New York skyscrapers

国际政策协作的麻烦

博洛尼亚—在经历了30年的间歇后,宏观经济政策的国际协作似乎又回到了决策者的日程当中。原因不难理解:大部分国家增长依然萎靡,许多人担心美联储即将到来的升息。不幸的是,让协作陷入停顿的原因仍然存在。

国际政策协作的黄金时代是1978—1987年,始于1978年波恩G-7峰会,也包括1985年广场协议。但对这些合作的质疑一直存在。比如,德国人后悔在波恩峰会上同意加入了共同财政扩张,因为在通胀肆虐的20世纪70年代末期,再通胀是一个错误的目标。类似地,日本人在广场协议成功地让高估的美元实现贬值后也开始后悔让日元升值。

此外,新兴市场国家在全球治理中的代表力与它们的经济和货币的日益重要的角色并不匹配。这些国家的成功成为国际协作的一大障碍。

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