat
    103401.pdf3845KbAdobe PDF558View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback