外文翻譯---復(fù)蘇模式：中國(guó)應(yīng)該對(duì)美國(guó)的量化寬松政策感到擔(dān)心嗎(編輯修改稿)
2025-06-26 10:04 本頁(yè)面
【文章內(nèi)容簡(jiǎn)介】 the same if there is a QE3. Experts are divided whether such concerns are justified. Tian Suhua, an international economics professor at Shanghai Fudan University, notes that the effect of QE2 has been greater than QE1. “The first round of QE only affected China through the trade channel, while in the second round, the ability of . banks and mortgage panies to issue credit was strengthened, so the effect on China was amplified by the money multiplier,” he says. The QE239。s primary effect is political, counters Charles Freeman of the Center for Strategic and International Studies, a Washington, public policy research center. “It is causing a lot of nervousness in Beijing about the longterm policy of the Fed [concerning] the dollar, and the Chinese administration is worried that the . will pursue a longterm weak dollar policy, says Freeman, a former assistant . trade representative for China affairs. Recently, China stepped up pressure on the Treasury and the Federal Reserve by asking for reassurance that QE is only a shortterm exercise.” Philip Swagel, former assistant secretary for economic policy at the Treasury Department in the . and professor of international economic policy at University of Maryland, agrees that the economic impact of QE2 in general, and on China in particular, has not been as dramatic as it is often made out to be. “Chinese rhetoric is off the mark,” he says. ““QE2 is mainly a signal that the Federal Reserve will not allow deflation and would act in greater strength had the economy not rebounded. In the end, it will have a modest effect on the domestic economy and the international spillover is also modest.” Inflation and Aggravation Yet even relatively small, the spillover es at a sensitive time for many economies, including China39。s. Zheng Hui, finance professor at Shanghai Fudan University, says that since the first two rounds of quantitative easing, more . dollars have been circulating in world markets, weakening the value of the dollar against other major currencies. Given that international modities are priced in dollars, he says, everything from oil to sugar has bee more expensive. In March, for example, the FAO Food Price Index a measure of the monthly change in the international prices of a basket of food modities averaged 230 points, down % from its peak in February, but 37% above March last year. Oil, meanwhile, hit $120 a barrel the highest level in more than two years though the turmoil in the Middle East and North Africa is the big factor influencing oil prices currently. Noheless, Zheng isn39。t alone in underscoring the extent to which acmodative policies, such as the Fed39。s, should shoulder some of the blame for the rise modity prices. As a report by the Bank of Japan notes, “Globally, acmodative moary conditions have played an important role in the surge in modity prices, both by stimulating physical demand for modities and by driving more
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