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目前的世界不景气,有着不同于以前的新特点:第一,它产生于英美两国进行的庞大的货币主义的试验。第二,当几乎所有的先进工业国都在努力削减财政赤字时,唯独美国在增加高雇佣财政赤字(景气循环调整后的赤字)。第三,想降低利率的国家虽然处于浮动价格体制下,却不能实行自由的金融政策。这三个方面的因素相互纠缠在一起使许多国家很难从目前的不景气中摆脱出来。这种不景气的新
The present world downturn has a new feature different from the previous one. First, it arises from the immense monetarist experiments carried out in Britain and the United States. Second, the United States is only increasing the high-employment fiscal deficit (the deficit after the boom-cycle adjustment) when almost all the advanced industrial nations are trying to reduce the fiscal deficit. Third, countries that want to reduce their interest rates, though they are under a floating price system, can not implement free financial policies. The tangling of these three dimensions with each other makes it difficult for many countries to emerge from the present downturn. This downturn of the new