2008年美国金融危机中联储局的非传统应对措施

2008年美国遭遇自上世纪30年代经济大萧条以来最为严重的一次金融危机,姑且不论过去数年,联储局的货币政策或监管措施是否有瑕疵,在2008年危机日益恶化,眼见整个美国金融市场功能即将崩溃之际,联储局运用了传统功能以外的机制,发挥了一个中央银行面对瞬息变化的金融体系应有的弹性。联储局的权力虽然让它看起来像是宪法中规定美国政府三个部门外的＂第四个部门＂,但是2008年一连串的行动,确实也是度过此次危机的关键。这些行动纵然有美中不足之处,但达到了向银行与交易商提供资金以缓和＂去杠杆化＂过程的目的,并且改善信用市场的流动性以舒解融资渠道,扩充了商业融资渠道,防止金融机构资产负债的失衡。

Unconventional Actions by US Federal Reserve in the Financial Crisis of 2008

In 2008,America was undergoing the worst financial crisis since the Great Depression in the 1930s.Regardless of the flaws in the policies or regulations,the Federal Reserve revealed its flexibility,with which a central bank was supposed to show in the presence of collapsing financial markets,through the unconventional policy making mechanism.The Federal Reserve is sometimes likened to a fourth branch of the government outside of the three braches in the US Constitution.Nevertheless,these unconventional and rapid measures are crucial in overcoming the crisis.In spite of the limitations,they have provided the necessary funds to banks to slow down their ＂deleveraging＂ process.In addition,they enhance the funding channels to avoid the worsening balance sheet problems on the part of financial institutions and improve the credit market liquidity to ease the financing channel.