后危机时代的流动性过剩与全球流动性管理

金融危机过后全球再次出现了流动性过剩的局面,给金融稳定造成了负面影响。由IMF前总裁康德苏牵头、包括中国央行官员在内的18人研究小组于2011年初发表了关于国际货币体系改革的倡议书《康德苏报告》,提出IMF承担全球最后贷款人职能和建立全球监督机制,以此作为全球流动性管理的重要手段。经济全球化和金融市场的非理性、非线性特征使得全球最后贷款人具有重大价值。中国应当积极推动IMF承担最后贷款人职能,并逐步推进全球监督机制的建立,这不仅有助于国际金融稳定,而且将提升中国在国际货币体系当中的话语权,从而更好地维护中国自身的利益。

Excess Liquidity and Global Liquidity Management in the Post-Crisis Era

stability.Michel Camdessus,former IMF chief,together with scholars and officials from countriesi ncluding China,has issued the Palais-Royal Initiative on international financial reform,declaring thatt he mechanism of global lender of last resort and global surveillance should be established in the IMFa s an important means to manage liquidity.Irrationality and nonlinearity,which are fundamentalc haracteristics of the economic globalization and the financial market,mean that such an establishmenti s very sig...