Comments 4

央行的新俱乐部阶层

Dec 2, 2013 Katharina Pistor

纽约—2007—2008年金融危机爆发时，全球央行在捍卫全球金融系统方面起到了关键作用。它们在私人市场冻结时出手干预，承担了最后贷款人和最后交易人的角色，并提供了额外的流动性润滑金融之轮。

这些央行主要为国内行为人提供服务，但它们的慷慨也惠及了外国私人实体。事实上，就连外国也从央行的互换安排中得到了好处。货币安排使其范围的各国可以无限制地获得各自的货币。这开启了令人担心的先例。

始于2007年的互换安排最初是临时性措施，在美联储、欧洲央行和瑞士国民银行间建立了联系，但每逢新危机动摇市场，这一安排就会扩大一次。但是，最近六大央行宣布将把互换安排永久化。

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Jay Stephens Dec 3, 2013

Great piece. Agree with every word. To some extent I think there may also be a hidden driver here in the form of demand though - those C6 countries include all the markets pushing aggressive, risky products that should've been glass-steagalled away from institutions where their exposure can bring systemic risk (but aren't) so effectively those institutions are pooling their backstop, and extending that backstop to redefine "too big to fail" within a supranational context (i.e. the bailout for the next Lehman Brothers event might draw funds from the EU as well as the US under this model).
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Jason Gower Dec 3, 2013

Excellent piece. So many of the "emergency" measures taken by central banks (above all the Fed) after the crisis have evolved into quasi-permanent structures. It is quite apparent that several of these measures were beneficial in reducing the potentially catastrophic impact of the crisis. However, and as the author adeptly points out, these remain unprecedented/experimental measures in many regards with highly uncertain long-term implications; economically, politically and ultimately socially. Unfortunately so much of what central banks do falls outside of the common knowledge of the general public but this discussion is needed on a global level.
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Lee Adler Dec 3, 2013

Only 7 of the Fed's Primary Dealers are US banks. The rest are European, Canadian, and Japanese. The Fed has been pumping US dollars it creates into foreign financial systems for a long time and nobody seems to care. http://www.newyorkfed.org/markets/pridealers_current.html

http://youtu.be/PQsf3OGET3U
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Lee Adler Dec 3, 2013

The BoE formed a $33 billion swap agreement with the PBoC in June. http://wp.me/p2r1d8-GDF
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央行的新俱乐部阶层

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