美联储退出量化宽松货币政策与金融稳定被引量：7

Tapering of Quantitative Easing and Its Impact on Financial Stability

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摘要美联储货币政策的变化将极大影响全球经济发展和跨境资本流动。本文从历史的角度和美国及其他经济体现实经济状况两个角度分析了美联储退出量化宽松货币政策的前景,认为这一政策是利弊权衡后的现实选择,但是退出的过程将充满风险。随着流动性的趋紧和美元利率的上升,当前国际经济体系中潜在的脆弱性有可能暴露,经济金融危机发生的概率上升。为了应对可能的不利局面,中国应及早练好内功,增强抵御和化解外部冲击的能力。 The US Federal Reserve's tapering of quantitative easing(QE) will have a significant effect on global economic growth and cross-border capital flow.This article analyzes the effect of QE tapering from the perspectives of historical and current economic situation of US and other economies.It concludes that the Fed should have evaluated the pros and cons of tapering before making the decision.However,the process of tapering is fraught with risks.The tightening liquidity and higher interest rates will expose the potential vulnerability of the economic system and increase the probability of a financial crisis.As for China,it's necessary to speed up economic structural reform and establish a more solid financial base to cope with the impacts brought by QE tapering.

作者管涛陈之平

机构地区国家外汇管理局国际收支司

出处《国际经济评论》 CSSCI 北大核心 2014年第6期21-32,5,共12页 International Economic Review

关键词退出量化宽松货币政策金融稳定美联储

分类号 F827.12 [经济管理—财政学]

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