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。

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