TOKYO – The US Federal Reserve’s gradual exit from so-called quantitative easing (QE) – open-ended purchases of long-term assets – has financial markets and policymakers worried, with warnings of capital flight from developing economies and collapsing asset prices dominating policy discussions worldwide. But, given that most major economies operate under a flexible exchange-rate regime, these concerns are largely unwarranted.
东京—美联储的逐渐退出所谓量化宽松（QE，即无限期购买长期资产）让金融市场和决策者担忧不已，关于资本将从发达经济体外逃、资产价格将崩溃的警告充斥着全世界的政策讨论。但是，大部分主要经济体是在浮动汇率制度下运转的，这些担忧基本上都是无稽之谈。