But, even in the US and Britain, where capital markets play a much larger role in corporate finance, asset-price inflation did little to encourage consumers to spend or companies to invest. On the contrary, investment in a weak real economy has been far less attractive than the prospect of earning easy money from financial engineering.
对于少数能触及资本市场的欧元区大企业来说，量化宽松确实改善了它们的融资状况。但即便是资本市场在企业融资中扮演着更重要角色的英美两国，资产价格的膨胀也无力去鼓励消费者消费或企业投资。要知道在开发金融产品上赚快钱的前景远比向一个弱势实体经济投资更具吸引力。