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新常态新金融2008全球金融危机爆发已逾六年。2014年,全球经济缓慢复苏,地缘政治动荡反复出现,结构性矛盾犹存。美联储退出QE后,欧央行和日本央行接踵宣布将QE进行到底,全球主要央行货币政策分道扬镳将再次考验新兴经济体,美国何时加息更成为盘旋在全球金融市场上空的最大不确定性。而一些新兴经济体在2013年的动荡后,正面临杠杆率攀升、金融膨胀和失衡加剧的再次逆袭。
New Normal New Financial 2008 The global financial crisis broke out more than six years ago. In 2014, with the global economy recovering slowly and geopolitical turmoil recurring, structural contradictions still exist. After the Fed exited the QE, the ECB and the Bank of Japan announced one after another the end of the QE. The major central banks’ monetary policy partisan will once again test the emerging economies. When the United States will raise interest rates, it will become the biggest uncertainty hovering over the global financial markets. Some emerging economies, after the turmoil of 2013, are facing another rise in leverage, financial inflation and imbalances.