遏制竞争性货币宽松

孟买—随着世界从全球经济危机中艰难复苏,许多发达国家在危机伊始采用的非常规货币政策获得了广泛接受。但是,在那些债务高企、政策存在不确定性或者内需受结构性改革束缚的经济体,有一个问题需要问问:这些政策的国内益处是否能抵消对其他经济体的溢出效应。

更严重的问题是,忽视溢出效应可能导致全球经济走向危险的非常规货币以牙还牙之路。为了确保稳定、可持续的经济增长,世界领导人必须重新考察货币博弈的国际规则,发达和新兴经济体应该采取更具共赢性的货币政策。

平心而论,量化宽松(QE)等非常规政策起到了作用;当市场发生崩溃、功能基本失调时,央行需要创新思维。事实上,2008年美国投行雷曼兄弟倒闭后所立刻采取的许多措施是非常正确的,尽管当时的央行并没有指导原则可以遵循。

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