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Unconventional monetary policy

2019-11-22 来源: 51Due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Unconventional monetary policy,供大家参考学习,这篇论文讨论了非常规货币政策。非常规货币政策基于传统的货币政策,即当名义利率无限接近零时,也就是说,如果传统的货币政策无效,国家银行将改变资产负债表结构,扩大资产负债表的规模。向市场释放流动性并从另一个角度使传统货币政策无法传导的渠道得以疏通,从而降低通货紧缩的压力、提高金融市场的稳定性、刺激经济增长。

Unconventional monetary policy,非常规货币政策,assignment代写,paper代写,美国作业代写

Since the world financial crisis in 2007, unconventional monetary policy, as an important means to rescue the world economic downturn and restore economic recovery, has been deeply concerned and considered by academic scholars.

The three traditional monetary policies include reserve requirement, open market operation and rediscount policy. The central bank adjusts the short-term nominal interest rate through the traditional monetary policy to make the macroeconomic operation stable. Due to the initiative and flexibility of open market operations, it has gradually become the preferred method of central bank adjustment. Take the central bank's expansionary monetary policy. First, the central bank first announced the short-term interest rate for overnight interbank lending, and then bought securities through open market operations to release liquidity, leading to a drop in market interest rates. Open market operations require counterparties to provide collateral that meets the relevant conditions and to have better monetary policy enforcement capabilities.

Unconventional monetary policy is based on traditional monetary policy, that is, when nominal interest rates are infinitely close to zero, that is, if traditional monetary policy is ineffective, the central bank will change the balance sheet structure and expand the size of the balance sheet. By releasing liquidity into the market and, from another perspective, unclog channels that traditional monetary policy cannot transmit, it can reduce the pressure of deflation, improve the stability of financial markets and stimulate economic growth. In recent years, due to the change of economic environment, the application space of traditional monetary policy becomes narrower and narrower. For example, if the deposit reserve system changes, a slight change will have a huge impact on the economic market, which is not conducive to daily operations. The impact of the rediscount policy was also gradually limited, as the gap between the nominal base rate and the rediscount rate continued to narrow, leaving only a few firms with the right to discount. As the market for short-term government bonds shrinks, so will the impact of open market operations. Under the current situation that the space of traditional monetary policy becomes increasingly narrow, it is necessary for countries to unconventional monetary policy.

From 2008 to 2012, due to the impact of the international economic crisis, Japan's GDP continued to show negative growth from the second quarter of 2008, and the annual economic growth rate was -1%. Meanwhile, the year-on-year growth rate of consumer price index also continued to be negative from February 2009, and Japan's economy was facing downward and deflation. To prevent further economic downturn, the bank of Japan through the interest rate monetary policy tool has been cutting interest rates. In October 2008, it lowered the overnight interbank lending rate from 0.5 percent to 0.3 percent, and then on the morning of December 19, the Japanese monetary authority lowered the overnight lending rate again to 0.1 percent. So Japan's zero interest rate policy came into effect. Although masaaki shirakawa, a former governor of the bank of Japan, argued that the rate cut would have a limited effect on Japan's efforts to rid itself of deflation, the interest rate in Japan remained at 0.1%. In October 2010, the bank of Japan continued to cut the interest rate and cut the overnight lending rate to 0% to 1%. By promising to keep interest rates at zero until prices stabilise. After the interest rate was lowered to zero again, the bank of Japan started the asset purchase program mainly to purchase government bonds. At this time, unconventional monetary policy was mainly to release liquidity. Since the central bank of Japan decided to implement the asset purchase program in 2010, the Japanese monetary authority has purchased 101 trillion yen of government bonds. As a result of the global recession caused by the financial crisis, Japan's central bank began to try to buy more financial market instruments, including corporate bonds, etfs and Japanese real estate trusts, to release liquidity.

Since 2013, the Japanese government has believed that loose monetary policy is an extremely important policy tool when the fiscal policy cannot have a good effect on the economy due to debt. When the structural reform is slow, the best way for the government to stimulate the economic recovery is through unconventional monetary policy. Therefore, the Japanese government has strongly expressed its determination to push the quantitative easing monetary policy to the highest level. When haruhiko kuroda, governor of the bank of Japan, took office, he followed in the footsteps of the Japanese government, both men remained unchanged and launched a policy of quantitative easing, with no deadline, no limit and vigorous efforts. This means that the Japanese central bank will not only expand its balance sheet by purchasing assets to release liquidity, but also affect the economic market by changing the asset structure of the central bank without changing its size, similar to the credit easing policy. The quality of easy monetary policy mainly includes:

First, shift the operational objective of monetary policy from unsecured overnight lending rates to base money. In addition, the target is directly set as the base money. Compared with the previous target set as the current account balance of commercial Banks in the central bank, the new target is more transparent and clear, which is conducive to the transmission of monetary policy.

Second, the monetary authorities have proposed a more explicit inflation target. Since then, the inflation target of 2% has repeatedly appeared in the monetary policy reports and policy information releases of the central bank, in order to effectively transmit the commitment effect mechanism and let the public break the expectation of monetary expansion of the Japanese central bank. Finally, it increased its annual purchases of real estate investment trusts (reits) and exchange-traded funds (etfs) by 0.03 trillion yuan and 1 trillion yuan, respectively.

In response to the sudden economic crisis, the us monetary authorities adopted four rounds of unconventional monetary policies of quantitative easing from November 2008 to 2013. The specific implementation process is as follows:

The subprime crisis erupted over a period of time, the us monetary authorities through the conventional way of lower rates cut the federal funds rate to 0%, in 2009 the government spending has reached around 10%, far more than the government budget deficit in the acceptable range, but the enterprise loan and personal loan interest rates rising interest rates, deflation has not improved. Thus, in November 2008, the us monetary authorities launched the first round of quantitative easing, which mainly consisted of buying directly the debt of a housing mortgage company worth $200 billion; It bought $1.25 trillion in mortgage-backed securities and $300 billion in long-term government bonds. The implementation of the unconventional monetary policy of the first round of quantitative easing delayed the downward trend of the us economy to a certain extent, but the overall effect was limited. Facing the rising unemployment rate, the us monetary authorities launched the second round of unconventional monetary policy of quantitative easing in November 2010. The fed has been buying rmb75bn of long-term government bonds every month since November 2010. Known as operation twist, the us economy has eased after the first two rounds of unconventional quantitative easing, but the job market has not improved. In 2012, the unemployment rate was around 8.2 percent. In order to further improve the employment situation, the us monetary authorities have launched the third round of unconventional monetary policy of quantitative easing on the basis of the previous two rounds of policies. From September 2012 to December 2013. The federal reserve announced it would buy up to $40 billion of agency mortgage-backed securities a month. The fourth round of unconventional monetary policy of quantitative easing was launched on December 12, 2012. The fed will buy $40bn of mortgage-backed securities a month; It also noted that if inflation was below 2.5 percent and unemployment above 6.5 percent, the fed funds rate would remain at 0-0.25 percent.

Unconventional monetary policy, as a novel monetary policy compared with traditional monetary policy, has gradually become a policy tool for countries around the world to cope with financial crisis and stimulate the economy. This paper analyzes the implementation of unconventional monetary policies in Japan, the United States and Europe, and clarifies the effectiveness of unconventional monetary policies. However, as an emerging monetary policy operation mode, each economy also has its own unique economic operation mode. Whether unconventional monetary policies are in line with the reality of each country requires consideration in the implementation of monetary policies. For example, the whole economic environment, the pressure of currency depreciation, the effectiveness of monetary policy under zero interest rate and the risk of policy, etc. By analyzing the operation and effect of unconventional monetary policies in Japan and the United States, the following enlightenment can be obtained:

When the central bank faces a severe financial crisis, the use of conventional methods of monetary policy to stimulate economic recovery is have certain effect, but if continuous nominal interest rates close to zero, then the conventional monetary policy is no longer continue to use the space, the central bank will not be able to rely on lower nominal interest rate to provide liquidity to stimulate the economy, so the bank can only resort to unconventional monetary policy. In addition to using conventional monetary policies, such as directly reducing the fund interest rate, adjusting the rediscount rate and the deposit reserve ratio, the federal reserve and the bank of Japan have constantly innovated unconventional monetary policies and launched a series of policies to directly release liquidity to the financial market. These innovative and unconventional policy tools not only cover the banking system, financial institutions and even real enterprises and economic individuals. It is clear that monetary authorities in both economies have significantly improved the level of output, prices and employment in their societies when using unconventional monetary policies. Therefore, in the future, if China is faced with a serious economic crisis, it must combine conventional monetary policies with unconventional monetary policies, learn from the unconventional monetary policy tools adapted to China by the United States, Japan and Europe, and find a set of mature monetary policies suitable for China.

Central Banks must maintain the stability of financial markets, especially in the wake of a financial crisis. If the financing function of the banking system does not work well, Banks will not be able to release liquidity to the non-financial sector. The effect of quantitative easing will be very limited. Therefore, in the face of financial crisis, the most important point is to maintain the stability of financial markets. The central bank needs to make this permanent. When we look back at the recent financial crisis, the biggest advantage of quantitative easing is that it stabilizes the financial system by releasing large amounts of liquidity into financial institutions.

Therefore, when China's financial system is not out of balance, we should optimize the policy operation and perfect the market mechanism. Unconventional monetary policy as a new effective policy, although can ease the lack of liquidity in financial markets on a certain level, promote the development of the real economy, but also has certain risks and problems, only by unconventional monetary policy implementation is not enough to become the economic recovery and growth of perpetual motion machine, economic growth depends on the new economic growth point, the final reduction to the real economy, or technological progress are needed to bring growth in investment and consumption. Unconventional monetary policies during the crisis only compete for a buffer time for countries' economic systems to self-regulate. Only by improving their financial market order and economic market mechanism can they avoid being affected by the economic crisis.

The structure of China's financial market is similar to that of Europe, which is indirect financing through commercial Banks. Therefore, the implementation of unconventional monetary policies in Europe has more reference value for China's monetary policy innovation. The unconventional monetary policies of the European monetary authorities have clearly demonstrated their structural advantages. China can also use its structural advantages and its unconventional monetary policies to strengthen credit to conduct monetary control.

But this kind of capital market which mainly relies on indirect financing also has its own inherent defects. European commercial Banks showed obvious reluctance to lend due to their high leverage during the economic crisis, which indirectly led to the invalidity of conventional monetary policies. Therefore, countries with more indirect financing channels, such as China, will lose much of their ability to regulate monetary policy when facing economic fluctuations. China should develop direct and indirect financing channels simultaneously, which can not only enrich the composition of the financial market, but also enhance the macro-control ability of the monetary authority, thus greatly improving the effectiveness of monetary policy.

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