Following Japan s example, central banks engaged in quantitative easing , buyingbonds for newly created cash . This aims to drive up bond prices,lowering yields and making debt manageable. The QE programmes have been bolder thanJapan s and corporate-bond yields have indeed fallen .
向日本经验学习,中央银行要使用量化宽松用新印好的钱来买债券。其目的是抬升债券价格,降低收益使之变得可控。量化宽松比日本出台的政策更大胆,企业债券也下降了。
But although policymakers learnt some lessons from Japan, there are reasons to worry aboutthe next five years. In Britain and America there are two main concerns. First, the fiscalstimulus may not be bold enough and in Britain is being withdrawn before the economy isback on its feet. Having supported banks, governments are trying to cut deficits and havelittle to spend. Richard Koo of Nomura, a bank, reckons Japan s experience shows thatgovernments should increase borrowing to mop up private-sector savings.
但尽管政策制定者从日本经验中学到了不好,但对于接下来的五年的担心还是有理由的。在英国和美国有两大忧虑。一是,财政刺激行动不够有力,在英国财政刺激行动在经济复苏前就不见踪影。为了支持银行,政府努力减少赤字和政府开支。野村证券的理查德 古猜测政府应该提高借债以结束私人储蓄。
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