| After the outbreak of the global economic crisis in 2008,the Fed provided a large amount of liquidity to the global capital market by implementing four rounds of Quantitative Easing monetary policy.As the U.S.economy stabilizes,the negative effects of excessively loose monetary policy on the U.S.economy have gradually emerged.In order to curb inflation in the country and strengthen the international status of the US dollar,the Fed decided to officially announce its exit from quantitative easing monetary policy in October 2014.However,as the world’s largest economy,the exit of the Fed’s quantitative easing monetary policy will inevitably have an impact on the global economy.China,as the world’s second largest economy,and the Sino-US economy are inseparable,is bound to be evacuated by the Fed.With the influence of monetary policy,it is of great significance to explore the impact of the United States exiting quantitative easing monetary policy on the Chinese economy and the degree of impact.This article uses a combination of literature review methods and empirical analysis methods,focusing on the impact of the withdrawal of the US quantitative easing monetary policy on the Chinese economy,and put forward corresponding recommendations on the conclusions obtained.First of all,it collates the related research perspectives of Quantitative Easing related theories and the internationally transmitted channels of quantitative easing monetary policy in the United States,and has a basic understanding of the main viewpoints that the US exit quantitative easing monetary policy has spillover effects on emerging market countries,especially China’s economy..Secondly,it introduces the three mechanisms of the outflow of monetary policy,the Mongolian-Fleming model of China and the United States,and the three channels of the impact on China’s economy.It provides a theoretical basis for the following discussion.Then,using a large amount of data and charts to elaborate the changes in China’s foreign trade,capital flows,and monetary policy from three channels to illustrate the impact of the US exit quantitative easing on the Chinese economy.Finally,according to the three channels,the representative indicators were selected to construct the VEC model.Through empirical methods of impulse response analysis,variance decomposition,and Granger causality test,it was concluded that the US exit quantitative easing monetary policy has promoted China’s foreign trade and increased The outflow of capital in our country and the suppression of the inflow of international capital have promoted the devaluation of the renminbi in our country and suppressed our country’s inflation,which has affected the independence of our monetary policy.Afterwards,in response to the corresponding conclusions,it is proposed that China accelerate the transformation and upgrading of trade,establish new advantages in trade competition,and promote Chinese enterprises to "go global";strengthen the warning and supervision of cross-border floating capital;open up China’s short-term capital account with caution;and strengthen international currency The communication and coordination of policies,and the increase of the innovativeness of monetary policy tools,etc.,provide recommendations for China’s effective countermeasures against the effects of the US withdrawal from Quantitative Easing. |
