美国量化宽松政策的原因及其影响

The Causes and Effects of Quantitative Easing Policies in United States

美国在财政政策和传统货币政策空间有限、国会的贸易保护主义环境和政党竞争激烈的情况下,为了刺激本国经济复苏,采取了量化宽松政策。短期来看对刺激美国经济有一定的作用,但是由于美元在国际货币体系中的中心地位,该政策会加大全球通货膨胀压力、助推大宗商品价格上涨、引起货币竞相贬值和更广泛的贸易保护主义。长期来看该政策增加的流动性大量外流,对美国经济刺激作用有限,并影响美元的地位。因此需要国际社会广泛合作审慎应对该政策的影响。

Under the pressure of trade protectionism in congress and the fierce competition between different parties, U.S. has to adopted Quantitative Easing （QE） policies to stimulate economy to recover from depression with the restriction of adopting fiscal policies and traditional monetary policies. The QE policies will do some help to economic recovery of U.S. in short-term. However, because U.S. dollar is the core of international monetary system, QE polices will add the pressure of global inflation, make bulk commodities prices rising, and cause many currencies com- petitive depreciation and wide trade protectionism. In long-term, the policies will not be as good as it is expected to economic recovery because of the liquidity outflow from U.S. and will damage U.S. dollar status in international monetary system. Therefore, it requires international cooperation to cope with the affects of the policies.