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板凳
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发表于 2009-8-28 10:08:32
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维基《流动性陷阱》
流动性陷阱(Liquidity Trap),是英国经济学家凯恩斯提出的,又称凯恩斯陷阱。
凯恩斯曾指出当一定时期的利率水平降低到不能再低时,此时无论货币数量如何增加,利率再也不会下降。即使是利率低得接近于零,也不能够使银行贷款、商业投资、消费真正运作起来。利率太低,人们宁愿持有现金,最后扩张性货币政策失去了作用。在流动性陷阱的情况下,投机性货币需求的利率弹性为无穷大。
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The term liquidity trap is used in macroeconomics to refer to a situation where a country's nominal interest rate has been lowered nearly to or equal to zero to avoid a recession, but the liquidity in the market created by these low interest rates does not stimulate the economy to full employment. In this situation, any further increase in the money supply will not stimulate (指:政府的刺激方案,即“过剩的流动性”---注)the economy any further. This is because any further injection of liquidity will no longer lower the nominal interest rate, as the nominal interest rate cannot drop below zero. This situation can lead to price deflation, which, according to many schools of economic thought, will make a recession even more severe
In normal times, the monetary authority (usually a central bank or finance ministry) can stimulate the economy by increasing the liquidity available in the financial system. This is done by lowering interest rate targets or increasing the monetary base. These actions are meant to increase borrowing and lending, consumption, and fixed investment. However, since cash implicitly pays an interest rate of 0%, the nominal interest rate in the financial system is bounded at zero. When the relevant interest rate is already at or near zero, if the economy enters a recession, lowering interest rates to a level which would adequately stimulate the economy may no longer be possible. The monetary authority can increase the overall quantity of money available to the economy, but traditional monetary policy tools do not inject new money directly into the real economy. Rather, the new liquidity created must be injected into the real economy by way of financial intermediaries such as banks. In a liquidity trap, banks are unwilling to lend, so the central bank's newly-created liquidity is trapped behind unwilling lenders.
这就是为什么目前银行在按揭的审批上采取非常严格的标准。 牧写手,请多刊登一些使人长知识的文章吧。如果只是因为51上众多的经纪们付了钱,你就服务,那你跟“那个”没有什么两样。 |
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