china stock market plunge Zhengyi Xie/ZumaPress

市场操纵全球化

纽黑文—市场操纵已经成为全世界政策圈的标准操作流程。如今,所有人的目光都集中在中国如何处理股市大泡沫的破灭。但中国当局的措施并不独特。西方主要经济体无不做着同样的事情——只不过用不同的外衣掩饰操纵之实而已。

以量化宽松为例。先是本世纪初的日本,然后是2008年的美国,再然后是2013年日本再次动用量化宽松,现在则轮到了欧洲。在所有这些例子中,量化宽松本质上都是操纵资产价格的大动作。它主要通过央行直接购买长期主权债券、从而降低长期利率、反过来再让股票更有吸引力起作用。

以量化宽松的方式进行市场操纵是否完成了目标——为饱受危机冲击、依赖资产的经济提供刺激——仍有待争议:毕竟,目前发达世界的复苏相当萎靡。但这并没有阻止当局继续尝试。

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