量化宽松下的通胀输出——从美国资本外流的视角

Inflation Export under Quantitative Easing-from the Perspective of Capital Outflow in the US

次贷危机爆发以来,美国大举实施量化宽松政策刺激经济,然而美国的宽松政策并未有效刺激本国信贷增长及投资扩张,却助长了世界范围内的通货膨胀和资产价格泡沫。本文从美国资本外流的角度,分析造成美国与其他国家,特别是新兴市场经济国家通货膨胀出现明显差异的原因,并对新兴市场经济体面临的宏观经济风险提出警示。

After the sub-prime crisis,tremendous private capital flooded out of the United States as US authorities tried to spur the economy by quantitative easing,which helped make international inflation soar and asset price bubble swell.The international economy,especially the emerging markets might suffer terrible downturn if the US capital outflow reversed suddenly.