Joseph S. Nye, Jr.
considers how China undermines its own soft power, traces the potential causes of a war over Taiwan, welcomes Europe’s embrace of “smart” power, and more.
Around the world, people increasingly live with the sense that too much is happening, too fast. Chief among the sources of this growing angst are the rise of artificial intelligence, climate change, and Russia's war in Ukraine – each of which demands urgent attention from policymakers and political leaders.
calls attention to the growing challenges posed by AI, climate change, and the war in Ukraine.
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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