美国货币政策的特点及其对全球价格的影响

维持币值和国内价格稳定是美国货币政策的核心目标。美元供应分为国际和国内两部分,因此,美国货币政策的实施效果很可能是国内流动性平衡和国际流动性过剩并存。亚洲金融危机后发展中国家大幅增持美元储备,导致美元超发,国际大宗商品价格持续上涨。此次金融危机后,发达国家债务违约风险凸显,发展中国家增持国际储备的步伐将放慢,从而将使美元全球供应量下降,中期看有利于国际大宗商品价格企稳回落。

Characteristics of American Monetary Policy and Their Influence on the Global Price

To maintain monetary value and the stability of internal price is the core purpose of American monetary policy.Due to the international and domestic supply of dollars,the effect of American monetary policy is probably the co-existence of equilibrium of domestic fluidity and surplus of international fluidity.After the Asian financial crisis,developing countries increased their reserve of dollars,which caused the surplus distribution of dollars and further led to the price hike of international bulk commodities.After this financial crisis,the risk of developed countries’ debt default becomes high,and the developing countries’ reserve slows down;therefore,the global supply of dollars will decrease,which is beneficial to the decrease of price of international bulk commodities.