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!

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/SMfKWny/zh;
  1. China corruption Isaac Lawrence/Getty Images

    The Next Battle in China’s War on Corruption

    • Chinese President Xi Jinping knows well the threat that corruption poses to the authority of the Communist Party of China and the state it controls. 
    • But moving beyond Xi's anti-corruption purge to build robust and lasting anti-graft institutions will not be easy, owing to enduring opportunities for bureaucratic capture.
  2. Italy unemployed demonstration SalvatoreEsposito/Barcroftimages / Barcroft Media via Getty Images

    Putting Europe’s Long-Term Unemployed Back to Work

    Across the European Union, millions of people who are willing and able to work have been unemployed for a year or longer, at great cost to social cohesion and political stability. If the EU is serious about stopping the rise of populism, it will need to do more to ensure that labor markets are working for everyone.

  3. Latin America market Federico Parra/Getty Images

    A Belt and Road for the Americas?

    In a time of global uncertainty, a vision of “made in the Americas” prosperity provides a unifying agenda for the continent. If implemented, the US could reassert its historical leadership among a group of countries that share its fundamental values, as well as an interest in inclusive economic growth and rising living standards.

  4. Startup office Mladlen Antonov/Getty Images

    How Best to Promote Research and Development

    Clearly, there is something appealing about a start-up-based innovation strategy: it feels democratic, accessible, and so California. But it is definitely not the only way to boost research and development, or even the main way, and it is certainly not the way most major innovations in the US came about during the twentieth century.

  5. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.