By Bitcoin 잡지 - 2년 전 - 읽기 시간: 2분
XNUMX년 동안의 IMF 플레이북을 따라가다
Alarmingly, G7 governments appear to be following a playbook designed to cap interest rates and let inflation run hot.
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오늘 Daily Dive의 주제는 G7 정부와 글로벌 중앙 은행이 뒤따르는 것으로 보이는 플레이북이 될 것입니다. 일부 사람들은 조직적인 캠페인이나 전략이 있는지 회의적일 수 있지만, 2011년 XNUMX월 국제통화기금(IMF)이 발표한 다음 보고서는 다른 사람들을 설득할 수 있습니다.wise.
종이, "정부 부채 청산,” outlined how governments and central banks could go about reducing public and private debts. Below is the abstract of the paper.
추상
“Historically, periods of high indebtedness have been associated with a rising incidence of default or restructuring of public and private debts. A subtle type of debt restructuring takes the form of “financial repression.” Financial repression includes directed lending to government by captive domestic audiences (such as pension funds), explicit or implicit caps on interest rates, regulation of cross-border capital movements, and (generally) a tighter connection between government and banks. In the heavily regulated financial markets of the Bretton Woods system, several restrictions facilitated a sharp and rapid reduction in public debt/GDP ratios from the late 1940s to the 1970s. Low nominal interest rates help reduce debt servicing costs while a high incidence of negative real interest rates liquidates or erodes the real value of government debt. Thus, financial repression is most successful in liquidating debts when accompanied by a steady dose of inflation. Inflation need not take market participants entirely by surprise and, in effect, it need not be very high (by historic standards). For the advanced economies in our sample, real interest rates were negative roughly ½ of the time during 1945-1980. For the United States and the United Kingdom our estimates of the annual liquidation of debt via negative real interest rates amounted on average from 3 to 4 percent of GDP a year. For Australia and Italy, which recorded higher inflation rates, the liquidation effect was larger (around 5 percent per annum). We describe some of the regulatory measures and policy actions that characterized the heyday of the financial repression era.”
The most alarming aspect of the paper is the fact that the playbook laid out a decade ago seems to be being followed to a tee. Most specifically, financial repression by capping interest rates while letting inflation run hot.
With the consumer price index (CPI) continuing to run far above the Federal Reserve funds rate, real yields are negative across the treasury yield curve. In other words, bond holders are getting their interest payments while their principal decays in value (refer to abstract: “financial repression includes directed lending to government by captive domestic audiences [such as pension funds]”).
출처: 야르데니