热钱的陷阱

上海——

在最近的金融危机中,亚洲作为一个强大的经济区脱颖而出——实际上是全球经济增长的关键推动者。在大约5年内,亚洲的经济总量可能达到与美国和欧盟的经济总量之和不相上下的水平。

实际上,在亚洲崛起之际,老牌G7的富裕工业化国家一直在掉入流动性的陷阱。随着目前的衰退耗尽传统的货币政策手段,各大央行开始选择新一轮量化宽松政策。然而,随着投资者寻求更高的回报率,更多的量化宽松政策——尤其是美国实施该政策——将使“热钱”(短期投资组合流动)流入高收益率的新兴市场经济体,这可能会吹大亚洲、拉丁美洲以及其他地方的危险资产泡沫。

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