量化宽松、资本流动与国际间货币政策协调

Quantitative Easing,International Capital Flows and the International Coordination of Monetary Policy

主要利用美国国际收支(简称BOP)账户、资金流量表等统计数据探讨量化宽松与资本流动之间相互联系。分析表明,国际资本流动与量化宽松之间关系密切,量化宽松是资本流向EMEs的重要原因,反过来资本流动则影响了量化宽松的有效性,量化宽松和资本流动是引发全球货币汇率冲突的关键性因素。各国应通过国际协调促进宏观经济政策的生效和压制冲突,使全球经济得以更加平衡地复苏以压制冲突,而且发达国家应承担更大的调整责任。

We discuss the relationship between quantitative easing and capital flows mainly by American international balance of payment （BOP）, statistical data, such as flow-of-funds statements. It shows that： their relationship is close; quantitative easing is a major cause of capital flows, while capital flows is affecting the effectiveness of quantitative easing; lacking of international coordination and unfettered international capital flows are key elements triggered conflict, should bear the main responsibility for the conflict. The world should through suppress the conflict through international coordination, while the U.S. should take greater responsibility.