作为全球最大的经济体与全球储备货币的发行国,美国的货币政策具有极强的溢出效应。事实上,自2013年年初以来,关于美联储将在何时、将以何种方式退出量化宽松的预期,已经成为困扰全球金融市场的最大不确定性。美联储主席的更迭,给美联储退出量宽的进程增加了新的变数。美联储退出量宽的行为对新兴市场经济体的 As the world’s largest economy and the issuer of the global reserve currency, the monetary policy of the United States has a very strong spillover effect. In fact, since the beginning of 2013, the biggest uncertainty about the timing of the Fed’s exit from QE has become the biggest uncertainty that plagues global financial markets. The change of the chairman of the Federal Reserve has added new variables to the process of exiting the Fed from being lenient. Fed exited a wide-ranging move to emerging market economies