量化宽松货币政策的理论、实践与影响

Quantitative Easing Monetary Policy:Theory,Practice and Impact

全球金融危机已使全球经济陷入衰退,为应对危机各国央行不断降息。随着短期利率接近于零,美、日、英等主要国家的央行转而求助于"量化宽松货币政策",即通过购买长期国债等方式向经济注入巨量的流动性。全球大规模采取量化宽松政策在历史上尚属首次,对世界经济和中国经济都将产生难以估量的影响,对此有必要进行深入的分析。为此,本文在对量化宽松货币政策的理论基础进行分析的基础上,进一步研究了日本量化宽松政策实践的经验与教训及其影响,并提出相应的政策建议。

Sweeping global financial crisis has dragged the global economy into recession; in response to the crisis, central banks continue to cut interest rates. With the short-term interest rates close to zero, the central banks of United States, Japan, United Kingdom and other major countries resorted to ＂quantitative easing monetary policy＂ , that is, through purchase of bonds, etc., injecting massive liquidity into economy. It＇s the first time in human being history that large-scale quantitative easing policy is taken globally. It will exert inestimable impact on the world economy and China＇ s economy, and an in-depth analysis is in badly need. For this reason, the theoretical basis, practices and impact of quantitative easing are analyzed, and policy recommendations are proposed.