美国量化宽松政策对金砖四国溢出效应的比较研究——基于SVAR模型的跨国分析

发布时间：2018-03-19 17:34

本文选题：量化宽松　切入点：金砖四国　出处：《财经科学》2014年04期 　论文类型：期刊论文

【摘要】：本文通过构建SVAR模型,对美国量化宽松政策与金砖四国的汇率、产出和通胀之间的动态关系进行了实证检验。结果表明:量化宽松政策的实施推动了人民币的升值,且较之于巴、俄、印三国,该政策对人民币汇率的正向冲击更加明显;量化宽松政策的实施对巴、印、中三国的产出水平构成了负向冲击,同时该政策对中国产出水平的负向冲击更加持久;量化宽松政策的实施对金砖四国的通胀均构成了正向冲击。文章的实证研究结论表明量化宽松政策对金砖四国的汇率、产出和通胀产生了显著影响,但由于四国在经济结构等方面存在差异,这种影响对四国而言也不尽相同。
[Abstract]:Based on the SVAR model, this paper empirically tests the dynamic relationship between the quantitative easing policy and the exchange rate, output and inflation in the BRIC countries. The results show that the implementation of the quantitative easing policy promotes the appreciation of the RMB. Compared with Pakistan, Russia and India, the positive impact of this policy on the RMB exchange rate is more obvious. The implementation of the quantitative easing policy has a negative impact on the output levels of Pakistan, India, and China. At the same time, the negative impact of the policy on China's output level is more lasting; the implementation of quantitative easing policy has a positive impact on the inflation of the BRIC countries. The empirical findings of the paper show that the QE policy has a positive impact on the exchange rates of the BRIC countries. Output and inflation have a significant impact, but because of differences in the economic structure of the four countries, the impact on the four countries is also different.
【作者单位】：南开大学经济学院;
【基金】：全国统计科学研究计划重点项目“流动性的统计测度指标及其与通货膨胀关系的实证研究”(批准号2011LZ052) 中央高校基本科研专项“基于广义流动性视角的中国通货膨胀问题研究”(NKZXB1430)
【分类号】：F827.12;F831;F224

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