应用经济学热点PPT.ppt

KEY WORDS QE(量化宽松） long-term refinancing operations(长期再融资运作) M2 pledged supplementary lending(抵押补充贷款） relending再借款 Quantitative Easing(QE) 主要是指中央银行在实行零利率或近似零利率政策后，通过购买国债等中长期债券，增加基础货币供给，向市场注入大量流动性资金的干预方式，以鼓励开支和借贷，也被简化地形容为间接增印钞票。量化指的是扩大一定数量的货币发行，宽松即减少银行的资金压力。当银行和金融机构的有价证券被央行收购时，新发行的钱币便被成功地投入到私有银行体系。量化宽松政策所涉及的政府债券，不仅金额庞大，而且周期也较长。一般来说，只有在利率等常规工具不再有效的情况下，货币当局才会采取这种极端做法。 在经济发展正常的情况下，央行通过公开市场业务操作，一般通过购买市场的短期证券对利率进行微调，从而将利率调节至既定目标利率；而量化宽松则不然，其调控目标即锁定为长期的低利率，各国央行持续向银行系统注入流动性，向市场投放大量货币。即量化宽松下，中央银行对经济体实施的货币政策并非是微调，而是开了一剂猛药。 实质：间接印钞票 M2 反映货币供应量的重要指标 广义货币（Broad money）是一个经济学概念。M0、M1、M2、M3都是用来反映货币供应量的重要指标。M1反映着经济中的现实购买力；M2同时反映现实和潜在购买力。若M1增速较快，则消费和终端市场活跃；若M2增速较快，则投资和中间市场活跃。中央银行和各商业银行可以据此判定货币政策。M2过高而M1过低，表明投资过热、需求不旺，有危机风险；M1过高M2过低，表明需求强劲、投资不足，有涨价风险。 Chinas monetary policy The flawed analogy of Chinese QE Bankgrond China’s central bank injecting cash in the financial system to support growth China will acquire assets directly from commercial banks, just as the Federal Reserve did in buying mortgage-backed securities. Another has likened it to Europe’s “long-term refinancing operations”, reporting that the central bank will lend directly to banks, taking local-government bonds as collateral(抵押）。 Chinas monetary policy The flawed analogy of Chinese QE Methodology：analogy（类比） Viewpoint: China is loosening monetary policy, and that it is doing so on multiple fronts. But the QE analogy falls down in two ways. China also has no need for QE. China uses its relending for targeted purposes, hoping to avoid splashing cash all over an economy when debt levels are already too high. QE analogy falls down in two ways First, the use of quantitative tools has long been the norm for Chinas monetary policy。 The government still sets a money-supply target every year (it is shooting for 12% M2 growth this year) and regulators rely on lending quotas to influence the behaviour of banks. The central bank also adjusts the required reserve ratio, which determines how much cash is available to ba