本·伯南克的全球遗产

华盛顿—世界仍在艰难地消化艾伦·格林斯潘在1987—2006年美联储主席任上所留下的遗产。因此,现在就对他的即将卸任的继任者本·伯南克盖棺定论还为时尚早。但伯南克及美联储在他任职期间——亦即国内经济弱势演变为美国全球领导力的相对萎靡期间——所扮演的关键的国际角色不应该被忽视。

在过去的五年中,世界被危机困扰,美联储通过两种方式影响了世界经济:积极地买入长期资产——所谓的量化宽松(QE);以及很大程度上被忽视的提供国际流动性。我们来逐一考察。

不管QE对美国经济形成了什么影响,其对世界其他部分的影响总的来说是温和的。第一轮QE毫无疑问利大于弊,因为它最小化甚至消除了2008年9月雷曼兄弟公司倒闭后全球萧条的尾部风险。

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