Active or passive lever

Take the initiative to leverage or passive deleveraging Sina fund exposure platform: the letter Phi lag false propaganda, long-term performance is lower than similar products, how to buy a fund pit? Click [I want to complain], Sina help you expose them! The CF40 research group of debt to equity swap is an important way to realize the necessity of the implementation of the initiative to leverage debt to China from all walks of life, there is still some controversy, some experts believe that at this stage is not enough to implement the degree of urgency. But from the perspective of the global macro level, the next ten years, including China, the major economies will continue to face greater deleveraging pressure. Debt to equity is active, we achieve orderly deleveraging, promote structural reform and enhance the supply side power and vitality of the important measures in the economy. The lever can be divided into active and passive levers. To leverage the market for passive self adjustment and clearing, due to the financial market leverage is procyclical, therefore completely rely on the market clearing easily lead to overshoot and more severe shock. Historically, most countries in the world are passive deleveraging, the price is great, the process is painful. Japan is the first country to leverage the depth, mainly in the asset bubble burst, such as a substantial increase in the passive way to leverage, and lead to long-term stagnation of the economy. Japan’s ultra loose monetary policy can only alleviate the pain, but can not solve the problem. Because of the lack of economic viability, the stimulus is largely corporate debt into government debt, not only did not realize to leverage the overall leverage ratio continues to rise, Japan has become the world’s overall debt is one of the highest rates of economy. Especially in the international financial crisis continued policy stimulus, major economies rise faster than the global debt and gradually reaching high limit. According to the bank for International Settlements (BIS) statistics, by the end of 2008 to the end of 2015, Japan’s non financial sector debt ratio (debt GDP) rose by 61 percentage points, the euro area rose by 35 percentage points, the United States increased by 12 percentage points. Research institutions that currently the world’s major economies may last stage is close to the long period of debt, the deleveraging phase, Japan from the long term debt end point recently in Europe than in Japan later, gradually into the high end of the debt cycle, has begun to implement the policy of negative interest rates, while the United States entered the deleveraging phase time a little later than europe. Although the crisis before 2008 is also through the deleveraging to resolve, but not so much leverage pressure on the real economy is not so destructive. Is in the hundred years of global economic and financial crisis in the context of the current round of deleveraging, deleveraging pressure should be large, may require and in the last century, the great depression in 30s the crisis to compare, this is an important risk facing the macro level. In the global debt accumulation and deleveraging in the background, in recent years, China’s debt level is also relatively fast. According to the Chinese Academy of Social Sciences estimates, the end of 2015 China’s debt ratio of 236%; according to BIS estimates, by the end of China’s debt ratio reached 255%, compared with the end of the year rose by 108 percentage points相关的主题文章: