The Time without QE.docVIP

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The Time without QE.doc

The Time without QE   The United States surprised the world once again. On October 29, 2014, the U.S. Federal Reserve announced that it would completely quit the operation after initiating the purchasing of bonds of US$15 billion at the end of that month. This meant that the four rounds of quantitative easing(QE) in the past six years as of the 2008 financial crisis had come to its official end.   The QE left as unexpectedly as it came. But the past six years with QE of the United States was a sight to behold and memorize as it was unprecedented in size, duration and unconventionality.   The QE has made significant contributions to relieving the crisis and promoting the economic recovery. The U.S. Federal Reserve’s implementation of QE serves the core goal of boosting the investment and consumption by lower- ing the actual interest rate related to the economic activities. The QE relieves the financial market from the stress of drying-out fluidity and recovered the banks’ function as the agency. Through buying sovereign bonds and MBS, the Federal Reserve injected a large quantity of fluidity into the market, promoting the fast decrease of inter-bank financing cost and the “de-leveraging” of financial institutions. Meanwhile, the Federal Reserve drove the investors into the market of risky assets, stimulated the assets price in the markets of stock, securities and real estate and provoked the general demand through wealth effect.   However, the QE is believed to have side effect too. It is certain to cause the financial warp and give excessive stimulus to the risky preference. In addition, it has limited stimulus over the credit and increase the potential inflation stress in the future.   The effect of quitting QE means that the U.S. Federal Reserve is going to reinitiate the tight monetary policies. With that change, the emerging countries, which absorbed a lot of global fluidity surplus during the crisis, will see the gradual augmentation of their financial

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