超宽松货币实验

发自巴塞尔——世界各国的央行都参与到了一场足以名留当代历史的政策实验之中:超宽松货币。随着实验的不断推进,政策失败——以及随之而来的矫枉过正和深层次经济混乱——的风险都在逐渐增加。

为了应对始于2007年的危机,政策利率被降了到前所未有的低点并维持至今,此外还采取措施大幅削减长期利率。在全球层面上看,这样的事情还是头一次出现,即使是大萧条时期也不曾有过。与此同时,尽管方式不同,所依据的原理也不一样,但许多央行的资产负债表已经扩张到了创记录的水平——这也进一步强调了当前货币宽松政策的实验性质。

这类政策隐含的风险需要经过谨慎的审查,尤其是当前这场实验似乎是在以往那条老路上又迈进了一步——而正是这条路径引发了过去那场危机。

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