央行的新俱乐部阶层

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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