无所事事的消防员

华盛顿特区-国际货币基金组织(IMF)的主要目的之一是,“使其成员国可以临时性地获得其普通资金从而给予它们信心”。但是,国际货币基金组织的成员国越来越多地面对资金波动,而在使用基金的资金方面却有急剧的下降。具有讽刺意味的是,这发生在国际货币基金组织应该希望借出资金的时候:它流动性充裕,并且除了成员国偿还其贷款外几乎没有其他的收入来源。

如果国际货币基金组织不得不达到私营部门的标准,它就可能会创设一个满足其成员国潜在短期流动性需求的新工具。但是,它没有这样做的紧迫性。直到一年前,国际货币基金组织已经习惯于庆祝自己没有顾客了 。一个无所事事的消防员看起来是可取的。但是,现在情形不一样了。外面起火了,但是没人打电话给消防队员。只有格鲁吉亚请求国际货币基金组织的帮助,这并不令人奇怪。

潜在的借款国已经积累了巨量的资金储备,并在一定区域内汇集这些储备以使自己免于外部冲击和投机资本的危害,但是这不是在国际货币基金组织的敦促下完成的。相反,积累超过一定数量的资金储备会付出很高的机会成本,并且暗示该国需要让货币升值。这意味着,潜在的借款国没能充分吸收它们可以吸收的进口商品,并且没有按照应该的那样,依靠国际货币基金组织打算使用的为其成员国“提供信心”的多边资金储备积累。

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/v3vQ4pj/zh;
  1. Television sets showing a news report on Xi Jinping's speech Anthony Wallace/Getty Images

    Empowering China’s New Miracle Workers

    China’s success in the next five years will depend largely on how well the government manages the tensions underlying its complex agenda. In particular, China’s leaders will need to balance a muscular Communist Party, setting standards and protecting the public interest, with an empowered market, driving the economy into the future.

  2. United States Supreme Court Hisham Ibrahim/Getty Images

    The Sovereignty that Really Matters

    The preference of some countries to isolate themselves within their borders is anachronistic and self-defeating, but it would be a serious mistake for others, fearing contagion, to respond by imposing strict isolation. Even in states that have succumbed to reductionist discourses, much of the population has not.

  3.  The price of Euro and US dollars Daniel Leal Olivas/Getty Images

    Resurrecting Creditor Adjustment

    When the Bretton Woods Agreement was hashed out in 1944, it was agreed that countries with current-account deficits should be able to limit temporarily purchases of goods from countries running surpluses. In the ensuing 73 years, the so-called "scarce-currency clause" has been largely forgotten; but it may be time to bring it back.

  4. Leaders of the Russian Revolution in Red Square Keystone France/Getty Images

    Trump’s Republican Collaborators

    Republican leaders have a choice: they can either continue to collaborate with President Donald Trump, thereby courting disaster, or they can renounce him, finally putting their country’s democracy ahead of loyalty to their party tribe. They are hardly the first politicians to face such a decision.

  5. Angela Merkel, Theresa May and Emmanuel Macron John Thys/Getty Images

    How Money Could Unblock the Brexit Talks

    With talks on the UK's withdrawal from the EU stalled, negotiators should shift to the temporary “transition” Prime Minister Theresa May officially requested last month. Above all, the negotiators should focus immediately on the British budget contributions that will be required to make an orderly transition possible.

  6. Ksenia Sobchak Mladlen Antonov/Getty Images

    Is Vladimir Putin Losing His Grip?

    In recent decades, as President Vladimir Putin has entrenched his authority, Russia has seemed to be moving backward socially and economically. But while the Kremlin knows that it must reverse this trajectory, genuine reform would be incompatible with the kleptocratic character of Putin’s regime.

  7. Right-wing parties hold conference Thomas Lohnes/Getty Images

    Rage Against the Elites

    • With the advantage of hindsight, four recent books bring to bear diverse perspectives on the West’s current populist moment. 
    • Taken together, they help us to understand what that moment is and how it arrived, while reminding us that history is contingent, not inevitable


    Global Bookmark

    Distinguished thinkers review the world’s most important new books on politics, economics, and international affairs.

  8. Treasury Secretary Steven Mnuchin Bill Clark/Getty Images

    Don’t Bank on Bankruptcy for Banks

    As a part of their efforts to roll back the 2010 Dodd-Frank Act, congressional Republicans have approved a measure that would have courts, rather than regulators, oversee megabank bankruptcies. It is now up to the Trump administration to decide if it wants to set the stage for a repeat of the Lehman Brothers collapse in 2008.