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世界经济遭受国际金融危机重创并陷入低迷,许多经济体都试图通过持续宽松的货币政策刺激经济增长。美联储自国际金融危机以来已先后多次实施量化宽松货币政策,频繁通过扩大购债规模向市场注入流动性;欧洲中央银行长期维持较低的基准利率,并启动欧洲版量化宽松政策——直接货币交易计划(OMT);日本为应对经济不景气和长期存在的通货紧缩,长期施行“零利率”政策,向市场空投货币,促使货币竞争性贬值,改善国际贸易条件。
The world economy was hit hard by the global financial crisis and plunged into recession. Many economies are trying to stimulate economic growth through the continuing easing of monetary policies. The Federal Reserve has implemented quantitative easing monetary policy on many occasions since the international financial crisis and frequently injected liquidity into the market by expanding the scale of debt bondage. The European Central Bank has long maintained a low benchmark interest rate and started the European version of its quantitative easing policy, namely direct currency Trading Plan (OMT). In response to the economic downturn and long-standing deflation, Japan has long implemented the “zero interest rate” policy, dropping air currency to the market, devaluing the currency competitively and improving the terms of international trade.