后危机时代的流动性过剩与全球流动性管理

Excess Liquidity and Global Liquidity Management in the Post-Crisis Era

金融危机过后全球再次出现了流动性过剩的局面,给金融稳定造成了负面影响。由IMF前总裁康德苏牵头、包括中国央行官员在内的18人研究小组于2011年初发表了关于国际货币体系改革的倡议书《康德苏报告》,提出IMF承担"全球最后贷款人"职能和建立全球监督机制,以此作为全球流动性管理的重要手段。经济全球化和金融市场的非理性、非线性特征使得"全球最后贷款人"具有重大价值。中国应当积极推动IMF承担最后贷款人职能,并逐步推进全球监督机制的建立,这不仅有助于国际金融稳定,而且将提升中国在国际货币体系当中的话语权,从而更好地维护中国自身的利益。

stability.Michel Camdessus,former IMF chief,together with scholars and officials from countriesi ncluding China,has issued the Palais-Royal Initiative on international financial reform,declaring thatt he mechanism of global lender of last resort and global surveillance should be established in the IMFa s an important means to manage liquidity.Irrationality and nonlinearity,which are fundamentalc haracteristics of the economic globalization and the financial market,mean that such an establishmenti s very significant.China should actively push the IMF reform to build such a mechanism and set up ag lobal supervision system,which will not only benefit global financial stability,but help the countryw in more voices in the international monetary system,by which China can better safeguard its interests.