印度央行行長 富國耗盡經濟刺激彈藥

Central banks and governments of rich countries are running out of ammunition for stimulating their economies, says Raghuram Rajan, the head of the Indian central bank — but they can never admit as much.

印度央行(Reserve Bank of India)行長拉古拉姆•拉詹(Raghuram Rajan)稱，富裕國家的央行及政府正在耗盡刺激其經濟所需的彈藥，但是他們永遠不會承認這一點。

Speaking to the Financial Times at the University of Chicago Booth School of Business in London, Mr Rajan criticised efforts to use fiscal and monetary policy and infrastructure programmes to boost growth rates in advanced economies.

曾經在芝加哥大學布斯商學院(University of Chicago Booth School of Business)執教的拉詹在倫敦接受英國《金融時報》採訪時，批評了發達經濟體利用財政和貨幣政策及基礎設施項目來提振增長率的努力。

Long a critic of low interest rates in rich countries that can drive hot-money flows to poorer parts of the world, the governor of the Reserve Bank of India suggested that loose policies were also weakening the underlying performance of advanced economies.

這位印度央行行長一直批評富裕國家實行的低利率，稱這會驅使熱錢流入世界上較貧窮的國家。他提出，寬鬆政策也在削弱發達經濟體本身的根本表現。

Although Mr Rajan said there were limits on stimulus, he said central banks “cannot claim to be out of ammunition because immediately that would create the wrong kind of expectations, so there’s always something up their sleeves”.

儘管拉詹稱刺激政策有侷限性，但是他稱，央行“不能聲稱彈藥耗盡，因爲那會立即造成錯誤的預期，所以他們總會有其他手段”。