Janet Yellen IMF/Flickr


伦敦—在普利策奖获奖作品《金融之王》(Lords of Finance)中,经济学家利雅卡特·艾哈迈德(Liaquat Ahamad)讲述了四位央行行长因为坚持金本位而“打碎世界”、引发大萧条的故事。今天的央行行长基本上有了一套新的传统智慧——关于宽松货币政策的智慧。货币决策者会再一次打碎世界吗?


一阶影响显而易见。机构投资者难以在任何传统安全投资中获得正实际收益率。比如,寿险公司为了兑现保证回报率而焦头烂额。据瑞士再保险公司(Swiss Re)的最新报告如果政府债券以接近于“公平价值”的价格交易,2008—2013年美国和欧洲保险公司可以赚得400—800亿美元(假设其50—60%的投资配置给固定收益证券,这也是典型的做法)。对公共退休基金来说,这段时间增加1%的收益率每年能新增收益400—500亿美元。

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