【摘要】 2014年以来,中国实行了定向宽松货币政策,与美国量化宽松货币政策形成鲜明对照。研究显示,美国量化宽松货币政策存在两大内生缺陷。一是量化宽松货币政策导致美国联邦储备银行资产负债表急剧膨胀并持续恶化,使美国联邦储备银行自身的营运陷入困境;二是由于量化宽松货币政策传导机制被市场扭曲,美国联邦储备银行只能控制流动性的规模,不能控制流动性的流向,庞大的流动性被市场转化成投机资本,没有进入实体经济,导致量化宽松货币政策基本失灵。相比之下,中国定向宽松货币政策不会恶化中央银行的资产负债表,而且中央银行既能控制流动性的规模,又能控制流动性的流向。因此,中国定向宽松货币政策优于美国量化宽松货币政策。更多还原

【Abstract】 The directional loose monetary policy,with the purpose of stabilizing growth,promoting reform,adjusting the economic structure and improving people ’s livelihood,has been adopted by Chinese government since 2014. It is quite different from U. S. qualitative easing( QE). Our analysis shows that there are two endogenous defects of the U. S. QE:first,it has led to the rapid expansion and deterioration of the U. S. Fed’s balance sheet;second,the Fed can only control the scale of liquidity but not the flowing direction. As we can see,the huge liquidity was transformed into speculative capital and didn’t go into the real economy,leading to failure of QE. On the contrary,China’s directional loose monetary policy did not worsen the central bank’s balance sheet,and the central bank has not only controlled the scale but also the direction of liquidity. So we can say that China’s directional loose monetary policy is better than U. S. QE in this sense.更多还原