发展中经济体的长期融资难

华盛顿—自全球金融危机以来,“银行”事实上已沦为一句骂人的脏话。但是,尽管银行毫无疑问可以给经济和生活带来严重伤害,但运转良好的金融系统可以带来极大的好处。越来越多的证据表明——世界银行最新的《全球金融发展报告》对此做了强调——金融机构和市场对经济发展、消除贫困和世界经济的稳定有着深远影响,国家对于金融的务实态度应该得到保障。

从表面上看,没完没了的金融危机最反常的特征是发达经济体比发展中经济体受到了更大更直接的影响。很多发展中国家从前几次危机中吸取了教训,理顺了财政顺序,进行了结构性改革,也改善了监督和监管。

但这一区分漏掉了更大的关键点:政策的质量远比经济发展水平重要。一些发达经济特的金融制度——如澳大利亚、加拿大和新加坡——显示出了卓著的韧性,但其他则陷入了麻烦。

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