直接引用BIS的研究结论，具体的论文可以看附件。

简单总结，对发达经济体，疫情更多带来通缩压力，对新兴经济体，通胀与通缩两种压力都存在。我推荐这个研究另外一个目的是向圈友介绍一下BIS的通胀研究框架。比如，金融条件与通胀的关系。

For example, a tightening of financial conditions could at times act as a cost shock that raises inflation. During other times, tighter financial conditions could instead significantly lower demand, reducing inflation. However, on average it could appear as if financial conditions have no impact on inflation, as these two effects cancel each other out

Key takeaways

• The pandemic has increased do