汇市新闻

BIS:非常规货产品政策刺激“火力”下降

日期:2016-07-20
  国际清算银行(BIS)在最新发布的一份报告中指出,非常规货产品政策所带来的好处可能会随着时间延长而逐渐减少和消失,其“火力”将明显下降。
 
  报告指出,全球央行非常规货产品政策的各种措施,是属于回报递减的情况。持续的时间越长,回报和成本之间的平衡就越容易被破坏。更加值得注意的是,政策退出会变得越来越困难,一些问题也会因此发生。短期的好处将不得不让位给长期的消化与适应。该报告还列出了多家全球主要央行已经尝试和可能尝试的具体做法为例,比如美联储、欧洲央行、日本央行和英国央行的前瞻指引,还有负利率和直升机撒钱等。除回报递减的问题之外,各家央行采取的这些旨在稳定金融市场的措施已经对债券收益率、资产价格和汇率等造成了长期持续的不良影响。
 
  国际清算银行强调,这些措施中许多都只能当作临机处置方法,在极为特殊的环境下使用,而不该被视为正常时期的正常工具。
 
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