White House north lawn John Middlebrook/ZumaPress

碍事的美国

纽约—最近,第三届国际发展融资会议(International Conference on Financing for Development)在埃塞俄比亚首都亚的斯亚贝巴召开。如今,发展中国家和新兴市场已经证明它们有能力吸收大量资金高效地使用。事实上,这些国家正在完成的任务——投资于基础设施(公路、电力、港口和其他各种设施)、建设有朝一日将成为数十亿人家园的城市、向绿色经济迈进等——不可不谓宏大。

与此同时,大量资金也等待着被用于生产性用途。几年前,时任美联储主席本·伯南克(Ben Bernanke)提到了全球储蓄过剩。但能带来高社会回报的投资项目却饱受资金短缺困扰。今天仍然如此。现在的问题和当时一样,在于本应有效沟通储蓄和投资机会的世界金融市场在错配资本、制造风险。

另一个讽刺之处是,新兴世界所需要的大部分投资项目是长期项目,大量可用储蓄——退休账户、养老基金和主权财富基金拥有数万亿美元——亦然。但日益短视的金融市场却成为两者沟通的障碍。

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