美国量化宽松货币政策对新兴经济体的影响

发布时间：2018-04-30 01:01

本文选题：量化宽松政策 + 国际资本　；参考：《现代管理科学》2017年04期

【摘要】：自2008年底以来,美国联邦公开市场委员会(FOMC)实施了三轮大规模的资产购买计划(LSAP)和国债展期计划。大量的机构抵押支持债券,机构债务证券与长期国债的推出,为全球资本市场注入了大量的流动性。这些资金一部分在美国本土银行体系内循环,降低了美国本土的融资成本;一部分通过利差交易流向全球高风险市场,导致美元全面贬值、全球大宗商品价格飚升、新兴市场资产价格膨胀等。2013年12月美国相继减少证券购买、住房抵押贷款支持证券(MBS)、国债金额,实施5年多的量化宽松政策迎来重要的转折点。量化宽松货币政策退出后,国际资本出现回流,加速了新兴经济体市场泡沫的破灭,有效降低了通货膨胀水平与大宗商品价格,也将新兴经济体的货币政策陷入两难境地。新兴经济体政策当局如何调节市场利率与加强短期国际资本流动管理来调控本国经济是当前宏观调控的核心问题。文章以量化宽松政策的推出与退出为研究对象,侧重分析其对新兴经济体的影响,并探讨新兴市场如何应对量化宽松货币政策的退出,维持本国金融市场与经济稳定。
[Abstract]:Since the end of 2008, the Federal Open Market Committee (FOMC) has implemented three large-scale asset purchases (LSAP) and debt rollover programs. The introduction of a large number of institutional mortgage-backed bonds, institutional debt securities and long-term government bonds has injected a lot of liquidity into global capital markets. Some of this money is circulating within the US home banking system, reducing the cost of financing at home; and some of this money is flowing through carry trades to high-risk global markets, leading to an overall depreciation of the dollar and a surge in global commodity prices. In December 2013, the United States cut back on securities purchases, mortgage-backed securities, Treasurys, and more than five years of quantitative easing to mark an important turning point. The withdrawal of quantitative easing led to a return of international capital, accelerating the bursting of emerging market bubbles, effectively lowering inflation and commodity prices, and putting emerging economies' monetary policy in a dilemma. How to adjust the market interest rate and strengthen the short-term international capital flow management to regulate the domestic economy is the core problem of the current macro-control. Taking the introduction and withdrawal of quantitative easing as the research object, this paper focuses on the analysis of its impact on emerging economies, and probes into how emerging markets cope with the withdrawal of quantitative easing and maintain the stability of their financial markets and economies.
【作者单位】：对外经济贸易大学国际经济贸易学院;中国社会科学院美国研究所;
【基金】：国家社科基金青年项目“要素成本上升倒逼服务业转型升级的机理及对策研究”(项目号:16CJL029)
【分类号】：F827.12;F831

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