Kazuhiro Nogi/AFP/Getty Images

直升机撒钱的不可避免的成本

慕尼黑—随着关于所谓的直升机撒钱的可能形式的新概念的出现,对其是否值得考虑的长期争论形势也发生了变化,并且出现了直升机撒钱是否已在某些经济体落地的疑问。没有发生改变的是采取直升机撒钱是一个非常糟糕的主意。

根据传统智慧,直升机撒钱即中央银行提供新印现金,而不记录对应的资产或对其资产负债表的索偿权。其形式可以是面向公众的现金转移支付或者政府债务货币化;它们都会导致央行的永久亏损。

在实践中,直升机撒钱可以与量化宽松非常相似——央行在二级市场上购买政府债券,以此为银行系统注入流动性。这种直升机撒钱的形式是购买不会得到偿付的零息政府债券,要么是因为它们是永续债券,要么是因为它们每次到期都会展期。

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