係星期日BIS推出左最新嘅年度報告,今年比較特別嘅係該行將年度報告同年度經濟報告分開,等大家更易搵到BIS嘅經濟分析文章。

Bank for Intl Settl. on Twitter

The full BIS Annual Economic Report has been released https://t.co/rvqDYXM5eH

2018年度嘅BIS經濟報告,首三個章節係用黎審視全球經濟發展。

Annual Report 2017/18

Agustín Carstens, General Manager, presents the new BIS Annual Report and highlights the Bank’s core activities in three main areas: economic research and statistics, banking activities and international cooperation. Link to Annual Report: https://www.bis.org//about/areport/areport2018.htm

第一章題為《A stronger expansion: how to make it last》,探討嘅就係經濟復甦多年,到底係咪就快會出現衰退?又有咩辦法可以令增長持續落去?

I. A stronger expansion: how to make it last

Chapter I of the Annual Economic Report 2018. The global expansion has strengthened and broadened, owing in no small part to the post-crisis measures taken by monetary and regulatory authorities. Yet growth is still too dependent on central banks’ actions. There are material risks to the outlook due to …

第二章主題就係《Monetary policy: a narrow normalisation path》討論全球經濟多年依賴貨幣政策支持增長,現時多個主要央行推行「政策正常化」,到底太快同太慢會為經濟帶來咩風險?

II. Monetary policy: a narrow normalisation path

Chapter II of the Annual Economic Report 2018. The incipient monetary policy normalisation in the major economies raises tough challenges, exemplified by continued loose financial conditions. Normalising too slowly could give rise to overheating and …

第三章就係《The financial sector: post-crisis adjustment and pressure points》,講嘅係現在Basel III監管框架已經草擬完成,銀行應該點樣把握經濟增長時機去迎合新規管法則?同時,此章節亦討論非銀行金融中介帶來嘅金融風險。

III. The financial sector: post-crisis adjustment and pressure points

Chapter III of the Annual Economic Report 2018. The Basel III reforms have been completed, ending a key part of the post-crisis regulatory overhaul. The favourable economic outlook provides a window of opportunity for banks to finalise their post-crisis adjustment. Meanwhile, non-bank intermediaries have been gaining ground, creating new pressure points in financial markets.

第四章開始就係具主題嘅文章,首先就係名為《Moving forward with macroprudential frameworks》嘅一章,討論宏觀審慎策略係全球策行嘅現況,同埋對全球經濟帶來嘅好處。但此章亦有討論目前宏觀審慎政策不足之處。

以下為BIS為呢個章節製作嘅短片:

Moving forward with macroprudential frameworks

Claudio Borio speaks about Chapter IV of the Annual Economic Report 2018. This chapter recounts how macroprudential frameworks have become a key element of post-crisis reforms designed to ensure financial stability. Chapter IV: https://www.bis.org/publ/arpdf/ar2018e4.htm

第五章就係《Cryptocurrencies: looking beyond the hype》,主題係Cryptocurrencies目前面對嘅種種問題,例如交易處理需時、系統未有隨需求擴張等常見問題。以下為BIS嘅簡介短片:

Cryptocurrencies: looking beyond the hype

Hyun Song Shin speaks about Chapter V of the Annual Economic Report 2018. Cryptocurrencies’ decentralised model of generating trust limits their potential to replace conventional money, the chapter argues. Chapter V: https://www.bis.org/publ/arpdf/ar2018e5.htm

我正在細閱呢份報告,並將會不定時同大家分享當中有趣嘅論點。等我 🙂

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