Brazil’s moves last week to stem the rise of its currency reflect the growing anxiety in many emerging economies about inflows of hot money. Fickle deposits in banks – ancient enablers of calamitous booms and busts in credit – deserve even wider attention. It is time to prohibit all banks – and depository institutions like money market funds – from paying more than the risk-free government bill rate. In short, we need to cap rates on all short-term deposits.
上週巴西出臺的遏制本幣升值的舉措，反映出許多新興經濟體對熱錢流入的焦慮與日俱增。變幻無常的銀行存款——自古以來就是災難性信貸繁榮與蕭條的罪魁禍首——應受到更廣泛的關注。眼下應當禁止所有銀行——以及貨幣市場基金之類的存款機構——支付高於無風險國債收益率的利率。簡而言之，我們應當爲所有短期存款設置利率上限。
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