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好书推荐·赠书|《货币之手》
清华金融评论·2025-09-12 11:09

Core Viewpoint - The article discusses the role and impact of central banks in the global economy, particularly focusing on unconventional monetary policies implemented during the 2007-2009 financial crisis and the COVID-19 pandemic, highlighting both their effectiveness and unintended negative consequences [3][4]. Summary by Sections Introduction - The introduction emphasizes the pervasive influence of central banks, likening their role to both a magician and a dictator in the economic world, and discusses the mysterious qualities of power in financial systems [8]. Chapter 1: Legacy of the Great Depression - This chapter explores the historical context of central banking, including the lessons learned from past financial crises and the evolution of crisis management strategies [8]. Chapter 2: Leverage as Poison - It identifies five driving factors behind the largest financial crisis in history, including the U.S. housing bubble and the role of securitization in spreading risk [8]. Chapter 3: The Road to Hell - The chapter details the global spread of financial turmoil, the interplay between monetary markets and major financial institutions, and the responses from the U.S. and European central banks [8]. Chapter 4: Breaking the Norms - This section discusses the unconventional measures taken during financial crises, such as zero interest rates and quantitative easing, and the challenges faced by central banks in managing these policies [9]. Chapter 5: High Costs - It outlines various syndromes that emerged from the financial crisis, illustrating the complex consequences of central bank interventions and the emergence of shadow banking [9]. Chapter 6: The Eve of Change - The final chapter reflects on the need for a paradigm shift in monetary policy, questioning the long-standing 2% inflation target and advocating for a more balanced approach to financial stability [9]. Conclusion - The conclusion calls for a new path towards stable growth in the financial system, moving beyond unconventional measures [9].