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1.
美联储与美国“新经济” 总被引:4,自引:0,他引:4
持续了近七年的美国经济扩张向世界宣告了"新经济"的出现,美国经济率先迈入了"世界经济的新时代"──信息时代。持续的经济增长、低失业率和低通胀率并存构成"新经济"的突出表征,美国经济之所以会出现这种繁荣局面是多种因素促成的结果,其中美国联邦储备体系(以下简称"美联储")成功的货币政策是其中不可缺少的一环。本文试从制度和历史角度来分析美联储与美国新经济之间的关系和互动作用。在美国的经济体系中,美联储主司货币政策。由于美国的金融体系十分发达,完全靠市场运作,且法律赋予美联储极大的独立性和影响力。美联储的职能主… 相似文献
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美联储与欧洲中国银行作为美国和欧盟的“中央银行”,都具有较高的独立性,其在发行货币,制定货币政策以及保证币值稳定方面具有较高的权力,不受政府或各成员国的干扰,也不接受其监督。本文从几个角度分析其独立性的不同。 相似文献
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《中国人民银行法》已经由八届全国人大三次会议审议通过,这是建国以来我国金融领域的第一部大法。共分8章51条,分别对中国人民银行的性质地位、组织结构、人民币、业务、金融监督管理、财务会计、法律责任等作了规定。国家以法律形式明确中国人民银行的性质地位,即是保障中央银行制定和执行正确的货币政策,从而为通货稳定提供了保障条件。 首先,《中国人民银行法》赋予中央银行相应的独立性,这为中央银行独立地执行货币政策提供了法律保证。《银行法》第二条规定,中 相似文献
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中日中央银行独立性比较 总被引:3,自引:0,他引:3
一国中央银行的独立性在现代经济发展中具有十分重要的意义,本文通过对中国人民银行和日本银行之间独立性的比较,提出了中国人民银行在今后进一步加强独立性的若干建议。 相似文献
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中央银行体制自产生以来 ,各国中央银行无不在强化中央银行的卓然地位 ,追求中央银行的独立性。美联储是公认的世界上独立性最强的中央银行之一 ,其成功的做法为各国所仿效。我国设立的九大区域行就是仿效美国的 12大联储分行的做法 ,对此本文将做一分析 相似文献
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Michael R. McAvoy 《Explorations in Economic History》2006,43(3):505-526
The Reserve Board Organization Committee decision to locate 12 Federal Reserve Banks is reviewed. Probability choice models estimate a city’s selection probability for a Federal Reserve Bank location. Results of predicted selections show reserve cities were selected for their spatial economic characteristics, including information contained in bankers’ preferences, infrastructure development, population and recent National Banking System growth, rather than Democratic Party politics. The Reserve Board Organization Committee placed Federal Reserve Banks in preeminent financial and commercial centers, and relied upon bankers’ preferences for the remaining non-obvious selections. Given 12 cities were to be selected, the conclusion drawn is the decision was in the public interest. 相似文献
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中央银行作为一国货币政策的制定者和执行者,其政策关系到整个国民经济能否顺利运行,而其政策是否具有稳定性﹑一贯性,银行体制是否健全,对于市场投资者而言,具有重要的指标作用。中央银行的独立性问题一直是各国金融理论的热点之一。但是,我国中央银行的独立性在人事任命、政策决策、财务预算管理等方面受到很大的限制,只有在立法和实践中更好地加强中央银行独立性的地位,才能更好地发挥中央人民银行的职能。 相似文献
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David D. Vanhoose 《Atlantic Economic Journal》1989,17(3):34-38
Conclusion The fundamental conclusion of the analysis contained in this paper is that Laurent's claims concerning the potential monetary
control enhancements of the adoption of a reverse-lag reserve accounting system are correct. This result conflicts with those
reached by other studies of the monetary control properties of RLA, because the model of RLA used in this paper has been based
on an analysis of the microeconomic behavior of banks. The conclusion that monetary control could be improved by adoption
of RLA vindicates Laurent's [1984] argument that a “microbank analysis” is fundamental to understanding correctly the workings
of an RLA system.
An important qualification that prohibits a conclusion that RLA clearly is superior to lagged or contemporaneous accounting
is that the monetary control enhancements resulting from adoption of RLA are mitigated to some extent by the existence of
the Federal Reserve discount window. Indeed, the relative desirability of RLA as compared to alternative reserve accounting
systems cannot be evaluateda priori in the presence of a discount window. Any serious consideration of RLA would need to be prefaced by a careful study of the
relationship of the money stock to bank borrowing in an RLA setting.
The final version of this paper was written while the author was a visiting economist at the Board of Governors of the Federal
Reserve System. This paper has benefited considerably from comments and suggestions by Robert Laurent, Kenneth Kopecky, Daniel
Friel, Chris Waller, Elmus Wicker, and participants in a seminar at the Federal Reserve Bank of Chicago and in the Indiana
University Money and Banking Seminar. Initial work on this topic was supported by an Indiana University Summer Faculty Fellowship.
Any errors are the author's responsibility, and any views expressed in the paper do not necessarily reflect those of the Board
of Governors of the Federal Reserve System or its staff. 相似文献
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Sherrill Shaffer 《Atlantic Economic Journal》1991,19(2):66-67
This paper embodies the views of the author and does not necessarily represent the views of the Federal Reserve Bank of Philadelphia
or of the Federal Reserve System. 相似文献
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Sherrill Shaffer 《Atlantic Economic Journal》1990,18(1):86-86
This paper embodies the views of the author and does not necessarily reflect the views of the Federal Reserve Bank of Philadelphia
or of the Federal Reserve System. 相似文献
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Sherrill Shaffer 《Atlantic Economic Journal》1989,17(1):96-96
This paper embodies the views of the author and does not represent the views or policy of the Federal Reserve Bank of New
York or the Federal Reserve System. 相似文献
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When accepting the Maastricht treaty, the members of the Euro-zone agreed on the establishment of a very independent European Central Bank (ECB). Over the years, however, French political leaders systematically brought forward proposals undermining the ECB’s independence, much to the dismay of their German counterparts. This pattern of political disagreement on central bank independence has again surfaced during the current sovereign debt crisis, and has contributed to the discord amongst the Euro-zone members on the causes and proper solutions to the problems. This article conducts tests of various factors generally expected to influence the preference for central bank independence. It shows that economic explanations are unable to account for the persistent differences amongst European member-states on this issue. In contrast, national differences in political and economic culture and especially a nation’s score on the dimension Power Distance—its acceptance of centralisation of power in political leaders or institutions—does show a correlation with the different levels of internalisation of the norm of central bank independence. These findings show that institutionalisation of economic norms does not imply their internalisation by the political and the economic elite. In the broader context of current European politics, this may mean that even if European leaders will be able to come up with a common institutional answer to the current crisis, more profound convergence of their underlying economic and political cultures is needed for the successful and sustainable implementation of these solutions. 相似文献
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We study the balance sheet of the People's Bank of China and the Federal Reserve Bank in a historical context and analyze whether the recent round of global expansionary monetary policy has been effective in achieving its desired economic effects. In particular, we focus on the roles played by excess reserves, monetary aggregates and financing to the real economy and highlight the tension between a liquid financial sector and an illiquid real sector. We show that, while both China and the US have followed reserve-driven growth strategies, the compositions and relative sizes of these quantities are quite different. In relative terms, excess reserves and lackluster corporate lending constitute a big problem for the US, whereas for China the pertinent question is how to further mobilize funds tied up in the real estate and stock market. We provide some thoughts on possible solutions to the current policy dilemma at the end. 相似文献
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货币互换是指两国央行之间签订的为了解决流动性问题的一种金融管理工具。布雷顿森林体系成立以来,美联储基于不同目的多次与其它央行签订了货币互换协议。我国央行为便利双边贸易和投资于2001年开始使用货币互换工具。通过对比分析,我们认为美联储货币互换的实践对我国央行进一步实施、完善和拓展货币互换工具的使用有借鉴意义。 相似文献
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The views expressed herein are the authors and do not necessarily reflect the views of Loyola College of Maryland, the Board
of Governors of the Federal Reserve System, or their staffs. 相似文献