碩士 / 國立政治大學 / 行政管理碩士學程 / 104 / 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.
| Identifer | oai:union.ndltd.org:TW/104NCCU5149047 |
| Date | January 2016 |
| Creators | 陳燈詳 |
| Contributors | 吳文傑 |
| Source Sets | National Digital Library of Theses and Dissertations in Taiwan |
| Language | zh-TW |
| Detected Language | English |
| Type | 學位論文 ; thesis |
| Format | 94 |
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