Richard Haass
explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more.
If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
Although Silicon Valley Bank was not deemed to be systemically important, its insolvency forced the US Federal Reserve to head off systemic contagion and exposed the inadequacy of the FDIC’s partial deposit insurance regime. The financial-stability framework adopted after the 2008 crisis obviously needs another overhaul.
considers what the bank’s failure should mean for the current financial-stability framework.
密歇根,安阿伯尔-当今的国际货币基金组织(世界银行在某种程度上也是如此 )令人想起塔列朗(Talleyrand)对法国波旁王朝国王们的描述:什么都没有学会,也什么都没忘记。当美国这样的富裕国家因为全球金融危机而使其财政赤字达到GDP的12%时,国际货币基金组织却告诉像拉脱维亚和乌克兰这样的国家,如果想得到国际货币基金组织的援助,就必须平衡其国家预算——这些国家还没有陷入经济危机,但是已经向国际货币基金组织请求帮助对抗经济危机了。
如果全球经济环境不是如此严峻,就连曾经发誓再也不向国际货币基金组织借款的国家,都恭敬地来到它的门前,那么,这样的伪善就是非常可笑的。阿根廷的一些主要经济学家用论证世界上现在有一个“奥巴马国际货币基金组织”的方式——这个国际货币基金组织可能比“布什国际货币基金组织”更友好,更关注当地问题——来证明这些国家态度转变的正当性。但是,正如国际货币基金组织在拉脱维亚和乌克兰的项目所表明的那样,“奥巴马国际货币基金组织”和“布什国际货币基金组织”间的主要区别,不值一提。
虽然,国际货币基金组织主席多米尼克•斯特劳斯-卡恩(Dominique Strauss-Kahn)在最近呼吁世界各国对日益恶化的经济衰退作出财政回应,但是,国际货币基金组织现在会抛弃其长期强调的削减政府开支、紧缩银根以及全面紧缩政策吗?这些政策——根据许多发展经济学家的观点——弊远远大于利。国际货币基金组织和世界银行真的愿意重新思考它们的失败的政策吗?
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
Subscribe
As a registered user, you can enjoy more PS content every month – for free.
Register
Already have an account? Log in