Bank of Japan Governor Haruhiko Kuroda BEHROUZ MEHRI/AFP/Getty Images

央行基调依旧

伦敦—具系统重要性的央行在2018—2019年纷纷“换帅”,这标志着货币政策新时期的开始。谁会成为这一向“新常态”的转型的领导者?更重要的是,新常态到底会有多新?

全球金融危机爆发十年来,发达国家央行采取了前所未有的积极的货币政策。日本银行的黑田东彦和欧洲央行的至今仍保持着德拉吉这一政策,以刺激经济活动、抵消通缩压力。相反,美联储在前任主席耶伦(Janet Yellen)、英格兰银行在卡尼(Mark Carney)的领导下,一直在为政策“正常化”奠基。

另一家具系统重要性的央行中国人民银行的主要关注点不是货币扩张,而是金融改革。前中国人民银行行长周小川在其创纪录的15年任期中,在国内(或许国际上影响更大)打造了强势的形象。尽管中国人民银行没有正式独立,这意味着周小川制定利率的权力需要受到15名货币政策委员会委员的约束,但这并没有影响到周小川为与世界最大经济体相匹配的金融业奠定基础的能力。

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