量化宽松政策的分化与国际协调

The Differentiation of QE Policy and International Coordination

作为非常规货币政策，量化宽松在金融危机之后登上了主要经济体的经济政策舞台。以美、日、欧为主要代表的发达经济体，在市场持续萎靡的情况下，以印钞机方式向市场注入大量的流动性。但是，除了美国以外，日本和欧元区的经济并没有得到明显的改善。面对不同的经济形势，美、日、欧的量化宽松政策开始走向分化，美国开始逐步退出量化政策。

After the financial crisis,the major economies took unconventional monetary policies to reverse the market downturn and recession.Faced with the long-term stagnation of the economy and the super debt cycle,quantitative easing policies in the major economies have begun to differentiate.The author points out that this change will lead to short-term capital outflow in China,which makes China face the risk of liquidity shortage.Therefore,we should strengthen the coordination of international financial supervision and coordination of macro policies.