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英文文献：Managing Global Liquidity as a Global Public Good. A Report of an RTI Working Party-将全球流动性作为全球公共产品管理。RTI工作组的报告
英文文献作者：André Icard,Philip Turner
英文文献摘要：
The cumulative balance sheet effects of a decade of low interest rates, long as well as short, have become very large. This report (of an RTI Working Party chaired by Bernard Snoy) examines the magnitudes of such effects through the many dimensions of global liquidity. This is not purely a monetary policy phenomenon as regulatory policies, restrictive fiscal policies in some advanced economies and structural factors have all had important impacts. Several indicators suggest increased financial vulnerabilities and higher risks of destabilising market dynamics. The dollar debt of non-banks outside the United States is at a new record: currency mismatches and leverage in the private sector have increased. The dollar funding of non-US banks looks fragile. Greater reliance on international bond markets has created new, opaque risks. There is widespread unease about the domination of the dollar, and about the inadequacy of the Global Financial Safety Net. The search for alternative multi-currency arrangements continues. But the need to address the risk of a new dollar liquidity crunch is urgent. International oversight of this issue is at present too fragmented. Policy responses at national level may require action by several bodies – central banks, regulators and Treasuries. The report therefore proposes that the Financial Stability Board, with inputs from the BIS, the IMF, the OECD and others, report regularly on global liquidity to G20 Ministers and Governors so they can act in time to avert a crisis.
10年的低利率——无论是长期的还是短期的——累积起来对资产负债表的影响已经变得非常大。这份报告(由伯纳德?斯诺(Bernard Snoy)领导的RTI工作组撰写)从全球流动性的多个维度考察了这些影响的程度。这不仅仅是一种货币政策现象，一些发达经济体的监管政策、限制性财政政策以及结构性因素都产生了重要影响。一些指标表明，金融脆弱性加剧，破坏市场动态稳定的风险加大。美国以外的非银行机构的美元债务达到了一个新的纪录:货币错配和私人部门的杠杆增加了。非美国银行的美元融资看起来很脆弱。对国际债券市场的更大依赖带来了新的不透明风险。人们普遍对美元的主导地位和全球金融安全网的不足感到不安。寻找替代性多货币安排的工作仍在继续。但当务之急是应对新的美元流动性紧缩风险。目前，国际社会对这一问题的监督过于分散。国家层面的政策回应可能需要几个机构的行动——央行、监管机构和财政部。因此，报告建议，金融稳定委员会(Financial Stability Board)在国际清算银行(BIS)、国际货币基金组织(IMF)、经合组织(OECD)和其他机构的支持下，定期向20国集团(G20)财长和行长报告全球流动性情况，以便他们能够及时采取行动，避免危机。
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