新興市場

Capital controls will follow the weak dollar
美日應避免二次定量寬鬆


二次定量寬鬆的效應將迅速波及外匯市場,促使外國採取防禦性措施,防範推升本幣兌美元匯率的貨幣襲擊。

Two weeks ago Brazil moved to deter speculators from pushing up its currency, doubling the tax on foreign investment in its government bonds. Last week Thailand acted on similar lines by no longer exempting foreign investors from paying a tax on its bonds, with the Thai finance minister warning of more to come. As the dollar falls and developing nations see speculators push up their exchange rates, other countries are also discussing more stringent restrictions. A damaging age of capital controls seems likely.

兩週前,巴西將外資購買巴西政府債券的稅率上調一倍,以嚇阻投機者推高其貨幣匯率。上週,泰國採取了類似行動,不再免除外國投資者的債券投資稅;泰國財長警告,未來還會採取更多措施。隨著美元貶值,發展中國家看到投機者推升本國匯率,其它國家也在討論採取更嚴格的限制措施。一個具有破壞力的資本管制時代似乎就要到來。

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