Also, if exit occurs by selling the long-term assets purchased during QE, a sharp increase in interest rates might choke off recovery, resulting in large financial losses for holders of long-term bonds. And, if the exit occurs via a rise in the interest rate on excess reserves (to sterilize the effect of a base-money overhang on credit growth), the ensuing losses for central banks’ balance sheets could be significant.
第七，退出QE是个棘手问题。如果退出太慢或太迟，会产生通胀或资产、信贷泡沫。而且，如果退出采用出售QE所购买的长期资产这种手段，会导致利率剧增，打击经济复苏，给长期债券持有者带来巨额金融亏损。另外，如果退出是通过提高额外准备金的利率来实现（以冲销基础货币超发的信贷影响），则会给央行的资产负债表造成严重亏损。