Ideally, they would develop a set of specially tailored financial tools. For example, raising banks’ capital requirements when credit is booming could restrain lending and strengthen banks’ cushion against losses, while setting ceilings on loan-to-value ratios could rein in exuberant property markets, thereby heading off excessive risks for borrowers and lenders.
那么，央行行长应该怎么做？在理想情况中，他们应该开发一套量身定做的金融工具。比如，在信用繁荣时期提高银行资本要求可以抑制贷款、增强银行吸收损失的能力，而制定贷款-价值（loan-to-value）比上限可以给火热的房地产市场泼冷水，从而降低借款人和贷款人的过高风险。