觀點央行

Pain killers might work, but economies need antibiotics
經濟乏力不能只打「鎮痛劑」


滙豐集團首席經濟學家簡世勳:央行採取貨幣政策干預市場的行爲能刺激市場,但無法提振經濟,是鎮痛劑而非抗生素。這可能導致經濟對政策的依賴性越來越深,讓「停藥」變得越來越難。

So, more drugs to deal with our collective lack of growth. The Bank of England’s Funding for Lending extension is welcome: the scheme lasts longer than before, contains extra incentives to lend to cash-strapped small and medium-sized enterprises and has been widened to include non-bank sources of credit, including financial leasing corporations. And after some remarkably soggy eurozone data – including purchasing manufacturers index figures suggesting that the German economy is not quite as dynamic as Bayern Munich – investors are increasingly hopeful that the European Central Bank will come to the rescue, buying up equities as if the dark clouds are about to lift.

要治好經濟成長集體乏力症,我們需要增加用藥的品種和劑量。延長英國央行(BoE)的「融資換貸款計劃」(Funding for Lending)是個受歡迎的做法:該計劃持續時間比之前更久,增加了一些額外激勵措施、鼓勵金融機構向資金緊張的中小型企業放貸,涵蓋範圍擴大、納入了金融租賃公司等非銀行信貸來源。在一些極不樂觀的歐元區經濟數據(包括「採購經理指數」(PMI)數據,顯示出德國經濟並不像足球俱樂部拜仁慕尼黑(Bayern Munich)那樣有活力)公佈以後,投資者越來越覺得,歐洲央行(ECB)會出手相救、購買股票,籠罩在市場上方的烏雲即將消散。

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