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  • 我們是否正目睹資本控管回歸?

  • Haruhiko Kuroda, the governor of the bank of Japan said last week that

    黑田東彥,日本銀行的管理者上星期表示

  • China should use capital controls to stabilize its currency.

    中國應該使用資本管控來穩定貨幣。

  • Azerbaijan, Turkmenistan and Nigeria have all introduced or tightened capital controls this month,

    亞塞拜然,土庫曼和奈及利亞皆在這個月引進或緊縮資金,

  • formally much despise they may be making a comeback.

    他們很有可能會東山再起。

  • Policy makers often grapple with what is called the impossible trinity.

    立法人員總是抓準三元悖论(不可能的三位一體)。

  • You can have your own monetary policy, you can have a floating exchange rate,

    你可以有獨立自主的貨幣政策,你可以有浮動匯率,

  • and you can have the free movement of capital.

    你也可以讓資本自由進出。

  • But you can't have all three.

    但你不能同時擁有以上三項。

  • Often it's the free movement of capital that gets ditched first.

    通常資本自由進出這項會先被犧牲掉。

  • India brought in restrictions on foreign exchange markets in 2013,

    印尼就在2013年開始對外匯市場進行限制。

  • and they were credited with helping to keep its currency stable.

    而他們被讚譽穩定貨幣有功。

  • Brazil used them temporarily on its fixed income market, apparently without much damage.

    巴西於其固定收益市場使用相同手法,很明顯並沒有多大的損失。

  • And in 2011, the international monetary fund published guidelines on how to use capital controls,

    2011年,國際貨幣基金組織發布了如何使用資本管控政策的方法。

  • which was taken as quite a turnaround and as an endorsement.

    這被視為一個轉類點,也為此方法背書。

  • Many investors and economists still dislike them because they can go so badly wrong.

    很多投資客和經濟學家還是很反對因為稍有閃失即會釀成大錯。

  • Venezuela's dysfunctional currency regime is one example.

    委內瑞拉的失敗貨幣政策即是範例。

  • But capital controls are no longer the mark of the devil.

    但是資本管制已不再是邪惡的象徵。

  • Christine Lagarde, the IMF's managing director was on the same panel as Mr. Kuroda

    Christine Lagarde ,國際貨幣基金會組織總裁在東彥先生發表這項建議的時候

  • when he made his suggestion in Davos.

    也在現場。

  • She didn't reject the idea and that's been taken as tacit approval.

    她並沒有提出反對,所以就被當作是默認了。

  • Also this month Agustín Carstens, the governor of Mexico's central bank

    這個月, Agustín Carstens ,墨西哥銀行的管理者,

  • said it was time for emerging markets' central bankers to become unconventional.

    表示新興市場的中央銀行是時候該脫離傳統了。

  • And China is already doing it.

    中國已經著手進行。

  • It imposed restrictions on offshore bank accounts this month.

    他們對境外的銀行帳戶加強控管。

  • The fact is that the world's economic problems are becoming harder and harder to tackle

    事實是全球經濟問題越發不可收拾,

  • and policy makers are turning to whatever tools are in the tool box.

    政客只要有辦法就用,無論好壞。

我們是否正目睹資本控管回歸?

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資本管制的迴歸|FT世界 (Return of capital controls | FT World)

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    Kristi Yang 發佈於 2021 年 01 月 14 日
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