觀點亞洲

EMERGING ASIA MUST HEED THE RISKS OF BUBBLES
亞洲須當心資產泡沫


滙豐亞洲高級經濟學家紐曼:亞洲資產市場流動性充裕,有生成泡沫的風險。假如繼續追隨美聯準實行低利率,將會吹大泡沫。

It became, for a while, a bit of a dirty word. But “decoupling” is in vogue again. The emerging world, and foremost Asia, has bounced back far more sharply from economic calamity than many developed economies. Fundamentals are now in better shape in these economies than ever before: fiscal balances are far healthier than in the west, while banking systems, stuffed with liquidity, appear ready to fuel another round of solid expansion.

「脫鉤」學說一度被認爲是胡扯,但如今再度流行起來。新興國家(主要是亞洲國家)從經濟危機中反彈的勢頭遠比許多發達經濟體迅猛。這些經濟體如今的基本面更勝往昔:它們的財政狀況遠比西方國家健康;它們流動性充沛的銀行體系,似乎正準備推動經濟展開新一輪強勁擴張。

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