美国量化宽松货币政策退出对发展中国家的影响

The Impact of the USA's Quantitative Easing Monetary Policy Exit on Developing Countries

随着美国经济的复苏,美联储开始考虑量化宽松货币政策的退出。退出路径可能分三个阶段,分别是减少对美国长期国债及MBS的购买、运用常规货币政策工具收缩流动性、出售已购买的长期债券。此次量化宽松货币政策的退出可能会引发发展中国家货币的贬值、通胀压力减小,也将引发资金从发展中国家流出,可能会诱导发展中国家房地产和股市泡沫的破灭,重创实体经济。发展中国家需提高警惕,采取预防措施。

With the American economic recovery, the Fed began to consider withdrawing from the quantitative easing monetary policy. Exit path may be divided into three stages, respectively is the reduction to the America long- term treasury bonds and MBS purchasing, using conventional tools of monetary policy contraction fluidity, the sale of long-term bonds purchased. The quantitative easing monetary policy exit may cause devaluation, inflation pressure re- duction for developing countries, it will also lead to capital outflow from developing countries. Developing countries may be induced by the real estate and stock market bubble burst, hit the real economy. Developing countries need to be vigilant and take preventive measures.