美国量化宽松政策对东亚资本流动的影响

Impacts of US Quantitative Easing Policy on East Asian Economies:From International Capital Flows Perspective

美国金融危机爆发之后,美联储已推出四轮量化宽松政策。量化宽松政策在稳定美国经济与金融形势的同时,也通过国际资本流动对其他国家带来负面溢出效应。前两轮量化宽松政策确实促进了国际资本流入东亚经济体,并带来货币升值、资产价格泡沫等负面影响。考虑到第四轮量化宽松政策"无限量"特征,东亚经济体将会面临更大挑战。东亚经济体可采取资本流动管理措施、汇率干预等手段进行应对。

After the outbreak of the U. S. financial crisis, the Fed has launched four rounds of quantitative easing （QE） . Quantitative easing policy can not only help stabilize the US economy and financial system, but also bring negative spillover effects on other countries via international capital flows. From the East Asian perspective, the first two rounds of quantitative easing policy does promote international capital flows to East Asian economies, and bring the currency appreciation, asset price bubbles. Taking into account the fourth round of quantitative easing policy＇s ＂unlimited＂ features, the East Asian economies will face greater challenges in future. Against this background, the East Asian economies can take measures such as capital flows management measures （CFMs）, exchange rate intervention and other means to cope with this difficult situation.