关注国际金融危机应对后遗症

On after-effects of policies to counter international financial crisis

随着国际金融危机不断蔓延深化,各国政府纷纷采取非常规的、激进的扩张性财政货币政策工具,刺激经济复苏,救助金融机构。尽管上述危机应对政策是必要的、合理的,但却有延缓结构调整、助长道德风险、降低美元资产安全、削弱经济金融稳定等后续负面影响。该文分析上述影响后提出,中国应从注意政策的长短期搭配、保持政策的前瞻与灵活、加快推进经济结构调整、注重发挥市场调节作用、推动国际货币体系改革等方面制定危机应对策略。

With the ongoing international financial crisis spreading its wings and deepening further, governments around the world have implemented unconventional and aggressive expansionary fiscal and monetary policies to stimulate economic recovery and rescue troubled financial institutions. Even though the above-mentioned policies are necessary and reasonable, they are giving rise to after- effects such as delay in reaching economic rebalance, creating distorted market incentives with moral hazards, downgrading the value of US dollar assets, and eroding economic and financial soundness. This paper concludes that China should design its anti-crisis strategy from five aspects, namely well-matched short- and long-term policy targets, preemptive and flexible policy options, strengthened economic structure adjustment, market-oriented policy tools, and positive response to reform of the international monetary system.