貨幣政策

Rules are made to be broken
Lex專欄:規矩是用來打破的?


在解決發達國家債務問題上,規則最終將由市場制定,而政治家與央行官員將不得不遵守。

Governments the world over used to boast of their fiscal prudence, even though a five-year-old could have balanced the books during the credit boom. But any discipline flew out the window as soon as economic growth stalled (even earlier for some countries in Europe). And now that the US budget deficit is 10 per cent of gross domestic product, Ben Bernanke, chairman of the Federal Reserve, suggests that a fiscal rule might help.

世界各地的政府過去常常誇耀自己財政審慎,儘管5歲的孩子都能在信貸繁榮期實現收支平衡。但一旦經濟成長停滯,一切規則就都被拋出窗外(歐洲一些國家甚至更早)。如今,美國的預算赤字已達到國內生產毛額(GDP)的10%,美聯準(Fed)主席班•柏南奇(Ben Bernanke)提出,制訂財政法規或許能有所幫助。

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