Under conventional quantitative easing (QE), the central bank buys government securities from banks or corporations and relies on the extra cash that it “prints” to stimulate private spending. But studies suggest that much of this money goes into speculative activity, risking asset bubbles, rather than being channeled into productive investment.
“人民的量化宽松”是比较非正统——也比较有趣——的观点。在传统量化宽松下，央行从银行或公司买入政府债券，并依靠它所“印”的新增现金刺激私人支出。但研究表明这笔资金大量流入了投机活动，有可能引起资产泡沫，而没有被引入生产性投资。