{"id":80957,"date":"2022-06-12T00:10:00","date_gmt":"2022-06-12T00:10:00","guid":{"rendered":"https:\/\/cn.cryptonews.com\/?p=80957"},"modified":"2023-06-26T11:26:40","modified_gmt":"2023-06-26T11:26:40","slug":"mei-yuan-de-zhu-dao-de-wei-he-fei-chuan-tong-chu-bei-huo-bi-de-jue-qi","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/cn\/exclusives\/mei-yuan-de-zhu-dao-de-wei-he-fei-chuan-tong-chu-bei-huo-bi-de-jue-qi\/","title":{"rendered":"\u7f8e\u5143\u7684\u4e3b\u5bfc\u5730\u4f4d\u548c\u975e\u4f20\u7edf\u50a8\u5907\u8d27\u5e01\u7684\u5d1b\u8d77"},"content":{"rendered":"<figure class=\"image\"><img decoding=\"async\" src=\"https:\/\/cimg.co\/news\/80957\/205204\/screenshot-20220611-171054.jpg\" width=\"647\" class=\"content-img\" alt=\"\"><\/figure><p>Serkan Arslanalp \u662f\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7 (IMF) \u7edf\u8ba1\u90e8\u56fd\u9645\u6536\u652f\u5904\u526f\u5904\u957f\uff1bBarry Eichengreen \u662f\u52a0\u5dde\u5927\u5b66 George C. Pardee \u548c Helen N. Pardee \u7ecf\u6d4e\u4e0e\u653f\u6cbb\u5b66\u6559\u6388\uff1b  Chima Simpson-Bell \u662f\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\u975e\u6d32\u90e8\u7684\u7ecf\u6d4e\u5b66\u5bb6\u3002<\/p><p> _______<\/p><p>\u957f\u671f\u4ee5\u6765\uff0c\u7f8e\u5143\u5728\u5168\u7403\u5e02\u573a\u4e2d\u626e\u6f14\u7740\u4e3e\u8db3\u8f7b\u91cd\u7684\u89d2\u8272\u3002 \u5373\u4f7f\u5728\u8fc7\u53bb\u7684\u4e8c\u5341\u5e74\u4e2d\uff0c\u7f8e\u56fd\u7ecf\u6d4e\u5728\u5168\u7403\u4ea7\u91cf\u4e2d\u7684\u6bd4\u4f8b\u4e00\u76f4\u5728\u7f29\u5c0f\uff0c\u5b83\u4ecd\u5728\u7ee7\u7eed\u626e\u6f14\u8fd9\u6837\u7684\u89d2\u8272\u3002<\/p><p>\u4f46\u662f\uff0c\u5c3d\u7ba1\u7f8e\u5143\u5728\u5168\u7403\u8d38\u6613\u3001\u56fd\u9645\u503a\u52a1\u548c\u975e\u94f6\u884c\u501f\u8d37\u4e2d\u7684\u6240\u5360\u4efd\u91cf\u4ecd\u7136\u8fdc\u8fdc\u8d85\u8fc7\u7f8e\u56fd\u5728\u8d38\u6613\u3001\u503a\u5238\u53d1\u884c\u548c\u56fd\u9645\u501f\u8d37\u4e2d\u7684\u6bd4\u91cd\uff0c\u4f46\u5404\u56fd\u592e\u884c\u5e76\u6ca1\u6709\u518d\u4ee5\u4ed6\u4eec\u66fe\u7ecf\u91c7\u7528\u7684\u6bd4\u4f8b\u5728\u5176\u5916\u6c47\u7684\u50a8\u5907\u5f53\u4e2d\u6301\u6709\u7f8e\u5143 \u3002<\/p><p>\u6839\u636e\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\u5b98\u65b9\u7684\u5916\u6c47\u50a8\u5907\u8d27\u5e01\u7ec4\u6210\u4e4b\u6570\u636e\uff0c\u6b63\u5982\u4ee5\u4e0b\u7684\u672c\u5468\u56fe\u8868 (Chart of the Week) \u6240\u663e\u793a\uff0c\u7f8e\u5143\u5728\u5168\u7403\u5916\u6c47\u50a8\u5907\u4e2d\u7684\u4efd\u989d\u5728\u53bb\u5e74\u6700\u540e\u4e00\u4e2a\u5b63\u5ea6\u8dcc\u81f3 59% \u4ee5\u4e0b\uff0c\u8fd9\u5ef6\u7eed\u4e86 20 \u5e74\u6765\u7684\u4e0b\u8dcc\u8d8b\u52bf\u3002<\/p><figure class=\"image\"><img decoding=\"async\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" width=\"720\" class=\"content-img lazyload\" alt=\"\" data-src=\"https:\/\/cimg.co\/news\/80957\/205205\/screenshot-20220611-171555.jpg\" data-srcset=\"\"><\/figure><p>\u4f5c\u4e3a\u5916\u6c47\u50a8\u5907\u7ec4\u6210\u5177\u6709\u8f83\u4e3a\u5e7f\u6cdb\u8f6c\u53d8\u7684\u4e00\u4e2a\u4f8b\u5b50\uff0c\u4ee5\u8272\u5217\u94f6\u884c\u6700\u8fd1\u4e3a\u5176\u8d85\u8fc7 2000 \u4ebf\u7f8e\u5143\u7684\u5916\u6c47\u50a8\u5907\u516c\u5e03\u4e86\u4e00\u9879\u65b0\u7b56\u7565\u3002 \u4ece\u4eca\u5e74\u5f00\u59cb\uff0c\u5b83\u5c06\u51cf\u5c11\u7f8e\u5143\u7684\u6301\u6709\u6bd4\u4f8b\uff0c\u5e76\u589e\u52a0\u5176\u6295\u8d44\u7ec4\u5408\u5bf9\u6fb3\u5143\u3001\u52a0\u5143\u3001\u4eba\u6c11\u5e01\u548c\u65e5\u5143\u7684\u914d\u7f6e\u3002<\/p><p>\u6b63\u5982\u6211\u4eec\u5728\u6700\u8fd1\u7684 IMF \u5de5\u4f5c\u6587\u4ef6\u4e2d\u6240\u8bb0\u5f55\u7684\u90a3\u6837\uff0c\u7f8e\u5143\u7684\u89d2\u8272\u51cf\u5f31\u5e76\u6ca1\u6709\u56e0\u6b64\u89c1\u5230\u5176\u4ed6\u4f20\u7edf\u50a8\u5907\u8d27\u5e01\u7684\u4efd\u91cf\u6709\u76f8\u5bf9\u5e94\u7684\u589e\u52a0\uff0c\u5b83\u4eec\u5305\u62ec\uff1a\u6b27\u5143\u3001\u65e5\u5143\u548c\u82f1\u9551\u3002 \u6b64\u5916\uff0c\u5c3d\u7ba1\u4ee5\u4eba\u6c11\u5e01\u6301\u6709\u7684\u50a8\u5907\u6bd4\u4f8b\u6709\u6240\u589e\u52a0\uff0c\u4f46\u8fd9\u4ec5\u5360\u8fd1\u5e74\u6765\u4ece\u7f8e\u5143\u8f6c\u79fb\u51fa\u53bb\u7684\u56db\u5206\u4e4b\u4e00\uff0c\u90e8\u5206\u539f\u56e0\u662f\u56e0\u4e3a\u4e2d\u56fd\u76f8\u5bf9\u5c01\u95ed\u7684\u8d44\u672c\u8d26\u6237\u3002 \u6b64\u5916\uff0c\u5de5\u4f5c\u6587\u4ef6\u4e2d\u5f15\u7528\u7684\u66f4\u65b0\u6570\u636e\u663e\u793a\uff0c\u622a\u81f3\u53bb\u5e74\u5e95\uff0c\u5355\u5355\u4e00\u4e2a\u56fd\u5bb6 \u2014 \u4ea6\u5373\u4fc4\u7f57\u65af \u2014 \u6301\u6709\u5168\u7403\u8fd1\u4e09\u5206\u4e4b\u4e00\u7684\u4eba\u6c11\u5e01\u50a8\u5907\u3002<\/p><figure class=\"image\"><img decoding=\"async\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" width=\"720\" class=\"content-img lazyload\" alt=\"\" data-src=\"https:\/\/cimg.co\/news\/80957\/205206\/screenshot-20220611-171736.jpg\" data-srcset=\"\"><\/figure><p>\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u4f20\u7edf\u4e0a\u5728\u50a8\u5907\u7ec4\u5408\u4e2d\u4e0d\u5360\u91cd\u8981\u5730\u4f4d\u7684\u8f83\u5c0f\u7ecf\u6d4e\u4f53\u8d27\u5e01\uff0c\u5982\u6fb3\u5143\u548c\u52a0\u5143\u3001\u745e\u5178\u514b\u6717\u548c\u97e9\u5143\uff0c\u5360\u7f8e\u5143\u8f6c\u79fb\u4efd\u91cf\u7684\u56db\u5206\u4e4b\u4e09\u3002<\/p><p>\u6709\u4e24\u4e2a\u56e0\u7d20\u53ef\u80fd\u6709\u52a9\u4e8e\u89e3\u91ca\u8fd9\u79cd\u8d27\u5e01\u7684\u8d70\u52bf\uff1a<\/p><ul><li>\u8fd9\u4e9b\u8d27\u5e01\u7ed3\u5408\u4e86\u8f83\u9ad8\u7684\u56de\u62a5\u548c\u76f8\u5bf9\u8f83\u4f4e\u7684\u6ce2\u52a8\u6027\u3002 \u8fd9\u5bf9\u4e2d\u592e\u94f6\u884c\u50a8\u5907\u7ecf\u7406\u4eec\u7684\u5438\u5f15\u529b\u8d8a\u6765\u8d8a\u5927\uff0c\u56e0\u4e3a\u968f\u7740\u5916\u6c47\u50a8\u5907\u7684\u589e\u957f\uff0c\u6295\u8d44\u7ec4\u5408\u914d\u7f6e\u7684\u98ce\u9669\u4e5f\u4f1a\u8ddf\u7740\u63d0\u9ad8\u3002<\/li><li>\u65b0\u7684\u91d1\u878d\u79d1\u6280 \u2014 \u4f8b\u5982\u81ea\u52a8\u505a\u5e02 (automatic market-making) \u548c\u81ea\u52a8\u8d44\u91d1\u6d41\u52a8\u7ba1\u7406\u7cfb\u7edf (automated liquidity management systems) \u2014 \u4f7f\u5f97\u8f83\u5c0f\u7ecf\u6d4e\u4f53\u7684\u8d27\u5e01\u4ea4\u6613\u53d8\u5f97\u66f4\u4fbf\u5b9c\u4e5f\u66f4\u5bb9\u6613\u3002<\/li><\/ul><p>\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\uff0c\u8fd9\u4e9b\u8d27\u5e01\u7684\u53d1\u884c\u5355\u4f4d\u8fd8\u4e0e\u7f8e\u8054\u50a8 (Fed\/ US Federal Reserve) \u6709\u53cc\u8fb9\u4e92\u6362\u989d\u5ea6 (bilateral swap lines)\u3002\u53ef\u4ee5\u8bf4\uff0c\u8fd9\u4e2a\u5b89\u6392\u8ba9\u5927\u5bb6\u76f8\u4fe1\u4ed6\u4eec\u7684\u8d27\u5e01\u5c06\u4fdd\u6301\u5176\u5bf9\u7f8e\u5143\u7684\u4ef7\u503c\u3002<\/p><p>\u7136\u800c\uff0c\u8fd9\u4e2a\u56e0\u7d20\u7684\u91cd\u8981\u6027\u4e5f\u540c\u65f6\u503c\u5f97\u8d28\u7591\u3002\u975e\u4f20\u7edf\u8d27\u5e01\u503e\u5411\u4e8e\u6d6e\u52a8\u3002 \u5b9e\u9645\u4e0a\uff0c\u5b83\u4eec\u5151\u7f8e\u5143\u6c47\u7387\u7684\u6ce2\u52a8\u5f88\u5927\u3002 \u4ed6\u4eec\u7684\u53d1\u884c\u5355\u4f4d\u5f88\u5c11\u52a8\u7528\u4e0e\u7f8e\u8054\u50a8\u7684\u53cc\u8fb9\u4e92\u6362\u989d\u5ea6\u3002 \u56de\u5f52\u5206\u6790\u8868\u660e\uff0c\u62e5\u6709\u7f8e\u8054\u50a8\u4e92\u6362\u989d\u5ea6\u4e0e\u63a5\u53d7\u56fd\u50a8\u5907\u4e2d\u7684\u7f8e\u5143\u4efd\u989d\u589e\u52a0 9 \u4e2a\u767e\u5206\u70b9\u76f8\u5173\u3002 \u8fd9\u53ef\u80fd\u663e\u793a\u4e92\u6362\u989d\u5ea6\u4e0d\u80fd\u5b8c\u5168\u66ff\u4ee3\u5b9e\u9645\u50a8\u5907\u3002<\/p><p>\u4e00\u4e2a\u66f4\u5408\u7406\u7684\u89e3\u91ca\u662f\uff0c\u8fd9\u4e9b\u975e\u4f20\u7edf\u7684\u50a8\u5907\u8d27\u5e01\u662f\u7531\u62e5\u6709\u5f00\u653e\u8d44\u672c\u8d26\u6237\u548c\u826f\u597d\u7a33\u5b9a\u653f\u7b56\u8bb0\u5f55\u7684\u56fd\u5bb6\u6240\u53d1\u884c\u7684\u3002\u50a8\u5907\u8d27\u5e01\u53d1\u884c\u5355\u4f4d\u7684\u91cd\u8981\u5c5e\u6027\u4e0d\u4ec5\u5305\u62ec\u4e86\u7ecf\u6d4e\u7684\u6743\u91cd\u548c\u91d1\u878d\u7684\u6df1\u5ea6\uff0c\u8fd8\u5305\u62ec\u4e86\u900f\u660e\u4e14\u53ef\u9884\u6d4b\u7684\u653f\u7b56\u3002 \u6362\u53e5\u8bdd\u8bf4\uff0c\u7ecf\u6d4e\u7684\u7a33\u5b9a\u6027\u548c\u653f\u7b56\u7684\u51b3\u5b9a\u5bf9\u4e8e\u83b7\u5f97\u56fd\u9645\u63a5\u53d7\u5ea6\u6765\u8bf4\u662f\u5f88\u91cd\u8981\u7684\u3002<\/p><p>\u4ee5\u4e0a\u5bf9\u5168\u7403\u50a8\u5907\u8d27\u5e01\u4efd\u989d\u7f29\u51cf\u6240\u4f5c\u7684\u5206\u6790\u8bc1\u5b9e\uff0c\u4e00\u79cd\u8d27\u5e01\u82e5\u5177\u6709\u8f83\u9ad8\u7684\u7ecf\u6d4e\u98ce\u9669\u4fdd\u8d39 \u2013 \u4ee5\u5176\u4f7f\u7528\u4fe1\u7528\u884d\u751f\u54c1 (credit derivatives) \u6765\u4e3a\u8fdd\u7ea6\u63d0\u4f9b\u4fdd\u9669\u7684\u6210\u672c\u6765\u8861\u91cf \u2013 \u5747\u4f1a\u964d\u4f4e\u5176\u5728\u5168\u7403\u50a8\u5907\u5f53\u4e2d\u7684\u4efd\u989d\u3002\u663e\u7136\uff0c\u6301\u6709\u8005\u6240\u9752\u7750\u7684\u8d27\u5e01\u901a\u5e38\u662f\u7531\u4ee5\u826f\u597d\u6cbb\u7406\u3001\u7ecf\u6d4e\u7a33\u5b9a\u548c\u7a33\u5065\u8d22\u653f\u7740\u79f0\u4e4b\u56fd\u5bb6\u6240\u53d1\u884c\u7684\u3002<\/p>","protected":false},"excerpt":{"rendered":"<p>Serkan Arslanalp \u662f\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7 (IMF) \u7edf\u8ba1\u90e8\u56fd\u9645\u6536\u652f\u5904\u526f\u5904\u957f\uff1bBarry Eichengreen \u662f\u52a0\u5dde\u5927\u5b66 George C. Pardee \u548c Helen N. Pardee \u7ecf\u6d4e\u4e0e\u653f\u6cbb\u5b66\u6559\u6388\uff1b Chima Simpson-Bell \u662f\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\u975e\u6d32\u90e8\u7684\u7ecf\u6d4e\u5b66\u5bb6\u3002 _______\u957f\u671f\u4ee5\u6765\uff0c\u7f8e\u5143\u5728\u5168\u7403\u5e02\u573a\u4e2d\u626e\u6f14\u7740\u4e3e\u8db3\u8f7b\u91cd\u7684\u89d2\u8272\u3002 \u5373\u4f7f\u5728\u8fc7\u53bb\u7684\u4e8c\u5341\u5e74\u4e2d\uff0c\u7f8e\u56fd\u7ecf\u6d4e\u5728\u5168\u7403\u4ea7\u91cf\u4e2d\u7684\u6bd4\u4f8b\u4e00\u76f4\u5728\u7f29\u5c0f\uff0c\u5b83\u4ecd\u5728\u7ee7\u7eed\u626e\u6f14\u8fd9\u6837\u7684\u89d2\u8272\u3002\u4f46\u662f\uff0c\u5c3d\u7ba1\u7f8e\u5143\u5728\u5168\u7403\u8d38\u6613\u3001\u56fd\u9645\u503a\u52a1\u548c\u975e\u94f6\u884c\u501f\u8d37\u4e2d\u7684\u6240\u5360\u4efd\u91cf\u4ecd\u7136\u8fdc\u8fdc\u8d85\u8fc7\u7f8e\u56fd\u5728\u8d38\u6613\u3001\u503a\u5238\u53d1\u884c\u548c\u56fd\u9645\u501f\u8d37\u4e2d\u7684\u6bd4\u91cd\uff0c\u4f46\u5404\u56fd\u592e\u884c\u5e76\u6ca1\u6709\u518d\u4ee5\u4ed6\u4eec\u66fe\u7ecf\u91c7\u7528\u7684\u6bd4\u4f8b\u5728\u5176\u5916\u6c47\u7684\u50a8\u5907\u5f53\u4e2d\u6301\u6709\u7f8e\u5143 \u3002\u6839\u636e\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\u5b98\u65b9\u7684\u5916\u6c47\u50a8\u5907\u8d27\u5e01\u7ec4\u6210\u4e4b\u6570\u636e\uff0c\u6b63\u5982\u4ee5\u4e0b\u7684\u672c\u5468\u56fe\u8868 (Chart of the Week) \u6240\u663e\u793a\uff0c\u7f8e\u5143\u5728\u5168\u7403\u5916\u6c47\u50a8\u5907\u4e2d\u7684\u4efd\u989d\u5728\u53bb\u5e74\u6700\u540e\u4e00\u4e2a\u5b63\u5ea6\u8dcc\u81f3 59% \u4ee5\u4e0b\uff0c\u8fd9\u5ef6\u7eed\u4e86 20 \u5e74\u6765\u7684\u4e0b\u8dcc\u8d8b\u52bf\u3002\u4f5c\u4e3a\u5916\u6c47\u50a8\u5907\u7ec4\u6210\u5177\u6709\u8f83\u4e3a\u5e7f\u6cdb\u8f6c\u53d8\u7684\u4e00\u4e2a\u4f8b\u5b50\uff0c\u4ee5\u8272\u5217\u94f6\u884c\u6700\u8fd1\u4e3a\u5176\u8d85\u8fc7 2000 \u4ebf\u7f8e\u5143\u7684\u5916\u6c47\u50a8\u5907\u516c\u5e03\u4e86\u4e00\u9879\u65b0\u7b56\u7565\u3002 \u4ece\u4eca\u5e74\u5f00\u59cb\uff0c\u5b83\u5c06\u51cf\u5c11\u7f8e\u5143\u7684\u6301\u6709\u6bd4\u4f8b\uff0c\u5e76\u589e\u52a0\u5176\u6295\u8d44\u7ec4\u5408\u5bf9\u6fb3\u5143\u3001\u52a0\u5143\u3001\u4eba\u6c11\u5e01\u548c\u65e5\u5143\u7684\u914d\u7f6e\u3002\u6b63\u5982\u6211\u4eec\u5728\u6700\u8fd1\u7684 IMF 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