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流动性充裕之中的金融稀缺

发自米兰——利率已经跌至历史最低点,而各大央行又四处大肆收购,世界一时间被信贷所充斥。但矛盾之处则在于,一场国际流动性的危险短缺将令全球经济暴露于风险之下。

 “国际流动性”指的是那些可以用来支付进口账单和偿还外债的,全球通行的优质资产,也是中央银行对外汇市场中进行干预时动用的资产。对国际投资者来说这些就是可靠的保值品。这些资产是金融市场的定价基准,也被广泛接受并作为跨境贷款的抵押物。

总体来说,这些国际资产和流动资产之间的关键区别就是只有前者能被多个不同国家所接受并经常在彼此之间的交易中使用。

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