金融危机后的货币政策操作——东亚国家的经验及启示

Monetary Policy after Financial Crisis:East Asia's Experience and Enlightenment

金融危机的发生一般会到导致一国货币政策公信力的丧失,如何在危机发生后尽快稳定人们的预期,避免本国经济陷入汇率贬值——通货膨胀——汇率贬值的恶性循环和长期的萧条之中,并尽快重新恢复货币政策效力,促进本国经济恢复增长是金融危机发生后一国货币政策的首要目标。东亚发生危机的部分国家在危机发生之后较快地稳定了汇率和通胀,重新建立了可信的货币政策名义锚,货币政策的操作是比较成功的,本文对它们共性的做法进行了总结并得出若干有益的启示。

As a rule, Monetary policy will inevitably lost its credibility when a country encounters financial crisis. The chief goal of monetary policy after financial crisis is firstly to anchor public expectations as soon as possible, avoiding the economy running into a vicious cycle of currency depreciation-inflation-currency depreciation; and to reestablish credible nominal anchors, recover the economic growth as early as possible. The East Asia countries have successfully stabilized exchange rate and inflation after financial crisis, recovered economic growth through monetary policy manipulation. This paper concludes their experience on the post-crisis monetary policy and elicits useful enlightenment.