融资与资本市场管理.ppt

1. 美國聯準會的架構A. Formal Structure of the Fed B. Informal Structure of the Fed 2. 中央銀行的獨立性(Central Bank Independence) Factors making Fed independent 1. Members of Board have long terms 2. Fed is financially independent: This is most important Factors making Fed dependent 1. Congress can amend Fed legislation 2. President appoints Chairmen and Board members and can influence legislation Overall: Fed is quite independent Other Central Banks 1. Bank of England least independent: Govt. makes policy decisions 2. Bundesbank: most independent—price stability primary goal 3. Bank of Canada and Japan: fair degree of independence, but not all on paper 4. Trend to greater independence: Spain, France, European Central Bank A.中央銀行的行為解釋(Explaining Central Bank behavior) Theory of bureaucratic behavior 1. Is an example of principal-agent problem 2. Bureaucracy often acts in own interest Implications for Central Banks: 1. Act to preserve independence 2. Try to avoid controversy: often plays games 3. Seek additional power over banks Should Fed Be Independent? Case For: 1. Independent Fed likely has longer-run objectives, politicians dont: evidence is better policy outcomes 2. Avoids political business cycle 3. Less likely deficits will be inflationary Case Against: 1. Fed may not be accountable 2. Hinders coordination of monetary and fiscal policy 3. Fed has often performed badly B. 中央銀行的獨立性( Central Bank Independence and acro  Performance in 17 Countries) 融资与资本市场管理 Financing Capital Markets 金融学院 楼迎军 Hong73a@mail.hz.zj.cn 2006.1 一、Preface 制度外卷 制度内卷 制度革命 发展 动态停滞 低度发展 制度衰败 新一轮演化