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Jingdong book

还原真实的美联储

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美联储现任经济学家,首次向读者详细揭秘美联储

澄清对美联储的所有误解,还原金融市场本来面目

国内外金融界顶尖人士盛情推荐,为您还原全球最受瞩目的中央银行

迄今关于美联储的著作,多数只是外部人雾里看花,无法彻底深入剖析美联储的真正意图与本质。在这本首次由美联储在职人员撰写,专门针对中国读者常见困惑的书中,王健博士深入浅出地为您揭开美联储神秘的面纱。

巴曙松(国务院发展研究中心金融研究所研究员\中国银行业协会首席经济学家)

理查德·费舍(美联储达拉斯联邦储备银行主席)

余永定(中国社会科学院学部委员\中国社会科学院世界经济与政治研究所所长)

魏本华(刘鸿儒金融教育基金会理事长\国家外汇管理局前副局长)

王江(美国国家经济研究局研究远\麻省理工大学管理学院金融学讲席教授\清华大学特聘教授)

王能(美国国家经济研究局研究员\美国哥伦比亚大学商学院金融学讲席教授\上海财经大学金融学院院长)

魏尚进(美国国家经济研究局中国项目主任\美国哥伦比亚大学商学院经济和金融学讲席教授兼查森工商研究院主任)

甘犁(美国德克萨斯州农工大学终身教授\西南财经大学经济学院特聘院长)

谢丹阳(香港科技大学商学院经济学教授\武汉大学经济与管理学院院长)

Content Description

作为美国最高货币政策主管机关、全球最主要金融机构之一的美联储,
究竟是不是私人机构,股东是谁,利润如何分配?
谁负责制定美联储的政策?
它是否真像传说中那样可以在金融市场上呼风唤雨?
它又如何在金融危机时力挽狂澜,维持金融市场稳定?
量化宽松政策真的是美联储在滥发货币转嫁危机吗?
美国经济复苏后,美联储如何从现行政策中全身而退,又会对全球金融市场造成什么影响?
《还原真实的美联储》不仅对美联储的历史背景、政策目标、组织架构和运行机制作了客观明确的描述,而且对国内读者特别关心的有关美联储的各个问题进行剖析,提出了独到的见解;在澄清若干对美联储的常见误解之后,我们可以进一步了解美联储在全球经济和金融市场上的作用及其行事逻辑,从而进一步增强对全球市场的预见能力!
Author Description

王健,美联储达拉斯联邦储备银行高级经济学家兼政策顾问,获得美国威斯康星大学经济学博士学位;主要研究方向包括国际金融和货币政策;研究成果发表于世界著名刊物,并被《华尔街日报》、《金融时报》、道琼斯通讯社、VoxEU、RGE Monitor和Econbrowser等全球著名媒体报道和引用。
他曾应邀到美国联邦储备委员会、美国劳工部、美国国家经济研究局、国际货币基金组织、英格兰银行、加拿大银行、瑞士银行、香港金融管理局和欧洲经济研究中心等世界著名机构进行访问交流。
Catalogue

推荐序1理查德·费舍
推荐序2巴曙松
推荐序3余永定
推荐序4魏尚进
自序王健

第一章 谁在美联储背后呼风唤雨
第一节 到底谁在掌控美联储:你所不知道的分权制衡原则
美国早期的中央银行:第一银行和第二银行
美联储的成立:金融危机后临危受命
美联储分权制衡的组织结构
何谓“分权制衡”?
第二节 谁是美联储真正的股东:罗斯柴尔德家族只是一个传说
谁是美联储的股东?
中央银行应该被政府控制么?
本章小结

第二章 美联储如何玩转金融市场这把双刃剑
第一节 美联储如何制定利率?
充满神秘色彩的公开市场会议
美联储可以随意发行货币吗?——通胀为锚的纸币发行
黄金天生是货币吗?——金本位一去不返
牵一发而动全身:美联储的利率政策如何影响经济
美联储真的法力无边吗?——利率政策的局限性
第二节 美联储如何在金融市场力挽狂澜?
金融市场并非圈钱机器:重要的金融媒介作用
金融市场的幽灵:金融挤兑
为什么用纳税人的钱补贴华尔街的富人:美联储大萧条中的教训
美联储为何要监管银行:最后贷款人职责需要
本章小结

第三章 美联储通过滥发货币转嫁次贷危机吗?
第一节 美联储的量化宽松是滥发货币吗?
什么是量化宽松?——比较量化宽松和传统货币政策
正常情况下,美联储如何制定货币政策?
零利率后,货币政策何去何从?
这种政策背后的逻辑是什么?
量化宽松等于滥发货币吗?——关于货币供应几个常见误区
M2过高会引起通胀吗?
第二节 美联储如何运用量化宽松政策应对次贷危机
次贷危机起源:房价真的只涨不跌吗?
次贷危机是否由美联储的低利率政策造成?
美联储应对次贷危机武器之一:紧急贷款
美联储应对次贷危机武器之二:专项紧急救助
美联储应对次贷危机武器之三:量化宽松
第三节 美联储通过量化宽松向世界转嫁危机吗?
我的美元是你的问题:量化宽松是美联储在打汇率战吗?
量化宽松定引起国际资金泛滥吗?国际游资何去何从?
量化宽松定推高其他国家通胀吗?到底谁的错?
日本量化宽松是发动货币战争吗?
第四节 欧洲债务危机真相:是美联储在阻击欧元么
欧洲债务危机爆发:“猪”一样的队友
欧洲债务危机恶化:星星之火可以燎原
欧债危机罪魁祸首之一:政府开支的道德风险
欧债危机罪魁祸首之二:金融市场的挤兑风险
欧元区问题对中国的启示
本章小结

第四章 后危机时代美联储面临的全球经济挑战
第一节 请神容易送神难:美联储能从量化宽松政策中全身而退吗?
退出量化宽松的功过成败:重在时机
退出量化宽松时,美联储会亏损吗?
退出量化宽松对全球经济的影响:新兴市场需防患于未然
第二节 “大而不倒”让金融市场成为冒险家的乐园
美联储可以用利率政策防止金融泡沫吗?
何谓“大而不倒”
从“大而不倒”到“大了也能倒”
第三节 全球经济失衡和国际金融体系
金融危机还是囤积外汇储备:新兴市场的两难选择
全球需要更加稳定的国际金融体系:重新考虑美元全球货币地位
人民币国际化:非一朝一夕之功
日本化还是拉美化:中国如何避免中等收入陷阱
本章小结
后记
Book Abstract

《还原真实的美联储》:
财政部部长麦卡阿杜是签署《联邦储备法案》的威尔逊总统的女婿。在1914年5月和威尔逊女儿结婚后,麦卡阿杜为了避嫌曾提出辞去财政部部长的职务,但威尔逊总统极力挽留,希望他至少把美联储的运营推上正轨后再考虑辞职的事情。两个月后,“一战”爆发引发美国金融市场动荡,麦卡阿杜只能暂时把辞职的事情抛之脑后,集中精力带领美国经济渡过目前的难关。
由于担心影响美国的信誉,麦卡阿杜最终没有选择放弃金本位的方案,但采用了另外一个更大胆也更有争议的措施。麦卡阿杜要求纽约股票交易所从1914年7月31日停止所有交易。这样国外投资者就无法抛出手中的股票和债券投资,也就不能把这些资金转换成黄金运回欧洲。这种政策类似于近代一些国家在金融危机期间采用的国际资本控制。比如在南美金融危机和亚洲金融危机期间,为了防止资金外逃,很多国家都采取了不同的措施限制国外资金离开本国。有些国家规定每天最多只能兑换一定数量的美元,这样可以控制美元逃离本国的数量。美国1914年通过关闭股票市场来防止资本外逃,经济代价非常高。纽约股票交易市场整整关闭了3个多月,直到12月12日才恢复交易。
关闭纽约股票交易所缓解了资金转移出美国的压力,但美国国内仍然面临银行挤兑风险。值得庆幸的是,1907年金融危机过后,美国通过了奥尔德里奇和费里兰起草的一项法案。当时,根据美国的银行法,银行发行货币时必须向财政部下属的货币管理办公室交付等额的政府债券作为抵押。然后由财政部的造币局为这些银行印制一种叫全国银行币的货币作为流通货币。发生挤兑时,银行需要的流通货币大增,因此会出现没有足够的政府债券交付给货币管理办公室的情况。奥尔德里奇和弗里兰1908年起草的法案规定,财政部可以允许一些银行在紧急情况下不需要向货币管理办公室交付政府债券就可以发行货币。1914年美国出现银行挤兑时,麦卡阿杜果断采用这种方式向国内银行注入资金,应对挤兑。当时财政部允许银行使用其他资产作为抵押品发行货币,比如地方政府债券、公司债券等。这样可以保证银行有足够现金应对突发的大规模挤兑。
通过这些措施,金融市场挤兑在1914年11月得到有效控制。与此同时,由财政部部长麦卡阿杜牵头的联邦储备银行执行委员会正为美联储的各项具体制度建设而忙碌。1914年11月16日,美联储的12个地区联储的地址正式选定,设计出了目前美国联储银行系统的框架。美联储的运转工作也逐渐开始走上正轨。在随后将近100年的时间里,美联储的职能和实现这些职能的工具发生了很大变化,但稳定金融市场始终是美联储的一个重要职能。而且美联储成立后,因挤兑造成的金融危机频率显著下降。这些事实都与阴谋论宣扬的美联储受金融家族控制,通过金融危机来洗劫大众完全相反。为什么用纳税人的钱补贴华尔街的富人?——美联储大萧条中的教训
发生金融危机时,即使运营良好的银行面临挤兑,也会因为缺乏短期资金而被迫倒闭,进一步造成市场恐慌。因此,解决金融挤兑最有效的方法是美联储向被挤兑的金融机构提供紧急贷款,平息市场恐慌。
2008年美国的次贷危机引发了大萧条以来最严重的全球金融危机。为了应对这场危机,美联储采取了一系列的紧急贷款计划。通过向金融市场提供流动资金,保证了金融市场的正常运转。然而这些政策也遭到很多人的质疑和反对,人们十分困惑,为什么要用纳税人的钱去补贴华尔街那群贪婪的富人?
……

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欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折
Yami
欣葉
2种选择
欣叶 御大福 芋头麻薯 180g

周销量 600+

$1.66 $1.99 83折

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