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。

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