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Reasonable use of financial measures to resist economic impact

June 12, 2020 00:36 Source: "China Social Sciences" June 12, 2020, 1946 Author: This newspaper reporter in Boston Hou Li

　　International Monetary Fund (IMF) recently issued an article on its official website，Global economy will face downward risks in the next few years。For this，The organization recommends that developed economies rationally use fiscal measures，Enhance the ability to resist unfavorable impact。

　　Short -term measures to improve resistance

　　The "big blockade" measures adopted to cope with the global epidemic causes a serious recession in the world's many countries.，The situation of some countries is even worse than when the global financial crisis in 2008。For this，Government and central banks have adopted a strong (one -time and specific) financial and monetary measures。Overall perspective，The implementation of these measures alleviate the impact caused by the epidemic。

　　Article proposal，Many Bet365 lotto review developed economies are currently at a historic low，Public debt is at a high level of history。How to effectively prepare for the risk of economic decline in the future，It is the most concerned issue in various countries。In the latest issue of "World Economic Outlook"，The International Monetary Fund analyzes how developed economies enhance the ability to resist unfavorable impact。Analysis results indicate，Rules -based fiscal stimuli can relatively effectively resist the economic recession。

　　Give full play to the role of fiscal policy

　　Article Title，The current interest rate of the developed economy is zero or at a close level，This leads to a very limited space for further interest rate cuts。But，Central banks of various countries can still increase the use of unconventional monetary policy tools，For example, buy assets on a large scale，to further increase support。but，It is not enough to respond to the impact of only relying on monetary policy tools，People are worried that this will have a certain negative impact on the bet365 best casino games stability of financial stability in the future，and the independence of the central bank constitutes a potential threat。

　　One of the author of the article、John Bluedorn, an economist of the International Monetary Fund Research Department, believes，The rules of fiscal stimulus before the impact，helps reduce uncertainty。For example，When the unemployment rate exceeds a certain threshold，Provide temporary nature to low -income families、Targeted cash transfer payment，Economic declines caused by insufficient needs of typical needs。Although these stimulus measures are automatic，But it is very different from the traditional automatic stability mechanism，Because the latter responds to the personal situation，If you provide unemployment insurance or implement a progressive income tax system for decline in income。

　　The new crown pneumonia epidemic currently has different impacts on the economy，It has a significant impact on both supply and demand。The speed and depth of this impact are bet365 best casino games unprecedented，increased the difficulty of designing and providing fiscal support in a timely manner。For example，When the company cannot operate normally due to the epidemic，Fiscal stimulus to promote output is lower effective。but but，Even in this case，Implementation of rules -based fiscal stimuli in advance may also be beneficial，These measures can provide further income guarantee for the fragile group，and can strengthen the social security network。

　　Article emphasizes，Policy makers should consider strengthening automatic reaction capabilities of fiscal policy to respond to unfavorable impact，So as to improve economic toughness。At the same time，When the economy is recession，Even if it cannot be cut further，Monetary policy can also provide support for financial stimuli by maintaining a loose trend (including relaxation financial market conditions)。Of course，Design and adopt new fiscal tools and improve the existing automatic stability mechanism，3252_3263。but Bet365 lotto review but，This does not mean that fiscal measures are extra。In fact，Financial measures are important，Being able to provide strong reverse cycle support，But the premise is that these measures must be adopted and implemented in a timely manner。

　　Flexible cope with future risks

　　Bruzon thinks，From the historical perspective，The implementation of fiscal stimuli is delayed。but but，Set expectations by formulating action rules in advance，It can play a beneficial help to a certain extent。So，It is necessary to implement more automatic fiscal stimulation，In the economic recession, especially the central bank's interest rate is close to or at the valid lower limit、When the monetary policy is limited，It is very effective to take rules -based financial stimulus measures。

　　Michal Andrle, an economist of the International Monetary Fund, believes，In view of the beginning of the recession，The scale of implementing currency and fiscal policy actions is huge，and the common low interest rate and high debt phenomenon，Currency and fiscal policy makers bet365 Play online games will face many challenges。Another，When an epidemic and other emergencies,，Policy makers will also face population pressure、The global economy composition、Factors such as short -term spread risk，These will make the world after the epidemic facing a more complex situation，and add more uncertainty to the formulation and implementation of fiscal policy。

　　(Our newspaper Boston, June 8th)

Editor in charge: Changchang