Rather than boosting credit to the real economy, unconventional monetary policies have mostly lifted the wealth of the very rich – the main beneficiaries of asset reflation. But now reflation may be creating asset-price bubbles, and the hope that macro-prudential policies will prevent them from bursting is so far just that – a leap of faith.
非常规货币政策没有增加流向实体经济的信用，反而大大增加了巨富人群的财富——他们也是资产再通胀的主要受益者。但如今再通胀可能在制造资产价格泡沫，而从目前看，寄希望于宏观审慎政策能够阻止泡沫破裂还只是一种“情怀”。