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Lighting a Spark

机译:点燃火花

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摘要

Desperate times call for desperate measures -and the 2008-'09 financial crisis definitely fit into the former category. When it comes to the latter part of that maxim, however, "in the years since the crisis, we have increasingly voiced concern that the policy prescriptions for a time of acute crisis have overstayed their welcome," writes Rick Rieder of BlackRock. Yetwhilethezero-bound interest rate policy in the U.S. is one thing, Rieder is partic- -. ularly critical of the shift by several developed-markets central banks into negative policy territory. "Negative interest rates functionally serve as a tax on savers with deposits at relevant central banks," he contends. "At a time when bank capital requirements and a variety of other regulatory frameworks are also depressing bank profitability, negative rates have been disastrous for bank share prices."
机译:绝望的时代要求采取绝望的措施-而2008-09年度的金融危机肯定属于前者。贝莱德的里克·里德(Rick Rieder)写道,谈到该准则的后半部分,“自危机以来的几年里,我们越来越担心,在严重危机时期的政策处方已不再受欢迎。”然而,尽管美国实行零利率政策是一回事,但里德还是其中的一员。对几个发达市场中央银行向负面政策领域的转变持批评态度。他认为,“负利率实际上是对在相关中央银行有存款的储户的一种征税。” “在银行资本金要求和各种其他监管框架也压低银行盈利能力的时候,负利率对银行股价造成了灾难性的影响。”

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  • 来源
    《Institutional investor》 |2016年第3期|41-41|共1页
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