全球金融灾难复苏

帕洛•阿尔托——随着全球经济陷入衰退与金融危机之中,世界各国的决策人都启动了一系列的回应,包括货币的、金融的与财政方面的。然而,经济仍继续萎缩,失业率仍持续上升,国家财产仍继续下降。

各个国家的政策回应有的适度,有的则过于强烈。中国承诺将国内生产总值的6%做为经济刺激并(主要)用于基础设施的建设;美国则颁布了一个两年计划:共投入8000亿美元的公共开销与退税措施。美联储与英格兰银行都将短期存款利息指标降低到了几乎零利息,并在采纳“定量放松”,也就是说连续不断地进行现金注入。

尽管采取所有这些措施,巨大的超额银行准备金仍是无法借出。在日本“失落的十年”期间,日本银行主要是在购买日本政府的国债,而当时的美联储则在试图为安全性的私人贷款开启次级市场(这在美国是与银行借贷是同等重要的),购买具有财产抵押的有价证券与消费者和商业贷款,以及美国财政部发售的长期国债。英格兰银行也在购买英国政府公债(或称“镀金有价证券”)。而正在强烈关注通货膨胀的欧洲中央银行则回应得更加慢一些。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/i8fPhMU/zh;
  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now