{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"22326898-47c5-4434-aaca-21efe5415df2","title":"平台资本主义","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787218129853","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"22326898-47c5-4434-aaca-21efe5415df2","id":"22326898-47c5-4434-aaca-21efe5415df2","uuid":"22326898-47c5-4434-aaca-21efe5415df2","title":"平台资本主义","normalized_title":"平台资本主义","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787218129853","isbns":["9787218129853"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":160,"navigation_url":"https://workshop.closeclaw.top/ai/book/22326898-47c5-4434-aaca-21efe5415df2","title_url":"https://workshop.closeclaw.top/ai/title/%E5%B9%B3%E5%8F%B0%E8%B5%84%E6%9C%AC%E4%B8%BB%E4%B9%89","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/22326898-47c5-4434-aaca-21efe5415df2/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/22326898-47c5-4434-aaca-21efe5415df2/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/22326898-47c5-4434-aaca-21efe5415df2","page_url":"https://workshop.closeclaw.top/api/ai/books/22326898-47c5-4434-aaca-21efe5415df2/page","search_url":"https://workshop.closeclaw.top/api/ai/books/22326898-47c5-4434-aaca-21efe5415df2/search"},"page":{"printed_page":33,"pdf_page":36,"physical_index":36,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"da85b24debbea837d581c05e6dc1322106a2c8d346348d22d6759ff8904e25c0"},"chapter":"PLATFORM CAPITALISM 平台 资本主义","content":"使用量化宽松政策的主要理由，是降低其他资产的收益率。如果传统货币政策主要通过改变短期利率进行运作，那么量化宽松政策将会影响长期利率和替代资产的利率。\n\n这里的主要思想是“投资组合平衡渠道”。鉴于资产不是彼此的完美替代品—不同的资产具有不同价值、不同风险、不同回报，剥夺或限制一种资产的供给，会对其他资产的需求产生影响。减少政府债券的供给，尤其会增加对其他金融资产的需求。我们应当降低债券收益率，例如公司债务，从而放松信贷；也要提高股票，如公司股票的资产价格，随后创造财富效应来刺激支出。\n\n虽然目前只有初步的证据，但量化宽松政策似乎确实有这样的效果：企业收益率下降，股市上涨。[32]这可能对经济体系中的非金融业也有影响，表现在经济的复苏大部分取决于2007年以来的4.7万亿美元新企业债务。[33]我们此举最为重要的原因是，中央银行建立的广义低利率环境，降低了广泛金融资产的回报率。结果是，寻求更高收益的投资者不得不转向日益有风险的资产，例如投资给无利可图和状况不明的科技公司。\n\n033","previous_page":32,"next_page":34}