美国量化宽松政策退出前景及其对新兴市场的影响

Prospects of the U.S. QE being out and its impact on emerging markets

当新兴市场投资者为“飞来横财”欣喜不已的同时，人们不禁要问：发达国家量化宽松政策前景究竟如何？其政策退出对于新兴市场到底有什么影响呢？

On September 18, the Federal Reserve announced unexpectedly that a monthly $85 billion asset purchase quantity remains the same.Right now, the Fed is buying$85 billion in Treasuries and mortgage-backed securities each month. Since 2009, quantitative easing(QE) by the US Federal Reserve has resulted in record low interest rates around the world. But, while the resulting surge in capital flows to emerging markets stimulated economic growth, it also inflated asset bubbles. Now, with the Fed publicly considering an end to its massive, open-ended purchases of long-term securities and foreign capital fleeing home from emerging markets, someone even fears that emerging markets' economies could come crashing down, as they did in the late 1990s. Leverage in some emerging markets' household and corporate sectors has reached record levels.