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可持续发展投资

纽约——当今世界经济最令人失望的是投资率低。在2008年金融危机爆发前的几年里,高收入国家的经济增长来源于住房和私人消费开支。危机爆发时,这两项开支都急剧下降,而且本应弥补缺口的投资却从未变成现实。这种状况是必须要改变的。

危机爆发后,全球主要央行试图通过大幅降低利率来恢复就业和支出。上述对策在某种程度上起到了效果。通过让资本市场充斥流动性并人为压低市场利率,决策者鼓励投资者炒高了股票和债券价格。通过资本收益创造出的金融财富在刺激消费的同时——还通过首次公开招股——在某种程度上增加了投资。

但这种政策也已经被用到极限——由此造成的代价同样毋庸置疑。在利率为零甚至为负的情况下,投资者借款的目的高度投机。结果造成投资整体质量下降和杠杆高企。当央行最终收紧信贷,资产价格大幅下跌的风险是真实存在的。

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