At a time when water systems are increasingly threatened by overuse, pollution, and climate change, far too many people have failed to appreciate the link between water and economic prosperity. To preserve this most critical of natural resources, we must rethink how we value water – and then invest accordingly.
calls for new thinking about how we value the planet’s most important natural resource.
Richard Haass
explains what caused the Ukraine war, urges the West to scrutinize its economic dependence on China, proposes ways to reverse the dangerous deterioration of democracy in America, and more.
If the US Federal Reserve raises its policy interest rate by as much as is necessary to rein in inflation, it will most likely further depress the market value of the long-duration securities parked on many banks' balance sheets. So be it.
thinks central banks can achieve both, despite the occurrence of a liquidity crisis amid high inflation.
香港—2020年,美国外交关系委员会的塞巴斯蒂安·马拉比(Sebastian Mallaby)宣布,发达经济体将“重新定义其货币和财政能力的外部界限”,进入“神奇货币时代”。到2022年7月,马拉比预言这个时代即将结束。但是,尽管大多数主要央行现在都在逆转量化宽松(QE)并提高利率,但中国可能需要朝着相反的方向前进。
观察人士经常忽略,量化宽松是日本央行在2001年发明的,当时它是用来应对资产负债表通缩的工具。其他工具包括零利率和前瞻性政策指引。日本央行的资产负债表从2001年占GDP的20%扩大到2006年的30%,主要得益于购买日本政府债券。
然而,正如野村证券(Nomura)经济学家辜朝明(Richard Koo)在2010年观察到的那样,宽松的货币和财政政策并没有刺激企业和家庭投资或支出,因为他们仍然专注于修复自己受损的资产负债表。因此,在2015年,日本央行行长黑田东彦(Haruhiko Kuroda)推出了所谓的量化和质化宽松(QQE)。
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