Brazil’s moves last week to stem the rise of its currency reflect the growing anxiety in many emerging economies about inflows of hot money. Fickle deposits in banks – ancient enablers of calamitous booms and busts in credit – deserve even wider attention. It is time to prohibit all banks – and depository institutions like money market funds – from paying more than the risk-free government bill rate. In short, we need to cap rates on all short-term deposits.
上周巴西出台的遏制本币升值的举措，反映出许多新兴manbetx20客户端下载 体对热钱流入的焦虑与日俱增。变幻无常的银行存款——自古以来就是灾难性信贷繁荣与萧条的罪魁祸首——应受到更广泛的关注。眼下应当禁止所有银行——以及货币市场基金之类的存款机构——支付高于无风险国债收益率的利率。简而言之，我们应当为所有短期存款设置利率上限。
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