401kcalculator.org/Flickr

信用之谬大矣

伦敦—2008年前,大部分发达经济体的私人信用增长都快于GDP。接着,私人信用增长崩了盘。私人信用增长的崩盘反映了需求低迷还是供给受限或许是个技术性问题。但答案对决策和经济增长前景具有重要影响。而官方答案可能是错的。

流行的观点通常强调供给受限以及纠正这一问题的政策。该观点认为,受损的银行系统让企业困于缺乏扩张所需要的资金,特别是中小企业。2008年9月,美国总统小布什希望“解放银行以使信用重新流向美国家庭和企业。”

2009年美国银行的压力测试和资本重组随后被称为是银行系统和经济复苏的关键。相反,2010年欧洲央行压力测试不够严厉被广泛指为导致欧元区银行太疲软而无法提供重组信用的原因。

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