The Impact Of Quantitative Easing Monetary Policy On China’s Monetary Policy In The United States、Japan And Europe

Since the economic crisis of 2008 and headed by the United States of the major economies have implemented quantitative easing monetary policy response to the crisis at home, so that the global economic and monetary system has undergone earth shaking changes. The United States, Japan and the euro area as the world’s most powerful economies and the international reserve currency issuing country(or region) and their implementation of the quantitative easing monetary policy not only to domestic economic produced important influence, will be through the monetary policy conduction pathway produce spillover effects, the effects of the policies of other countries choose. Under the background of global quantitative easing, the development foreground of the world economy is full of variable, and the uncertainty is increasing. In addition, the United States,Japan, the euro area and China as an important member of the world trade stage, each other as an important partner, close economic and trade exchanges between each other. The monetary policy of the United States and Japan is bound to have an important impact on China through the monetary policy transmission channels, the independence of China’s monetary policy will be affected.The under the background of global quantitative easing, in this paper, based on quantitative easing monetary policy research at home and abroad. Firstly, the thesis introduces the theoretical basis of quantitative easing monetary policy and monetary policy transmission, secondly, specific analysis of the United States, Japan and Europe, the three economic body of quantitative easing monetary policy implementation and adjustment process, and from the aspects of the background of the implementation of adjustment measures and implementation effect of the comparative analysis. Then analysis the effect of three major economies, the implementation and the adjustment of the quantitative easing monetary policy on China’s monetary policy from two aspects of theory and practice, the empirical analysis using vector auto regression error correction model(VEC) model to analyze the effect of the States, Japan and the euro area to quantify loose monetary policy implementation and adjustment of monetary policy in China. Analysis results show that Japan and Europe and the United States quantitative easing monetary policy on China’s monetary policy have significant impact, and the conduction through the broad money supply(M2), real effective exchange rate and interest rate, this paper in the last part proposed powers to deal with the monetary policy Spillovers of policy recommendations.