摘要
2008年金融危机之后,西方主要发达国家相继推出了量化宽松货币政策,一方面对严重受损的金融体系进行紧急救助,防止出现系统性风险,另一方面实现对经济的扩张性作用,防止经济陷入衰退。量化宽松释放了大量的流动性,成为全球金融体系的不稳定因素。当前全球经济增长乏力,贸易保护主义抬头等问题伴随量化宽松带来的不确定性,给世界经济发展蒙上了阴影。鉴于量化宽松的重要性,本文将在传统货币政策的基础上,对量化宽松政策的理论基础、传导机制及有效性等方面的研究进行梳理,并在此基础上着重总结了量化宽松实施和退出所带来的溢出效应及对中国的影响等方面的相关工作,并在总结基础上提出了政策建议。
After the breaking out of financial crisis in 2008, the major Western countries have introduced Quantitative Easing monetary policy to provide emergency salvation to the severely damaged financial system and prevent systemic risks. Another purpose of Quantitative Easing is to achieve expansionary effect on the economy to prevent the recession. Quantitative Easing has released a mass of liquidity, and instability is accumulated within the global financial system. The weak growth of the global economic, rising of trade protectionism and other issues associated with Quantitative Easing bring uncertainty to the world economy and cast a shadow over the development. Given the importance of quantitative easing, the theory, effectiveness and the transmission mechanism of the Quantitative Easing are sorted out. Based on this, we focus on the spillover effect of Quantitative Easing and it's quit to the emerging market economics, especially to China. At last, the policy recommendations are put forward.
出处
《浙江社会科学》
CSSCI
北大核心
2016年第11期143-150,161,共8页
Zhejiang Social Sciences
关键词
量化宽松政策
量化宽松
有效性传导渠道
溢出效应
Quantitative Easing Monetary Policy
implementation and quit
effectiveness of QE
transmission channel
spillover effect