CAJ | 학술논문

尽管美联储近期宣布将逐步退出量化宽松货币政策（Q E），但本文研究认为，美联储 Q E在未来将成为常态化，我们的判断依据是：1.美国联邦政府债务危机的持续恶化--QE 常态化的现实需要；2.QE 具有短期有效长期负面的特征--QE 常态化的效应依赖；3.美联储对传统职能与规则的突破--QE常态化的制度支撑；4.美元霸权体系的存在--Q E 常态化的货币支撑。量化宽松常态化将对中国经济社会带来全方位的影响，为应对量化宽松常态化的冲击，本文提出了七个方面的应对举措。
진관미련저근기선포장축보퇴출양화관송화폐정책（Q E），단본문연구인위，미련저 Q E재미래장성위상태화，아문적판단의거시：1.미국련방정부채무위궤적지속악화--QE 상태화적현실수요；2.QE 구유단기유효장기부면적특정--QE 상태화적효응의뢰；3.미련저대전통직능여규칙적돌파--QE상태화적제도지탱；4.미원패권체계적존재--Q E 상태화적화폐지탱。양화관송상태화장대중국경제사회대래전방위적영향，위응대양화관송상태화적충격，본문제출료칠개방면적응대거조。
The Fed recently announced it will gradually withdraw from quantitative easing monetary policy (QE), but we think QE will become normalized in the future. The reasons are as follows: first, the federal government’s debt crisis deterio-rated continuously, entailing substantially a normalization of QE. Second, QE is effective in the short term but negative in the long term, effecting dependently its normalization. Third, the Federal Reserve System has broken through the traditional func-tions and rules, thus getting institutional support for such normalization. Fourth, there remains a dollar’s hegemony system, hence monetary support for QE normalization. The normalization of QE will have an all-around influence on China’s econo-my and society. To cope with the shock from normalization of quantitative easing, this paper discusses seven countermeasures.