The Research Of Policy Mix Of China And Us To Cope With The International Financial Crisis

Since the outbreak of the U.S.subprime mortgage crisis in early 2007,and then evolved into the international financial crisis in 2008,the deep impact of the crisis spread from the U.S.financial sector to real economy of the whole world.To cope with this situation,all the countries has jointly issued a series of policy mix to resist the further spread of the crisis,it is pleased to see that today,the policy mix from the world's major economies exert its effect,which gradual eliminates the deepening hazard of the crisis,and the world economy shows a staged recovery.But due to the economic recovery showing uneven trend,coupled with the debt crisis in Europe,the United States "fiscal cliff" and global inflation risks,the trend of world economic recovery seems weak and highly variable.Based on this background,in the case of continuously strengthen economic integration and financial globalization,choosing China and the United States as example,comparatively studying of the program of policy-mix to cope with crisis and testing its effect from this two big countries and to further analyze the experiences and lessons learned in the U.S,policy mix and to explore China's macroeconomic policy mix effective improvement path have important theoretical value and practical significance.The dissertation starts with the definition of the concept relative to the international financial crisis,and then reproduction of the whole process of the contemporary international financial crisis from the outbreak to the harm and to the gradual recovery benefited from the national introduction of policies,and then carefully comb through the concepts and theories system of the macroeconomic policy mix.The full text of the study is divided into two main lines of the United States and China,both having parallel regions and staggered contrast.At first,it analyses the motive of the United States policy response to the international financial crisis.Driven by the strong policy motivation of increasing employment,price stability,promoting economic recovery and maintaining dominance,the U.S.government,the Federal Reserve and the Treasury Department issued a series of policy tools,including monetary and fiscal policies,and maintained free-floating exchange rate system to deal with the crisis.Secondly,in exactly the same logic,the paper reviews the facts of Chinese response to the contemporary international financial crisis.Driven by motivation for maintaining economic growth,increasing employment,price stability and promote economic structural adjustment,China also rapidly introduce a large number of policy instruments related to fiscal and monetary policy under the stable RMB exchange rate policy.Based on the fact that theoretically exploring Chinese and US policies responding to contemporary international financial crisis,the paper implement an empirical test on the policy mix effect.By building factor-augmented vector auto-regressive model(FAVAR),it carries out an empirical study respectively on the US and Chinese policy mix effects coping with the contemporary international financial crisis.The results show that it is the monetary policy to contribute most to economic recovery and the employment rate increasing inside the US policy mix,then the exchange rate policy,and the fiscal policy effect is not obvious.In contrast,Chinese empirical result shows almost the opposite one.During the policy mix effect in response to the crisis,first of all,on behalf of the common factor of the exchange rate policy can not be extracted;secondly,fiscal policy and monetary policy have lag effect in stimulating economic recovery;finally,fiscal policy contributes great to stimulating economic recovery,but the effect of monetary policy is relatively weak.Corresponding empirical test results lead to the thinking of reality is the most important key in this consideration,this paper further analyzes and summarizes the worth-learning experiences and thought-provoking lessons immediately followed the empirical test results of the United States;and also comparatively analyses the existing problems in Chines policy mix to the crisis.To the end of the paper,on the basis of comprehensive consideration of the theoretical analysis and empirical test results of Chinese and US policy-mix respond to the international financial crisis,it suggests to build the financial crisis defense system with the internal financial "firewall" and external financial "safety net" to deal with the crisis.Specifically,the whole system contains three parts,the construction of basic environment and basic tools as the core,the reform of the policy-mix and the coordination and cooperation of the international policy-mix.The paper is to seek Chinese economy restructuring,and can really play all kinds of macroeconomic policies with an effective role in regulating sustainable economic development under a favorable international environment of the steady and healthy growing world economy.