In the eurozone, lower long-term rates for government bonds are thus unlikely to improve the corporate sector’s financing conditions and boost investment demand. By contrast, in the US, a much larger proportion of investment is financed by issuing bonds, which can have a longer maturity than bank loans.
因此，在欧元区，更低的政府债券长期利率无法改善公私部门的融资条件并提振投资需求。相反，在美国，用发行债券给投资融资的比例要高得多，而债券的期限比银行贷款更长。此外，这些债券都用与政府债券收益率曲线的利差定价，这意味着QE对公司融资成本具有立竿见影的效果。