摘要
二次量化宽松货币政策反映了美国"以邻为壑"的政策取向。量化宽松政策所导致的全球流动性泛滥,将迫使他国的货币升值,加大其通货膨胀的压力和资产价格的波动,同时政策本身对美国的实体经济刺激作用有限,反而会加大美国长期通胀预期,动摇美元的国际储备货币地位。作为全球最大的新兴经济体,面对不断流入的美元资金,中国可以将流入的资金按照时间维度和空间维度进行细分,在此基础上利用差异化的治理方式,采取"堵"、"抽"、"疏"三位一体的政策加以应对。
Quantitative easing Ⅱ (QE2) policy of the United States reflects its 'Beggar-thy-neighbor' policy orientation. The global excess liquidity,as a result of QE2,will force the currencies of emerging economies to appreciate,and increase their inflationary pressures and asset price volatility,with limited effect in stimulating its real economy. Instead,it will increase long-term expectation of inflation and undermine the position of U.S. dollar as an international reserve currency. As the world's largest emerging economy facing to the dollar influx,China can take advantage of differentiation in methods,which is calibrated by time and space dimensions,and adopt a trilogy of 'stemming','pumping' and 'dredging' policies to address the challenges arising from the quantitative easing of the US.
出处
《国际展望》
2011年第1期95-106,129-130,共12页
Global Review
基金
上海外国语大学重大科研项目“中外金融风险管理研究”资助,项目号:KX161022
