欧洲央行的错误武器

布鲁塞尔— 欧元区通货膨胀难以摆脱下降之势,这给欧洲央行造成了极大的压力,它必须得做“一些事”防止日益严重的通缩。“这些事”常常被理解为大规模资产购买,或曰量化宽松(QE)。但QE真能成功吗?

不难预测,这一讨论目前又陷入了国家模式:债权国不反对通缩,因为这增加了它们的投资的价值;而债务国的偿债负担会日益沉重。

在封闭经济中,每一笔债权都必须存在相应的债务。但考虑个体国家:一些国家存在巨大的外债,而另一些维持着巨大的债权。

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