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The Next Front Is Fiscal

机译:下一个方面是财政

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The good news is that the world seems to have dodged a catastrophic banking collapse. It is too early to know for sure-some emerging markets are in trouble and stockmarkets are behaving violently (see page 85). But interbank and commercialpaper markets suggest that the blind panic is abating. The bad news is that the world economy is weakening fast. Across the globe falling asset prices, tighter credit and declining confidence have left firms and consumers unable or unwilling to spend and invest. In America consumer confidence has collapsed to its lowest-ever reading (see page 88). In Germany the Ifo index, a gauge of business confidence, has sunk to a five-year trough. Because the downturn is now global, it is harder for exports to make up for weak domestic demand. The odds of a long, nasty recession are growing. So, too, is the case for more government action to counter weak private demand.rnThe usual mechanism is through interest rates.
机译:好消息是,世界似乎躲过了灾难性的银行崩溃。要确定某些新兴市场正陷入困境,而股市表现异常,还为时尚早(见第85页)。但是银行间和商业票据市场表明盲目恐慌正在减轻。坏消息是世界经济正在迅速减弱。在全球范围内,资产价格下跌,信贷紧缩和信心下降使企业和消费者无力或不愿进行投资。在美国,消费者信心已降至历史最低水平(请参阅第88页)。在德国,衡量企业信心的Ifo指数已跌至五年低谷。由于当前全球经济低迷,出口很难弥补疲软的内需。长期的,令人讨厌的衰退的可能性正在增加。因此,采取更多的政府行动来应对疲弱的私人需求也是如此。通常的机制是通过利率。

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    《The economist》 |2008年第8604期|16-17|共2页
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