发达国家量化宽松货币政策对我国外贸和跨境资金流动影响的定量研究

Quantitative Study on the Effect of Quantitative Easing Monetary Policy in Developed Countries on China's Foreign Trade and Cross-border Capital Flow

本文在对主要发达国家量化宽松货币政策比较和传导机制分析的基础上,建立向量误差修正模型定量研究其对我国外贸和跨境资金流动的影响,实证结果表明,美国量化宽松政策对我国经济影响最大,在短期内会对我国出口产生负面影响,而欧洲和日本量化宽松政策对我国的影响相对较小。

In this paper, we compare and analyze quantitative easing monetary policies and transmission mecha- nism in different major developed countries. Then we establish a VEC model to study these policies＇ effect on our for- eign trade and the cross-border capital flows. The empirical results show that U.S. QE policies have the greatest impact on our countries＇ economy, the impact of European and Japanese QE policies on our countries＇ economy is relatively not so great.