如何创造货币

柏林/南安普顿—上个月,金砖国家(巴西、俄罗斯、印度、中国和南非)宣布成立它们自己的开发银行,该银行可以减少它们对西方主导的、以美元为核心的世界银行和国际货币基金组织(IMF)的依赖。这些经济体将从货币政策中介(agency)和弹性增加中获益。但它们不能低估发达国家央行最近的货币政策干预所提供的重要教训。

6月,欧洲央行效仿英格兰银行2012年的做法,将“面向实体经济的银行信用”作为新的政策目标。几周后,英格兰银行宣布引入一种形式的信用指引以限制用于房地产资产交易的信用。

2008年金融危机爆发前,所有这些政策都被视为毫无根据的金融市场干预。事实上,2005年,当本文作者之一(沃纳)建议采取这些政策以防止“银行危机重现”时,他遭到了猛烈的批评。

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