解冻信贷

芝加哥-对银行业进行进一步支援的政治热情已经没有多少了。造成这一现象的原因之一是,在最初的救助行动中获得资金的银行似乎并没有增加它们的贷款,而没有这一点,货币和财政刺激就不大可能有效。为了让银行再次开始贷款,可能需要更多的干预。

要明白为什么会这样,我们就要明白银行为什么仍然如此不愿意贷款。一种可能是它们担心借款者的信贷风险,虽然这样的风险要非常高,才能证明银行完全停止长期贷款是正当的。第二种可能是,银行担心,如果冻结长期贷款,它们就有足够的财力来满足自己债权人的要求。但是,世界各地许多中央银行公开的借贷工具,应该能缓和这些担忧,特别是对大型而且资产良好的银行来说更是如此。

另一方面,银行不愿意贷款可能反映了银行担心投资时机变得更好时,自己缺乏资金。花旗集团首席执行官克拉姆·潘伟迪(Vikram Pandit)在指出购买贷款比贷款更便宜时,也是这样说的。而且,购买贷款可能会变得更便宜!

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