양적완화의 효과

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"양적완화의 효과"에 대한 내용입니다.

목차

1. What is Quantitative Easing (QE)?
2. Effect of the Quantitative Easing (QE) on the financial market and real economy
1) Financial market
2) Real economy
3) Conclusion

본문내용

1. What is Quantitative Easing (QE)?
Quantitative easing (QE) is an unconventional monetary tactic executed by central banks such as the Federal Reserve Bank (Fed) in the United States, in order to increase the money supply and encourage growth as central banks encounter the situation that using the more common policy of lowering interest rates is no longer possible. In economic recession, the steady decline of general level of prices across the economy occurs, which is called ‘deflation’ because the amount of money in circulation is too little. Central banks can deal with deflation by lowering the interest rate charged to banks. However, when interest rate is already approaching zero, designated as ‘zero lower bound’, central banks decides to use QE as strategy instead of ineffective normal open market operations.
With implementation of QE strategy, central banks purchase securities from open market such as bonds and add new money. It influences the economy in several ways; providing money to the seller of the assets, augmenting the price of the assets, reducing the yields of the assets which leads to lowering cost of borrowing money, and increasing money kept by commercial banks. All of these ways aim to and finally result in encouraging businesses and households to invest or consume (spend) / lend more. QE strategy may work throughout whole economy.

참고 자료

김영대; 이지헌, <[Hot News] 한국은행, 사상 첫 양적완화>, 마이더스. Vol. 2020 No. 5 (2020), pg. 84, 2 p.
장민, 한국금융학회, <주요국의 양적완화정책 평가 및 시사점>.
Sarah E.., PhD, <Quantitative Easing>, Salem Press Encyclopedia, 2019, 1p.
이건희, 박우영, 이상호., <제로금리 시대의 상호금융의 전망과 과제>, 한국엔터테인먼트산업학회 학술대회 논문집, 2020, 110-116p.
Jim Chappelow, Investopedia, “Quantitative Easing (QE)”, https://www.investopedia.com/terms/q/quantitative-easing.asp, 2020.06.20.