量化宽松、流动性溢出与新兴市场通货膨胀

全球金融危机愈演愈烈,各国政府使出浑身解数以刺激经济回暖,随着短期利率接近于零,常规货币政策几近失效之时,美、英等发达国家试图通过量化宽松货币政策的实施刺激国内私人部门消费和投资的增长。当国内实体经济无法容纳这部分过剩的流动性时,必然导致流动性溢出,大量国际资本涌入大宗商品市场和新兴市场,催生资产泡沫,给新兴市场国家造成通胀的压力。本文通过新近发展的面板VAR模型分析了量化宽松政策的流动性溢出效应及其对金砖国家物价的影响。

Quantitative Easing,Liquidity Spillover and Emerging Markets Inflation

With the global financial crisis grows in intensity,governments resorted to every means to stimulate economic recovery.with the short-term rates close to zero,conventional monetary policy near the time of failure,United States,United Kingdom and other developed countries trying to implement quantitative easing monetary policy to stimulate the domestic consumption and private investment.When the domestic real economy can not accommodate this part of the excess liquidity,will inevitably lead to lead to liquid...