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PUMP IT UP!

机译:加油!

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摘要

How low canitgo?Inflation rates, already running at historically low levels around much of the world, have taken a fresh downward turn thanks to weak growth and the sharp drop in global oil prices. Can deflation be far off? For many, it's already here.Twelve of 55 high-income countries tracked by theWorld Bank were experiencing deflation in November, and another 28 had inflation rates of less than 1 percent/The median rate for the world's 121 developing countries, which have typically had higher inflation because of low productivity and looser policies, stood at 3.6 percent. Expectations for inflation in five years' time, as measured by forward swap rates, have fallen dramatically in recent months, especially in the euro area, prompting Mario Draghi and the European Central Bank to launch a major bond-buying program last month, but U.S. and Japanese experience suggests that quantitative easing is no cure-all for deflation. With ten-year bond yields trading at just 0.22 percent in Japan, 0.34 percent in Germany and 1.81 percent in the U.S., the mantra among investors at theWorld Economic Forum last month was "lower for longer."
机译:全球经济已经处于历史低位的通货膨胀率,由于增长乏力和全球石油价格的急剧下跌而出现了新的下降。通货紧缩会远吗?世界银行追踪的55个高收入国家中有12个在11月经历通货紧缩,另有28个国家的通货膨胀率低于1%/世界上121个发展中国家的中位数由于生产率低下和政策宽松,通货膨胀率上升了3.6%。以远期掉期汇率衡量,五年内对通货膨胀的预期在最近几个月中急剧下降,特别是在欧元区,这促使马里奥·德拉吉和欧洲央行上个月启动了一项主要的债券购买计划,但美国日本的经验表明,量化宽松并不是通缩的万能药。十年期债券收益率在日本仅为0.22%,在德国为0.34%,在美国为1.81%,上个月世界经济论坛上投资者的口头禅是“降低时间更长”。

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    《Institutional investor》 |2015年第1期|72-72|共1页
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