Janet Yellen Bao Dandan/ZumaPress

美元加入货币战争

纽约—如今,许多发达经济体和新兴市场内需疲软,决策者开始用出口导向型增长提振经济增长和就业。这需要弱势货币以及常规和非常规货币政策实现需要的贬值。

今年年初以来,全球20多家央行在欧洲央行和日本银行的引领下放松了货币政策。在欧元区,外围国需要弱势货币以减少外部赤字和刺激增长。但由量化宽松导致的欧元弱势进一步刺激了去年已经高达GDP的8%的德国经常项目盈余。其他欧元区核心国的外部盈余也在上升,这使得整个货币联盟的总体失衡十分庞大并且不断增加。

在日本,量化宽松是首相安倍晋三的改革计划——“安倍经济学”的第一支“箭”。它让日元急剧贬值,现在正在导致贸易盈余增加。

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