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全球流动性与金融稳定密切相关,由全球流动性波动引发的金融危机不断重复上演,本次全球金融危机也不例外。金融危机之后,发达经济体开启了量化宽松货币政策,通过官方流动性来缓解全球流动性短缺,但这也埋下了巨大隐患。目前,全球流动性面临两难:如果发达经济体的宽松货币政策长期持续,可能导致全球流动性泛滥和风险过度承担;而如果退出宽松政策,则又可能导致全球流动性短缺或断崖式下降,加剧全球流动性波动。美元
Global liquidity is closely linked with financial stability. The financial crisis triggered by global liquidity fluctuations has been repeatedly staged. The current global financial crisis is no exception. After the financial crisis, the developed economies started the quantitative easing monetary policy to ease the global liquidity shortage through official liquidity, but this also laid a huge potential risk. At present, the global liquidity is facing a dilemma. If long-term easing monetary policies in advanced economies continue, they may lead to global liquidity risk and over-commitment. If they exit the easing policy, global liquidity shortages or cliff-like declines may intensify Global liquidity volatility. Dollars