There is more to economic policy than bank regulation, which so often (like other regulation) amounts to closing the stable door after the horses have bolted. We must not forget the traditional aim of providing a framework for economic growth with low inflation. The main instrument for achieving this has been inflation targets pursued by semi-independent central banks by means of a very short-term official interest rate. As Robin Pringle, the editor of Central Banking, remarks in the latest issue of that journal: “The current dominant framework of monetary policy may not survive its association with the crisis, and perhaps does not deserve to.” There is every sign that many central banks want to cling leech-like to this failed framework. Yet I doubt if they will be able to avoid a rethink.
manbetx20客户端下载 政策不仅仅是银行监管。与其它监管一样，银行监管往往是亡羊补牢。我们不能忘记manbetx20客户端下载 政策的传统目标：为低通胀的manbetx20客户端下载 增长提供框架。实现这一目标的主要工具，是半独立的央行通过非常短期的官方利率所追求的通胀目标。正如在最新一期Central Banking中，该杂志的编辑罗宾•普林歌(Robin Pringle)所言：“当前主要的货币政策框架或许与危机脱不了干系，可能本来就是如此。”种种迹象表明，许多央行都希望紧紧抓住这个失灵的框架不放。然而，我怀疑他们是否能够不需要反思。