- 1 0 年前最佳解答
The central bank at zero cost to create unlimited money. As a result, they can easily make money are worth less. In the "name of the currency (fiat money)" - man-made money - system of governance is an easy deflation.
Then the central bank might do? They can buy a large number of non-binding and long-term treasury bonds, or committed for a long time to maintain short-term interest rates low in order to lower than long-term interest rates. They can direct loans to the private sector. Indeed, any price they can buy any number of private-sector assets. They can also buy foreign currency assets. They think they need to be in accordance with the size of government financing.
Alternatively, the financial authorities will allow the deficit to reach any size, and then through the issuance of central bank had to buy short-term instruments, in order to finance these deficits, which pushed interest rates lower. In the zero line on interest rates, fiscal and monetary policies will be integrated. The central bank lost its exclusive right to formulate monetary policy.
Therefore, the low interest rate policy on Taiwan's financial market will be adversely affected.
- Mr.CowLv 61 0 年前
Central bank can zero cost without limit makes currency.Consequently, they can not take pain ground to become the currency by milli- not worth a cent.In"name currency(fiat money)"- the artificial currency-system, manage to shrink is an easy to accomplish thing.
So what may the central bank do?They can don't restrain ground to in great quantities purchase long-term national debt and perhaps promise to maintain short-term interest rate in very the long time a low and depress longer period interest rate thus.They can directly lend money to the privately owned section.Really, they can purchase the property of the privately owned section of any amount by any price.They can also purchase a foreign currency property.They can adhere to them to think that the necessary scale is a margin of government.
Perhaps, the public finance authorities can make the finance in the red reached arbitrarily scale, then pass issue the central bank has to purchase of short bill, push low interest rate thus for these deficit margins.On-line in zero interest rate boundaries, public finance and monetary policy will merge into an integral whole.The central bank lost the right of establishment monetary policy that it possesses singly.
So, the low interest rate policy has bad shadow Xiang to the Taiwanese financial market.
- 1 0 年前
Central Bank may zero cost make the currency unlimitedly. Therefore, they may make the currency become effortlessly are not worth a red cent. In “the nominal currency (fiat money)” - - in the man-made currency - - system, the government deflation is the easy matter. What then Central Bank will possibly make? They may unrestrained the massive purchase long-term national debt, or the pledge maintain for a long time the short-term rate of interest the low position, thus reduces the long-term interest rate. They may the straight loan give the Private sector. Indeed, they can purchase any quantity by any price the Private sector property. They may also purchase the foreign currency property. They may defer to them to think the essential scale for government financing. Or, the financial authority may let the financial deficit achieve the random scale, then through distributes the short-term bill which Central Bank can not but purchase, for these deficit financing, thus pushes the low interest rate. In zero interest rate boundary, the finance and the monetary policy will merge into one organic whole. Central Bank has lost the formulation monetary policy right which it is in sole possession. Therefore, the cheap money policy has the bad shade to Taiwan money market to approach.參考資料： 自己