保持金融抑制?

伦敦—金融抑制的定义不一而足——抑制者与被抑制者看到的东西往往不一样。但金融抑制通常包括保持利率低于正常市场水平,牺牲储户让借款人得益。借款人通常是政府,在许多新兴经济体,国家给储户的利息低得可怜,以此为自己的铺张浪费筹集资金。

但在过去七年中,自发达国家央行将基准利率削减至近零水平以来,我们看到第一世界也开始了金融抑制。瑞士再保险公司(Swiss Re)的一篇最新研究报告研究了谁是这一政策的赢家和输家,并质疑美联储、欧洲央行和英格兰银行等机构所采取的政策的可持续性。

报告的观点是,极度宽松货币政策的公开动机可能是阻止通缩,在需求疲软时刺激经济增长,但低利率也有助于政府以非常低的代价为其债务融资。此外,激进宽松已经进入了第八年,意料外的后果开始显现——主要有资产价格泡沫、经济不平等性加剧(富裕投资者牺牲小储户获得股票收益)、未来高通胀风险等。

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