Not only is QE’s ability to jumpstart crisis-torn, balance-sheet-constrained economies limited; it also runs the important risk of blurring the distinction between monetary and fiscal policy. Central banks that buy sovereign debt issued by fiscal authorities offset market-imposed discipline on borrowing costs, effectively subsidizing public-sector profligacy.
不仅量化宽松政策重启那些饱受危机折磨且资产负债表受制的经济体的能力有限；它还冒着模糊货币政策和财政政策之间区别的重大风险。那些购买由财政当局发行的主权债务的央行逃脱了市场对借贷成本施加的约束，实际上资助了公共部门的挥霍行为。