The Japanese bond purchase programme has already had a material effect on financial prices around the world. It will now alter the global investment landscape by changing the nature and size of capital flows. Yet once the initial excitement passes, the real question will become whether it adds to, or subtracts from, the longer-term stability of the global monetary system.
日本債券購買計(jì)劃已對全球金融市場的價(jià)格產(chǎn)生重大影響。它將通過改變資金流動(dòng)的特點(diǎn)和規(guī)模來改變?nèi)蛲顿Y版圖。然而,一旦最初的興奮退去,真正的問題將變成它會(huì)加大還是降低全球貨幣體系在較長期內(nèi)的穩(wěn)定。
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