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Brazil's constitutional limits on the central bank, for example, reflect its history of hyperinflation,
例如，巴西對央行的憲法限制反映了其惡性通貨膨脹的歷史，
when governments resorted to the printing press to finance their populism.
當時，政府求助于印鈔機來資助他們的民粹主義。
And although inflation is now firmly under control in most big emerging markets (exceptions include Argentina, Nigeria and Turkey),
盡管在大多數(shù)大型新興市場（阿根廷、尼日利亞和土耳其除外），通貨膨脹已被牢牢控制，
many of these countries still worry that monetary indiscipline can lead to destabilising runs on their currency.
但其中很多國家仍擔心無紀律的貨幣政策會導致對本國貨幣的不穩(wěn)定擠兌。
QE is also, surely, less needed in the emerging world. In Chile and Peru benchmark interest rates are already about as low as they can go.
當然，新興市場對QE的需求也較少。在智利和秘魯，基準利率已經(jīng)低得不能再低了。
But in most of their peers, central banks still have room to ease monetary policy by conventional means.
但在大多數(shù)同類國家，央行仍有通過傳統(tǒng)方式放松貨幣政策的空間。
In Indonesia and South Africa, for instance, the policy interest rate is still over 4%.
例如，在印尼和南非，政策利率仍在4%以上。
Why then are central banks pressing ahead? They believe their bond purchases serve a distinct purpose.
那么，各國央行為什么要向前推進呢？他們認為，他們購買債券是為了不同的目的。
They are neither an unconventional way to lower borrowing costs nor an illicit one to finance the government.
它們既不是降低借貸成本的非傳統(tǒng)方式，也不是為政府融資的非法方式。
The aim instead is to stabilise financial markets.
相反，其目的是為了穩(wěn)定金融市場。
In Brazil the president of the central bank says its bond purchases will resemble foreign-exchange intervention.
巴西央行行長表示，他們購買債券將類似于外匯干預。
It will not try to peg bond yields any more than it pegs the real. But it will try to smooth out jumps.
它不會像限制現(xiàn)實一樣，限制債券市場利息率。但是它會嘗試消除暴漲。
The South African Reserve Bank says that its purchases are not meant "to stimulate demand", but to ensure a "smoothly functioning market".
南非儲備銀行表示，其買入債券不是為了“刺激需求”，而是為了確保“市場平穩(wěn)運轉”。
In some quarters QE is still a tainted term, associated either with mercantilism, as a weapon in a currency war, or monetary adventurism.
在某些領域，QE仍是一個有污點的術語，要么與重商主義（作為貨幣戰(zhàn)爭中的武器）有聯(lián)系，要么與貨幣冒險主義有聯(lián)系。
But the stigma is fading. Indeed some central banks now say they are doing QE even when they aren't.
這種污名正在消失。一些央行現(xiàn)在確實表示自己正在實施量化寬松政策，盡管他們并沒有這么做。
The Bank of Korea, for example, has resolved to buy unlimited amounts of bonds from financial institutions that promise to repurchase them after three months.
例如，韓國銀行已經(jīng)決定從金融機構購買無限量的債券，這些機構承諾在3個月后回購這些債券。
These "repo" operations amount to collateralised loans, not outright purchases. Few economists would describe them as QE.
這些“回購”操作相當于抵押貸款，而不是直接購買。很少有經(jīng)濟學家會將這種方式描述為QE。
But far from resisting the term, the Bank of Korea has embraced it ("It wouldn't be wrong to say we began quantitative easing," noted one official).
但韓國銀行并沒有抵制這一術語，反而欣然接受了它（一名官員指出，“我們開始進行量化寬松，這么說也沒錯?！保?。
Never in the field of central banking have so many worried so little about buying so much.
在中央銀行領域，從來沒有這么多人對購買這么多債券如此不擔心。
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