【出版时间及名称】：2010年3月全球货币研究报告
【作者】：摩根斯坦利
【文件格式】：pdf
【页数】：23
【目录或简介】：

We expect public and private sector leverage to be an important constraint on central banks’ ability to deliver price stability going forward. The temptation to inflate away debt – debtflation temptation – depends on several factors; some of the most important ones are: the public (and private) debt overhang; the average maturity of outstanding government debt; the proportion of debt held abroad; the proportion of foreign currency-denominated debt; and the proportion of inflation-proof debt. On the basis of these metrics, we find the temptation to inflate to be higher in the US and the UK than in the euro-zone – if monetary policy is conducted for the ‘average’ euro-zone member – and lowest in Japan. p 2
Central Bank Watch
US: Reiterating the Case for Higher Real Rates
p 8
Euro Area: The Sovereign Crisis and the Euro
p 9
Japan: A Turning Point in Prices?
p 9
Russia: Stronger RUB, GDP and Lower Rates
p 10
Poland: On Hold, Neutral Bias Stays
p 10
Czech Republic: On Hold, Dovish Undertones
p 11
Hungary: Rates Can Go Lower
p 11
Romania: NBR Brings Rates to Record-Low
p 12
Turkey: CBT Not in a Hurry to Tighten
p 12
Israel: A Hike a Month Earlier than Expected
p 13
South Africa: SARB Cuts 50bp
p 13
Asia-Pacific: Strong Growth Trend to Continue
p 14
China: Inflation Tracker
p 14
Taiwan: Sticking to Loose Monetary Conditions
p 15