CAJ | 학술논문

在2013年6月联邦市场公开委员会会议上，美联储主席伯南克向市场发出了调整量化宽松货币政策的信号。伯南克的这一表态不仅通过预期作用于美国经济的增长路径．也使得以中国为代表的新兴市场国家面临着外溢性政策冲击的风险。本文就当前市场对于关联储退出QE的预期逐渐强化的情势下，美联储将如何选择QE退出的时点和路径．关联储退出QE的后续影响以及对我国影响的传导机制进行了深入探讨，并在此基础上就我国如何化解这一潜在的政策风险提出了相应的对策建议。
재2013년6월련방시장공개위원회회의상，미련저주석백남극향시장발출료조정양화관송화폐정책적신호。백남극적저일표태불부통과예기작용우미국경제적증장로경．야사득이중국위대표적신흥시장국가면림착외일성정책충격적풍험。본문취당전시장대우관련저퇴출QE적예기축점강화적정세하，미련저장여하선택QE퇴출적시점화로경．관련저퇴출QE적후속영향이급대아국영향적전도궤제진행료심입탐토，병재차기출상취아국여하화해저일잠재적정책풍험제출료상응적대책건의。
The Fed Chairman Ben Bernanke sent the signal of adjusting the Quantitative Easing Policy （QEP） at the Federal Open Market Committee （FOMC） meeting on Jun 20, 2013. Such a declaration not only has an impact on the growth path of American economy, but also poses a spillover policy risk shock to emerging market economies like China. As the market expectation of exiting QEP gradually increases, how will the Fed choose the timing and the path of exiting QEP, what are the subsequent influences to the U.S. economy, and what is the transmission mechanism to China？ This paper makes an in-depth exploration to the above issues and offers some relevant suggestions on how China should resolve this potential policy risk.