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哈尔滨商业大学毕业论文
参考文献
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4 “Quantionative Easing Explained”. Bank of England.2011.
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9 刘玉彬，美国量化宽松货币政策对我国物价水平的影响，河北师范大学学报，2012 10 王丽丽，量化宽松货币政策文献综述，山东财经大学学术论文，2012 11 王永茂，量化宽松货币政策下汇率传递效应研究，经济实证，2012 12 赵慧超，量化宽松货币政策在美国的实践及效果分析，2012 13 谢怀筑 于亮等，从经济超预期复苏到量化宽松政策退出，2012 14 张礼卿，量化宽松II冲击和中国的选择， 国际经济评论，2011 15 徐菲，美国量化宽松政策的原因及其原因，国际经济评论，2011
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哈尔滨商业大学毕业论文
致 谢
时光荏苒，四年的商大求学生活即将结束。在学习及论文的撰写期间，我得到了许多师友的关心和帮助。在论文完成之际，请允许我表达对他们最真挚的谢意。
感谢陈敏导师在论文期间对我的耐心指导，从论文开题报告开始，陈敏导师就一直未我的论文做指导，对我来说，老师既是教会我学术的导师，更是生活中的领路人，在此期间，无论什么时候，什么事情，我需要一个解决方案的时候，老师总是不无耐心的牺牲自己的休息时间，为我作指导。
感谢图书馆为我提供了如此分丰富的资源库，以及良好的设施，使我在此期间可以顺利将论文完成。需要特别说明的是，感谢图书馆的管理人员的认真负责的工作，由于粗心，我将唯一存储资源的设备优盘落在了图书馆，时隔三天后，优盘竟然还在图书馆，同时，我出示了有效证件并且核对优盘信息无误后，将优盘归还与我，再次表示感谢。
感谢在论文写作期间韩冰、刘雅菊、高文全同学等对我的帮助，他们为我提供了大量的资料，同时，对于论文中的一些内容好不保留的提出自己的意见与见解，使我受益匪浅。
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哈尔滨商业大学毕业论文
附 录1
Financial Crisis Counter Measures under the Continuous Quantitative Easing Monetary Policy
I. Introduction
The financial crisis began with the US subprime housing market has spread across the world’s main financial markets in Europe and Japan since 2007 summer . It extended from the United States financial industry to its real economy and has evolved into the global economic crisis. Since March 2009, British, American and Japanese had implemented Quantitative easing monetary policy that was commonly known as “printing money”. On 3rd November, 2010, the Federal Reserve announced to buy in $600 billion U.S. Long-term national debt at the end of June 2011,and as well as to maintain the federal funds rate at from zero to 0.25% level. only after more than a year, the Federal Reserve announced again to buy in American government loan on a large scale, which declared the U.S. second round of Quantitative Easing Monetary Policy (Quantitative Easing Monetary Policy, hereinafter referred to as QE2) has officially opened.
As an \to the central bank buy in the long-term assets such as the treasury bonds through the open Market operation to affect the long-term interest rates and to increase the money supply so as to promote growth, stabilize prices and encourage employment. The continuous extreme monetary measures produced adverse effect on the global economy, especially the Chinese economy.
II. The U.S.’ QE Policy Effect
The FED's two rounds of quantitative easing monetary policy stimulated the U.S. economic recovery, promoted employment, solved the financial market liquidity shortage, avoided more financial institutions collapse, and ended in domestic economic recovery and stable financial market. A. The Short Effect
Firstly, it stabilized the financial system, and avoided the further crisis deterioration. Secondly, it promised sufficient liquidity for banks which fell in financial difficulties. Thirdly, it helped the financial institutions which were on the verge of bankruptcy and
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哈尔滨商业大学毕业论文
prevented systemic financial risks and the further spread panic. All these ended in stable financial system. B. In The Medium Term
After the financial crisis, the financing costs for banks in the capital markets increased, and with the decline in the quality of the loans that have already been issued , banks have to take loans back to balance the balance sheet, which resulted in direct credit crunch. The FED reduced the long-term interest rates through buying in long-term bonds to directly inject capital into the credit system. Lowered real interest rates could indirectly affect the business lending rates and reduce the borrowing costs, which could stimulate the enterprise investment and avoid further economic crunch. Meanwhile, Quantitative Easing Monetary
Policy made people expect future prices and promoted personal consumption growth, which curbed deflation continues spread, and promoted the economic recovery. C. In The Long Term
The decreased interest rates and the increased money supply may result in the local currency exchange rate devaluation, which would bring about higher export. On one hand, domestic lower interest rates would cause capital flow abroad. On the other hand, the increased money supply would encourage people’s expectation on inflation and local currency depreciation, so as to put money into other currency conversion to ensure safety.
Capital flowed abroad would bring local currency depreciation pressure. And local currency devaluation made the export products prices of the United States lower, thus made the people of the United States increase consumption of products, which promoted export and restrain import so as to improve the international payments and increase effective demand.
III. The Impact of QE Policy on China
Under the highly integrated global finance and economy, quantitative easing monetary policy may play a certain role of stimulation in the U.S. economy, but it was also a double-edged sword. In other words, to some extent, quantitative easing would bring about risk of big asset bubble and threaten the global economic stability. As to China, the world's second largest economy, the impact would be incalculable. A. Increased China’s Inflation Pressure
The quantitative easing monetary policy brought about substantially increased money supply, which in the long term would lead to a fall in the intrinsic value of the currency and trigger inflation. In addition, quantitative easing monetary policy had a domino effect.
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