全球金融危机十年:经验、教训与启示

A Decade of Global Financial Crisis: Experiences,Lessons and Implications

2008年全球金融危机爆发后,各国通过强有力的市场救助政策有效提振了市场信心,迅速稳定了金融体系,恢复了金融市场功能。但是,由于过度依赖货币政策,财政政策及其他结构性改革进展缓慢,非常规货币政策在产出通胀等货币政策最终目标的作用并不理想,由此引发了资产泡沫加剧、经济不确定性增加、政策协调困难、政策外溢性明显等诸多弊端,一定程度上制约了各国经济复苏和货币政策正常化的进程。由于良好经济基本面支撑、较多的风险应对手段、更为灵活的政策安排等因素,新兴经济体成功吸取了此前数次危机冲击的经验,在此次全球金融危机中表现良好。在经过整整十年之后,总结各国危机应对的经验教训,对当下中国打好防范重大风险攻坚战、顺利实现新时代经济高质量发展,具有至关重要的意义。

Countries in the global financial crisis(GFC)deployed powerful measures and effectively enhanced the markets confidences,rapidly stabilized the financial system and restored the function of financial markets.While,due to the excessive reliance on monetary policy and lacks of fiscal and structural reforms,the effectiveness of the unconventional monetary policy on the final targets of growth and inflation is unsatisfactory.The by-products,such as the asset bubbles,economic uncertainties,difficulties of policy corporations and spillovers,hinder the recovery process and monetary normalization.The emerging economies drew the lessons of decades and performed well due to the relatively good fundamentals,more risk-taking measures and flexible arrangements.After a decade of the GFC,we should draw the experiences and lessons of other countries to deal with the significant risks and realize the high quality development.