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财政主导的回归
随着公共债务上升及贸易作为增长引擎的作用减弱，各国央行正面临丧失其独立性的风险，而这种独立性是全球金融稳定的基石。
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Published Tue, Jan 27, 2026 · 06:13 PM
本文由AI辅助翻译
全球经济正在进入一个更为危险的调整阶段。
随着贸易一体化带来的红利逐渐消失，地缘政治分裂加剧，各国政府日益依赖国内财政政策来维持增长、管理结构性转型以及应对冲击。
财政积极主义已不再是周期性的，而是结构性的。
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