观点主权债券

Why bullish markets did nothing for bearish boards
人们为何愿意“亏钱当债主”?


FT专栏作家普伦德:眼下投资者正蜂拥抢购收益率为负值的主权债券,这是自巴比伦时代以来人类历史上从未有的现象。人们为何要付钱让某些欧洲国家借走自己的钱?

As the period of ultra-loose monetary policy in the developed world inches to a close, a paradox calls for explanation. Throughout this extraordinary monetary experiment managers of listed companies appeared to see risks everywhere and have been reluctant to invest in fixed assets despite enjoying the lowest borrowing costs in history. By contrast financial institutions have been fearless in propelling markets ever higher.

随着发达国家的超宽松货币政策期接近终结,一个矛盾需要得到解释。纵观这次不寻常的货币实验,上市公司的管理者眼里似乎到处都是风险,尽管随手可得史上最低的借款成本,他们却不愿投资于固定资产。相比之下,金融机构却像不要命似的不断推高市场。

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