美联储和货币战争

纽约—最近,美联储决定实施第三轮“量化宽松”,这让巴西财政部长曼蒂加关于美国在发动“货币战争”的控诉又获得了市场。对于已经深受货币快速升值影响竞争力的困扰的新兴市场国家,最近几周欧洲央行和日本央行的宽松措施已经给它们打了预防针:美国可能也要采取行动了。

我认为,双方都是对的。美联储对在用新的扩张性货币手段刺激美国疲软的复苏。此外,把它用在改善劳动力市场是一个特别重要的步骤,其他央行,特别是欧洲央行,应该效仿美联储的做法。

当然,工业国的货币扩张应该辅之以非紧缩性的财政立场。但发达国家的财政动作的空间比2007—2008年期间小了很多,美国政治僵局也有所深化,这些都排除了通过预算渠道实施进一步刺激的可能。尽管正如曼蒂加所言,新一轮量化宽松的效果会极其有限,但美联储别无选择,只能这样做。

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