令人沮丧的压力测试

佛罗伦萨——

美国银行去年进行了压力测试,这些测试有助于恢复美国的金融稳定、消除人们关于大金融机构会倒闭的忧虑。欧洲银行也进行了压力测试,测试报告将于近日公布,欧洲人希望这次对他们自己银行的压力测试也将产生同样的效果。压力测试结果固然有利于金融行业,但对实体经济却未必是好事。金融危机告一段落了,但经济的整体滑坡时代却刚刚开始。

金融危机对于实体经济的影响有两种。在危机的爆发阶段,出于担心与忧虑,任何机构都不太可能放贷。由于相互缺乏信任,银行之间的交易市场也出现萎缩。在这种情况下,通常只有作为最终贷款人的中央银行才能抵御危机的风暴。

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