亚太经济
亞太經濟
아태경제
Asia-Pacific Economic Review
2012年
2期
21~25
,共null页
货币政策 量化宽松政策 通货膨胀 汇率制度
貨幣政策 量化寬鬆政策 通貨膨脹 彙率製度
화폐정책 양화관송정책 통화팽창 회솔제도
Monetary Policy, Quantitative Easing, Inflation, Exchange Rate Regime
美国2007年年底开始大幅下调利率，2009年以来又采取了量化宽松的货币政策。与此同时，世界各国，尤其是新兴市场和发展中经济体发生了严重的通货膨胀。虽然美国的宽松货币政策确实提高了2008年以来的通货膨胀率，但是却不能解释新兴市场和发展中经济的通货膨胀普遍高于发达经济体的事实。高通胀的原因仍然在于各国国内的高货币供给。
美國2007年年底開始大幅下調利率，2009年以來又採取瞭量化寬鬆的貨幣政策。與此同時，世界各國，尤其是新興市場和髮展中經濟體髮生瞭嚴重的通貨膨脹。雖然美國的寬鬆貨幣政策確實提高瞭2008年以來的通貨膨脹率，但是卻不能解釋新興市場和髮展中經濟的通貨膨脹普遍高于髮達經濟體的事實。高通脹的原因仍然在于各國國內的高貨幣供給。
미국2007년년저개시대폭하조리솔，2009년이래우채취료양화관송적화폐정책。여차동시，세계각국，우기시신흥시장화발전중경제체발생료엄중적통화팽창。수연미국적관송화폐정책학실제고료2008년이래적통화팽창솔，단시각불능해석신흥시장화발전중경제적통화팽창보편고우발체경제체적사실。고통창적원인잉연재우각국국내적고화폐공급。
To avoid the influences which was caused by the subprime mortgage crisis in 2007, the U. S. began to cut interest rates by a large margin in the end of 2007, and adopted the quantitative easing policy to increase the liquidity since 2009. Meanwhile, since 2008, most of countries especially the emerging markets and the developing economies were experiencing high inflation. The existing literatures have ascribed it to the U. S. QE policy. This paper finds that, although the QE policy had indeed raised the inflation rate since 2008, it can not explain the fact that the inflation rate of the emerging market and the developing economies is generally higher than the developed ones. The U. S. easing monetary policy just exacerbated the original inflation, and the root cause of the high inflation lies in too much money which was issued by those countries.
