取大規模購債的量化寬鬆政策，雖不是靈丹妙藥（It will not be a panacea…），但 是對於促進就業與維持物價穩定仍有很大助益。
多數先進經濟體相信像 QE 這樣極度寬鬆貨幣政策（ultra easy monetary policy）有其好處，到目前為止不僅成功地讓全球經濟及金融體系免於崩潰，更 濟中產生了不善投資或是資源錯置（malinvestments）、限縮了中央銀行的獨立性、
鼓勵政府暫時迴避主權債務問題、造成分配面上的不公平、危及金融機構的健康、
則接下來再發生的經濟或金融危機將會更加嚴重。（White 2012）。
51 根據 2016 年 5 月 2 日南韓中央日報報導，南韓總統朴槿惠有意採取韓國版的量化寬 鬆政策，透過南韓中央銀行向國營銀行購買金融債券，以提供資金協助企業重整。取自：
http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3018183，參考日期 2016 年 5 月 12 日。
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最重要的事：央行、不穩定與避免下一個崩潰（The Only Game in Town: Central Banks, Instability and Avoiding the Next Collapse）所強調的重點在於政治人物們越 來越依賴中央銀行提供的經濟刺激，但也同時失去改革的契機；長久實施的寬鬆 貨幣政策推高了資產價格，卻也造成了財富分配不均；對於金融風險的耐受度，
大於企業願意承擔增加投資的經濟風險。此外，由於長期的高失業率、民眾對政
52 數據資料參閱 Monetary Policy Report to the Congress Submitted pursuant to section 2B of the Federal Reserve Act July 21,2010, P.37
http://www.federalreserve.gov/monetarypolicy/files/20100721_mprfullreport.pdf
53 數據資料參閱 Bank of England, “Inflation Report August 2010”, P.38
http://www.bankofengland.co.uk/publications/Documents/inflationreport/ir10aug.pdf
54 參閱：The Economist（2016）, title of article：Shifting the burden--Central banks need to do less, and politicians more”. Retrieved May 12, 2016, from：
http://www.economist.com/news/books-and-arts/21688836-central-banks-need-do-less-and-p oliticians-more-shifting-burden
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府當局的不信任、未能協調的經濟政策等因素，使得全球經濟正在快速接近 T 字路口，而這也是截然不同的路徑。一邊是邁向更高的經濟成長、降低的金融風 險、降低金融風險和降低不公平現象；另一邊措施的就是朝向錯誤方向進行。這 些逐漸浮出爭點，也是人們對於央行長期刻意營造寬鬆貨幣政策所做的反思。
事實上，在危機發生時，各國央行面臨到是否需要採行非傳統貨幣政策的抉 擇，Yamaoka 與 Syed（2010）提出若央行不伸出援手扮演最後貸款者（lender of last resort）的角色，百年投資銀行宣布破產所衍生出的系統性風險並非當時央行 所能掌握，儘管外界對此有道德風險的疑慮；央行實施量化寬鬆政策時，大規模 購買的資產除了政府公債之外，還包括資產擔保證券、公司債、商業本票甚至不 動產投資信託等，角色又轉換為最後造市者（market maker of last resort），而各 國央行的資產負債表也推升到最高點；隨著金融海嘯逐漸消退，經濟狀況開始回 穩，央行又面臨到是否要退出量化寬鬆的另一項挑戰，深怕重蹈覆轍日本銀行於 2006 年宣布退出量化寬鬆政策後，仍深陷物價緊縮的經濟環境。
對於量化寬鬆政策的論斷其實還言之過早，畢竟金融環境快速轉變，全球經 濟連動更加緊密，央行採行貨幣政策除了遵循傳統理論之外，亦應適時加入新的 元素隨之變動。如同 Bernanke（2014）提及，QE 的問題是摸著石頭過河，而不 是靠著既有理論運作（the problem with QE is it works in practice, but it doesn't work in theory），因此對於量化寬鬆政策之成效與調整，還留待後續進一步研究。
此外對於各國量化寬鬆政策實施後之經濟成效，除了單純就數據觀察之外，建議 後續研究可建構實證模型，以精確了解量化寬鬆政策與經濟成效間之具體因果關 係。
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