Bitcoin Vyacheslav Prokofyev/Getty Images

货币空间的野蛮人

香港—眼下,金融市场兴旺发达。因投资者在普遍的不确定性中寻找稳定性,道琼斯工业平均指数、标准普尔500指数和纳斯达克综合指数最近纷纷创出历史新高,新兴经济体金融市场表现也很强劲。但是,这一强劲表现不是基于市场基本面,因此是不可持续的,也是非常危险的。

穆罕默德·艾利安(Mohamed El-Erian)指出,人们没有从2007年金融危机汲取的教训是,当前的经济增长模式“过于依赖流动性和杠杆——先是来自私营金融机构,然后来自央行”。而事实上,当前金融市场表现背后的一个关键因素是人们预期央行流动性还会继续保持充裕。

上个月,美联储决定保持利率不变,此后道琼斯工业平均指数频频创出日内和收盘新高;纳斯达克综合指数也创造了历史新高。目前,金融市场正等待在怀俄明州杰克森霍尔(Jackson Hole)举行的世界主要央行行长会议的信号。

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