Paul Lachine

货币战争与和平

华盛顿—对于上个月在莫斯科举行的G20财政部长和央行行长会议,人们的目光集中在所谓的“货币战争”上,一些发展中国家的官员指责发达国家追求非常规呃。但另一个关键问题——长期投资融资鲜有人提及,尽管非常规货币政策的结束要求全球经济的长期资产和负债复苏或新生。

2008年雷曼兄弟公司的倒闭推高了风险溢价,引发了金融市场恐慌,打击了美国和其他国家的资产,并产生了信贷动荡危险。为了避免资产大甩卖——这会导致无序的私人部门资产负债表崩溃,引发新的“大萧条”甚至欧元区解体——发达国家央行开始买入风险资产、增加面向金融机构的贷款,从而扩张了货币供给。

崩溃的担忧已经远去,但这些政策仍然继续维持着,决策者声称经济复苏仍然脆弱,没有其他同等效力的政策杠杆——如财政政策和结构性改革——能够迅速取代货币政策。

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