以邻为壑外汇政策?

日内瓦报道-当瑞士国家银行(简称“瑞行”)最近将利率下调到0.25%,该行宣布其将实行“定额放松”政策,实则是在紧跟美联储与英格兰银行所实行的措施。更让人吃惊的是,瑞行同时宣布其将干涉外汇市场,旨在逆转瑞士法郎的升值问题。在目前这场货币竞相贬值的战争中,瑞行的措施能成为发起攻势的先行者吗?

一贯以来,瑞士的利率就不高。如同其它在经济萧条中抗争的国家中央银行,瑞行将其政策性的利率一路降到零利率下限。一旦出现这种情况,惯常实行的货币政策就无法抵抗危机,因为利率工具不再发挥其作用。

这也是为什么各国的中央银行现在都在想方设法采取新的方法。“定额放松”就代表这样一种尝试。但该措施能够有效地恢复某些货币政策的影响力,还需继续观察。然而,一个重要的问题却很少被提到:在小而开放的经济体(这种描述适合于几乎任何国家,除了美国)中,货币政策的主要渠道是汇率。

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