全球货币政策分化与升级:一个新兴经济体的视角

The Differentiation and Upgrading of Global Monetary Policy: A Perspective from Emerging Economies

国际金融危机后,世界各国货币政策进退维谷,主要表现为货币政策目标迷失、政策工具有效性低、货币政策传导机制不顺畅以及全球货币政策双分化。经济全球化和金融一体化强化了主要经济体货币政策在全球范围内的跨境溢出效应,金融风险上升。无论是发达经济体集体宽松还是宽松退潮,经济韧性不足的新兴经济体均受到一定冲击。在此背景下,新兴经济体应在提高汇率灵活性、对资本流动进行管制、强化宏观审慎管理和货币政策国际协调等方面同时着力,坚持推进国际货币体系改革,为实现经济长期发展创造更为宽松的外部环境。

After the global financial crisis, global monetary policy encountered a dilemma. The target of monetary policy is lost, the effectiveness of policy tools is insufficient, the transmission mechanism of monetary policy is not smooth and the global monetary policy is disintegrated. Economic globalization and financial integration have strengthened the cross-border spillover effect of the monetary policy of the major economies around the world, and the financial risks are rising. No matter the QE or the taper tantrum, the less resilient emerging economies have been subjected to certain impacts. In this context, emerging economies should increase in exchange rate flexibility, control of capital flows, strengthen macro Prudential Management and international monetary policy coordination, at the same time, and promote the reform of the international monetary system, to create a better environment for the realization of long-term economic development.