美联储量化宽松货币政策的退出及其对中国的影响  

The Exit Strategy of Fed Quantitative Easing Monetary Policy and Its Effect on China

作　　者：谭小芬[1] 

机构地区：[1]中央财经大学金融学院

出　　处：《国际金融研究》2010年第2期26-37,共12页Studies of International Finance

基　　金：教育部人文社会科学青年项目(08JC790108);教育部"国际金融危机应对研究"应急课题(2009JYJR001);中央财经大学211工程三期科研基金项目的资助

摘　　要：次贷危机后,美联储采取了一系列非常规货币政策向金融系统注入大量的流动性,金融市场在大规模流动性支持下开始企稳。随着金融市场功能的逐步恢复,经济复苏迹象显现,如果美联储不能有效地控制资产负债表规模和及时收回流动性,通货膨胀和资产价格泡沫可能卷土重来。本文通过分析量化宽松货币政策的实质和效果,研究退出的时机和退出的路径,并指出退出过程中可能存在的风险,展望美联储货币政策的调整对中国经济产生的影响和冲击。After the sub-prime crisis, the Fed has taken a series of unconventional monetary policy to inject a lot of liquidity into the financial system. Under the large-scale liquidity support, financial markets began to stabilize. As the functions of financial markets gradually recover, the signs of economic recovery appear. Inflation and asset price bubbles may come back if the Fed can not effectively control the size of the balance sheet and draw back the liquidity in time. The question when the Federal Reserve will begin to withdraw and how to withdraw from the quantitative easing monetary policy aroused extensive attention. This paper analyzes the substance and effect of the quantitative easing monetary policy, studies when and how to exit, and points out possible risks in the exit process Finally, the paper examines the impact of the adjustment of Fed monetary policy on China＇s economy.

关 键 词：量化宽松货币政策 资产负债表 退出策略 短期资本流动 人民币汇率 

分 类 号：F831[经济管理—金融学]