应对全球金融紧缩周期的最优政策选择  

Optimal Policy Options for Coping with the Global Financial Crunch Cycle

作　　者：吉塔·戈皮纳特 王宇(译) Gita Gopinath;Wang Yu

机构地区：[1]国际货币基金组织 [2]不详

出　　处：《金融发展研究》2023年第2期33-36,共4页Journal Of Financial Development Research

摘　　要：面对世界性的通货膨胀压力,各国货币政策从宽松转向紧缩,新兴市场和发展中经济体面临较大偿债压力。就应对全球金融紧缩周期而言,增加汇率制度灵活性这一教科书式的操作并不是万能的,现实中这些国家采取的应对方式是常规货币政策工具与非常规货币政策工具的组合。开放经济中新兴市场和发展中经济体面临价格黏性、外汇市场不发达、资产负债表的“货币错配”等多重摩擦。基于此,本文建立了一个综合性的货币政策框架,以外汇市场发展水平和债务水平为标准,将所有经济体分为四类,分别确定应对多重摩擦的最优政策选择。In the face of global inflationary pressure,monetary policies of various countries have shifted from loose to tight,and emerging market and developing economies are facing greater debt servicing pressure.In terms of coping with the global financial tightening cycle,the textbook operation of increasing the flexibility of the exchange rate regime is not a panacea,and in reality these countries have responded with a combination of conventional and unconventional monetary policy tools.Emerging markets and developing economies in open economies face multiple frictions such as price stickiness,underdeveloped foreign exchange markets,and"currency mismatches"in balance sheets.Based on this,this paper establishes a comprehensive monetary policy framework that divides all economies into four categories,using the level of foreign exchange market development and the level of debt as criteria,to determine the optimal policy options for dealing with multiple frictions.

关 键 词：金融紧缩 多重摩擦 货币政策 

分 类 号：F830[经济管理—金融学]