六月 25, 2019

英文论文代写:非常规货币政策

英文论文代写:非常规货币政策

在过去的几年里,非常规货币政策得到了越来越多的使用。这类银行沉迷于量化宽松,从商业银行购买金融资产(Cecioni, Ferrero, and Secchi, 2011)。主要的中央银行被发现使用国库券,抵押贷款支持证券。这是通过提高证券价格来降低收益率,从而增加货币供应量。

非常规措施带来的风险

信贷宽松是一种非常规的货币工具,已被私营部门用来提高流动性。已经观察到,信令是利用公共通信来缓解市场对政策变化的担忧的实践(Cecioni, Ferrero, and Secchi, 2011)。

这种非常规措施有时是强制性的。有时人们认为,制定非常规措施来管理市场的不确定性是非常重要的(Smaghi, 2009)。然而,这种非常规措施也存在一些风险。

主要风险是公司退出战略的障碍。

在当前非常规政策的实施过程中,有时银行需要慢慢行动,从而延长公司的退出策略。在第二种情况下,持有这些证券的时间更长,这增加了美联储在这一过程中的政治负担。一般来说,公众有一种普遍的忧虑感(Smaghi, 2009)。这也是一个相对较新的措施,人们担心非常规措施的实际政策执行情况。

这种政治方面的压力超越了公司的财务政策。在这种情况下,央行面临着额外的压力,这加大了它们失去独立性的风险。

英文论文代写:非常规货币政策

In the past few years unconventional monetary policy has become more and more in use. In this category the banks indulge in quantitate easing, purchase of financial assets from commercial banks (Cecioni, Ferrero, and Secchi, 2011). Major centralized banks are found to use treasury notes, mortgage-backed securities. This is raising the pricing of the securities to lower the yield and this will subsequently increase the money supply.

Risks attached to unconventional measure

Credit easing is an unconventional monetary tool that has been used by the private sector to boost the liquidity. It has been observed that signaling is the practice of utilization of public communication to ease the market that is worried about policy changes (Cecioni, Ferrero, and Secchi, 2011).

This form of unconventional measures becomes mandatory in some times. It is sometimes deemed that is very important to set unconventional measures to manage the market uncertainties (Smaghi, 2009). However there are some risks involved in this unconventional measure.

The major risks are the impediment to the Exit strategy of the company.

In this process of current unconventional policies, sometimes the bank will need to act slowly thereby prolonging the exit strategy of the company. In the second case there is longer holding of the securities that adds to the political burdens of the feds in this process. Generally there is a feeling of general apprehensiveness in the public (Smaghi, 2009). It is also a relatively newer measure and there is a fear about the actual policy implementation of the unconventional measures.

This pressure on the political aspects transcends to the financial policy of the company. In this scenario there is additional pressure to the central banks that causes them higher risk of losing their independence.

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