目前市场对于美联储“退出”的研究有简单化的倾向,似乎美联储一旦开始收缩购债规模,全球流动性就会马上紧缩,金融系统的风险程度就会明显上升,“狼马上就来了”。事实果真如此吗?我们急需梳理美联储宽松政策退出与新兴经济金融危机之间的关系,来回答四个市场关心的问题:第一,从史实上看,美联储货币政策的收紧是否会导致新兴经济体金融危机的爆发?第二,美联储退出 At present, the market tends to simplify the research on the Fed “Exit ”. It seems that as soon as the Federal Reserve begins to reduce the size of its debt-seeking business, the global liquidity will tighten immediately and the risk of the financial system will obviously increase. " A Is it really so? We urgently need to sort out the relationship between the exit of the Fed’s easing policy and the emerging financial crisis to answer the questions four markets are concerned about: First, from a factual point of view, whether the tightening of the Fed’s monetary policy will lead to a new economy The outbreak of the financial crisis? Second, the Fed exited