央行行长的诱惑

华盛顿—银行系统已成为大部分央行行长的“阿克琉斯之踵”。这似乎有些矛盾——毕竟,“银行”一词已经描述了他们的指责。但如今,在我们的中央银行占居高位的大部分人是在20世纪八九十年代崭露头角的,当时,通货膨胀是非常现实的威胁,因此,这——而不是银行监管和监督——一直成为他们的主要理论和实践关注点。

此外,在过去五年中,许多央行行长最重要的经验便是需要防止产出的潜在下滑,防止物价下降便是手段之一。他们实现这一目标的方式大体是大量扩张信用,不管这可能对银行部门的结构和激励造成什么影响。

毫不奇怪,今天的央行行长仍然对大型私人部门银行高管毕恭毕敬。央行控制着经济的货币供应,并能通过各种贷款和证券影响利率。但实施贷款操作的是私人部门银行,它们还承担了关于金融市场运行的重要责任。

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