英雄或惡棍？聯準會非常規貨幣政策之結構性金融權力觀點

Hero or Hooligan? A Perspective of Structural Financial Power on Fed's Unconventional Monetary Policy

2007-08年爆發全球金融危機後，美聯準會（Fed）實施三輪的量化寬鬆貨幣（QE）政策以支持金融穩定與刺激經濟成長。Fed的QE政策導致美元貶值，這意味持有過半美國債券作為儲備貨幣之外國官方機構Foreign Official Institutions, FOIs），其國債部位將產生巨大之資本損失。強調新自由主義世界秩序重要性之國際政治經濟學文獻，在論述金融全球化時指出，Fed的銀行紓困計畫對其他經濟體形成非意圖性之資本流動的外溢效果。藉由 Foucault 對權力概念之見解，本文主張 Fed為因應金融危機所展現之政策行為，凸顯美國有意識地行使其獨特之「結構性金融權力」來奪取他國財富。本文將焦點置放於美國國債之投資績效上，以便探究Fed的QE政策對世界其他經濟體之影響。透過上述資料分析，本文對以下行為提出解釋：儘管理解美國可能透過通貨膨脹手段來降低其國債價值，為何FOIs仍持續累積以美元計價之債券？

In the wake of the global financial crisis that struck the world in 2007- 08, the U.S. Federal Reserve (the Fed) has undertaken three rounds of quantitative easing (QE) in an effort to sustain financial stability and stimulate economic growth. However, the Fed's QE policy inevitably resulted in dollar depreciation, which means a huge capital loss for foreign official institutions ( FOIs ) since FOIs hold more than half of the outstanding stock of U.S. Treasury securities as official reserve holdings. Existi International Political Economy literature on financial globalization, which emphasizes the mportance of neoliberal world order understanding, suggests that the Fed's bank bailout strategy has large unintended spillover effects on capital flows to other economies. Drawing on Michel Foucault's understanding of power, it can be argued that the Fed's response to the financial crisis highlighted the deliberate and unique “structural financial power” of the U.S. to deprive other countries of their wealth. Accordingly, this paper explores the impacts of the Fed's QE policies on other economies, with concentration on the investment performance of the Treasury securities. In so doing, it hopefully offers an explanation for why FOIs continued purchasing large amounts of dollar-denominated securities in the QE perio despite the fact that the U.S. action would devalue their holdings of Treasury bonds.