作者：admin 时间：2020-05-29 02:24 人气：120 ℃
In some quarters QE is still a tainted term, associated either with mercantilism, as a weapon in a currency war, or monetary adventurism.But the stigma is fading. Indeed some central banks now say they are doing QE even when they aren't.The Bank of Korea, for example, has resolved to buy unlimited amounts of bonds from financial institutions that promise to repurchase them after three months.These "repo" operations amount to collateralised loans, not outright purchases. Few economists would describe them as QE.But far from resisting the term, the Bank of Korea has embraced it ("It wouldn't be wrong to say we began quantitative easing," noted one official).Never in the field of central banking have so many worried so little about buying so much.
The aim instead is to stabilise financial markets.In Brazil the president of the central bank says its bond purchases will resemble foreign-exchange intervention.It will not try to peg bond yields any more than it pegs the real. But it will try to smooth out jumps.The South African Reserve Bank says that its purchases are not meant "to stimulate demand", but to ensure a "smoothly functioning market".
But in most of their peers, central banks still have room to ease monetary policy by conventional means.In Indonesia and South Africa, for instance, the policy interest rate is still over 4%.Why then are central banks pressing ahead? They believe their bond purchases serve a distinct purpose.They are neither an unconventional way to lower borrowing costs nor an illicit one to finance the government.
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Mozart's style is quite distinct from Haydn's.
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India reportedly has eased restrictions in some areas.
Brazil's constitutional limits on the central bank, for example, reflect its history of hyperinflation,when governments resorted to the printing press to finance their populism.And although inflation is now firmly under control in most big emerging markets (exceptions include Argentina, Nigeria and Turkey),many of these countries still worry that monetary indiscipline can lead to destabilising runs on their currency.QE is also, surely, less needed in the emerging world. In Chile and Peru benchmark interest rates are already about as low as they can go.