中美货币政策变动与国内资产价格调控

后金融危机时代,美国持续量化宽松货币政策所带来的溢出效应已对中国资产价格调整产生实质性影响;美国货币政策变动后可通过利率和国际资本流入进行传导,能直接引起中国股票市场价格的剧烈波动并间接推动房地产价格的上涨;在中国房地产市场正处于深度调控背景下,美国货币政策的进一步放宽将对中国货币政策的适度紧缩形成强烈制约,使中国资产价格调控面临巨大的风险和隐患。

China and the U.S. Monetary Policy Changes and the Regulation of Domestic Asset Prices

In the post-crisis era,the spillover effects caused by the U.S.continuous quantitative easing monetary policy have brought a substantial impact on the adjustments of China’s asset price.U.S.monetary policy can promote China’s stock price directly and raise its real estate prices indirectly through interest rates and international capital inflows.As the further easing of U.S.monetary policy will strongly restrict the adjustment of China’s monetary policy because the latter’s real estate market is in the depth of control,so the regulation of asset prices in China will face enormous risks and hazards.