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。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/cxNLnkW/zh;
  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

  3. Donald Trump Saul Loeb/Getty Images

    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

  5. UK supermarket Waring Abbott/Getty Images

    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

    Order now