Quantitative easing in the US cannot have been behind these large swings in global current-account balances, because America’s external deficit has not changed significantly in recent years. This is also what one would expect from economic theory: in conditions approaching a liquidity trap, the impact of unconventional monetary policies on financial conditions and demand is likely to be modest.
美国的量化宽松不可能全球经常项目平衡如此大规模波动的原因，因为在近几年中美国的对外赤字并没有发生大变化。我们也可以从经济学理论中发现这一点：在日益接近流动性陷阱的条件下，非常规货币政策对金融条件和需求的影响是微小的。