美国第四轮量化宽松政策及其对中国经济的影响——奥地利学派视角的分析

QE4 in U.S.A and Its Impact on China's Economy:A Perspective from Austrian School

在美国经济增速放缓、失业率高企以及财政悬崖尚未最终解决的背景下,美联储于2012年12月12日宣布推出第四轮量化宽松政策,企图通过货币政策对较长期利率构成下压,支持抵押贷款市场,推行使金融市场环境更为宽松的方式,促进美国经济复苏。然而,美联储量化宽松政策实施的依据和政策方向都存在严重的问题。从奥地利学派的货币观、市场过程理论和商业周期理论来看,量化宽松的货币政策不仅不能取得预期的效果,而且会使得这种政策像吸毒一样上瘾,变得永无止境。美国量化宽松政策对中国经济的影响整体上弊大于利,需适当应对。

Under the background of the decelerating economic growth,high unemployment rate,unsolved Fiscal Cliff in U.S.A,the Fed policy makers announced on December 12,2012,that a fourth round of quantitative easing(QE4) would be carried out so as to attempt that the QE4 could maintain downward pressure on long-term interest rates,support mortgage markets and help to make boarder financial conditions more accommodative in order to lead to American economic recovery.However,there are serious problems in the basis and policy orientation of QE.From Austrian School's theory of money,theory of Market Process and Business Cycle,QE can't attain the results expected,what's more,it will make the policy never achieve its end.QE exerts great influences and challenges on China's economy,so the proper countermeasures are essential to deal with such a situation.