量化宽松、资本流动与国际间货币政策协调  

Quantitative Easing,International Capital Flows and the International Coordination of Monetary Policy

作　　者：潘成夫[1] 刘刚[1] 

机构地区：[1]广东商学院金融学院,广东广州510320

出　　处：《改革》2012年第4期84-91,共8页Reform

基　　金：国家社会科学基金项目"金融危机下经济政策国际合作与冲突及中国的对策研究"(项目批准号:10CGJ015);国家社会科学基金项目"金融危机后人民币汇率大国博弈及中国对策研究"(项目批准号:11CGJ009)

摘　　要：主要利用美国国际收支(简称BOP)账户、资金流量表等统计数据探讨量化宽松与资本流动之间相互联系。分析表明,国际资本流动与量化宽松之间关系密切,量化宽松是资本流向EMEs的重要原因,反过来资本流动则影响了量化宽松的有效性,量化宽松和资本流动是引发全球货币汇率冲突的关键性因素。各国应通过国际协调促进宏观经济政策的生效和压制冲突,使全球经济得以更加平衡地复苏以压制冲突,而且发达国家应承担更大的调整责任。We discuss the relationship between quantitative easing and capital flows mainly by American international balance of payment （BOP）, statistical data, such as flow-of-funds statements. It shows that： their relationship is close; quantitative easing is a major cause of capital flows, while capital flows is affecting the effectiveness of quantitative easing; lacking of international coordination and unfettered international capital flows are key elements triggered conflict, should bear the main responsibility for the conflict. The world should through suppress the conflict through international coordination, while the U.S. should take greater responsibility.

关 键 词：资本流动 量化宽松 货币政策 新兴经济体 

分 类 号：F831.7[经济管理—金融学]