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论文作者:英语论文网论文属性:作业 Assignment登出时间:2014-08-18编辑:yangcheng点击率:5919
论文字数:1899论文编号:org201408181724303911语种:英语 English地区:美国价格:免费论文
摘要:本文是一篇通过量化宽松政策,可以使经济摆脱通货紧缩从而避免越来越高的通胀。量化宽松政策需要监测和管理。英国和美国正在大尺度的使用量化宽松政策。这篇文章着重分析了量化宽松政策对英格兰银行和对全球贸易的影响。
After implementing QE, equity prices appreciated by over 50%, and corporate bond yields fell over 400 basis points. These variations have been vital for the economy. When asset purchases begun a year before, predictions of such outcomes would have been more than welcomed.
These movements coincided with raking up in global financial markets, which further complicated the task of specifying the UK based effects. However, it is imperative to gauge this global rally with respect to similar policies adopted by the central banks of various important countries – the interest rated were drastically slashed and the balance sheets in many countries was grossly expanded. The fact that UK capital market movement coincided with the global market movement in this period definitely implies that the domestic policy adopted had an impact.
Three major outcomes of QE was through firstly a portfolio rebalancing act because both institutional and retail investors were opting out of gilts into alternative assets, e.g. corporate bonds and equities. Secondly through enhanced market liquidity aided by acquiring more commercial paper and corporate bonds. And thirdly through their impact on expectations as acquiring more assets clearly showed the government’s commitment to act which boosted confidence in the economy and reduced the chances of another fall in asset price.
A year back when QE was implemented, its success depended on whether monetary injection and increased asset prices would enhance nominal spending resulting in the 2% inflation target for medium term.
RISK OF QUANTITATIVE EASING
The main reason for failure of quantitative easing is continuation of recession despite of adding money into the system. Though Bank of England has put money into the system, but if doesn’t result into the higher spending (Flanders, Stephanie, 2009). If bank is reluctant to lend money and consumers being risk averse in unstable economic condition by not spending money and saving more. As per the theory, MV=PT, rise in money leads to fall in V (circulation), leads to no benefit. This situation could lead to another round of QE i.e. putting more money into the system.
Putting more money could leads to higher inflation. QE is to take company’s economy out of deflation spiral; this is done by creating inflation pressure. A small inflation is good but high inflation is disastrous (Andrew Oxlade, 2009). Inflation risk is mitigated if the economy growth outpaces the increase in money supply.
Bank of England will face losses because of success of QE. Low yields of the assets purchased will give losses when the economic activity is resumed. Therefore BOE has to obtain an indemnity from treasury to purchase t本论文由英语论文网提供整理,提供论文代写,英语论文代写,代写论文,代写英语论文,代写留学生论文,代写英文论文,留学生论文代写相关核心关键词搜索。