随全球疫情扩散的金融病毒:负利率的困惑、隐忧与思考

Financial Virus Spreading with the Covid-19 Pandemic:Confusion and Concerns about Negative Interest Rates

随着新冠肺炎病毒全球大流行,主要经济体纷纷出台大规模刺激政策,央行降息政策成为首选,负利率开始在全球加速扩散。本质上,负利率是实体经济回报低下和金融体系长期自我繁荣的结果。应客观认识货币及利率政策的局限,着力发挥建设性财政政策作用,抑制好金融资本泡沫,推进经济结构改革,尽快稳住实体经济回报水平。

With the burgeoning Covid-19 pandemic, major economies have launched large-scale stimulus policies includingcentral banks’ rate cuts, and negative interest rates began to spread globally at an accelerated speed. In essence,negative interest rates are the result of low returns of the real economy and long-term self-prosperity of the financialsystem. We should objectively understand the limitations of monetary and interest rate policies, focus on the role ofconstructive fiscal policies, restrain financial capital bubbles, promote economic structural reforms, as well as stabilizethe returns of the real economy as soon as possible.