Paul Lachine

通货膨胀现在是次要危害

剑桥-现在,是全球主要的中央银行承认突然爆发的温和通胀对缓解当今大规模的债务问题非常有益的时候了。

是的,通货膨胀是有效降低一个经济体中所有非指数化债务的不公平的方法。价格上涨迫使债权人接受以减色货币进行的还款。是的,原则上,应该有一个不需要借助通货膨胀来修正金融体系弊病的途径。不幸的是,人们越仔细地审视其他的选择——包括对银行注资和对住房抵押贷款持有人的直接帮助,通货膨胀对现在的债务问题有所帮助而不是妨碍其解决就变得越清楚了。

现代金融学已经成功创造了一个令人震惊的复杂的内涵机制,以至于它漠视了解决债务问题的标准途径。证券化,结构性融资,以及其他的创新已经使金融系统中的各种参与者交织起来,导致根本不可能一次就能重组一个金融机构。重组金融机构需要从整个金融体系角度来考虑解决方法。

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