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Tim Chan: Hard to Evaluate the Outcome of Quantitative Easing Policies

出自香港新聞網 - 樹仁新傳系學生實習習作

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By Cheng Hon Kwan


25th September, 2012


Tim Chan, the Executive Chief Editor of Hong Kong Economic Journal, said that it is

difficult to estimate the effects of the U.S.' quantitative easing

policies. A third round was launched recently and raised concerns that it could have a negative impact on the economy.


The original purpose of the QE is to rebuild the economy by

large amount of “hot money” afflux in the market. Chan claimed

that it may achieve the goal objectively, since this action is

like “ the meal is treated by the United States but paid by the

world”. He stated that is hard to say that whether the US acts

purposely or not. However, he said that the QE is a mean to

cause other economic systems breakdown, then people may invest

in the US.


Chan said that the QE policies bring huge effect. “Since there

is no interest in the saving, but the inflation rate is actually

more than three percent. The meal we need to pay is about thirty

to forty dollars. We need to pay double,” he said. He said that

it can answer why the fast-food chains, the Fairwood establishes

the meal costs four dollars is popular.


As to estimate the effects of QE1 and QE2 to the stock market,

Chan said that this has argued for a long time.“What does no

effects mean?” Chan asked. He described the relationships

between those QE policies and the market is like the

antihypertensive drug and high blood pressure. “When a person

has high blood pressure, he need to take the pills. Although a

person take the antihypertensive drug do not get well, he can

live. Therefore, it is hard to say it has no effects ”.


He said that the US’s stock market has reached a four year new

high and sold out five millions of iPhone5 as example to show

that the QE policies bring positive effects to the economy.

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