But it is still too early to tell whether the macro-pru policies on which they are relying will ensure financial stability. If not, policymakers will eventually face an ugly tradeoff: kill the recovery to avoid risky bubbles, or go for growth at the risk of fueling the next financial crisis.
现在，很多拥有泡沫信贷，股市和房地产市场的国家的政策制定者都避免提高政策利率，让经济保持缓慢增长。但要判断他们所依赖的宏观审慎监管政策是否能确保金融稳定还是为时过早。如果答案为否，政策制定者最终将面临一个艰难的决定：要不扼杀复苏，避免危险的泡沫，要不在酝酿下一次金融危机的风险中继续增长。如今随着资产价格的持续上升，许多经济体可能会在自身的承受范围内尝试尽可能多的政策。