おはようございます。
Shortmanです。
こんなニュースを見て、
Bloomberg, フィッシャーＦＲＢ副議長が警告、政治的な不透明感は経済成長損なう
『フィッシャー副議長は31日にブラジルで講演する。講演原稿によれば同副議長は、「ヘルスケアや規制、税制、貿易の政策に先行き透明感があるため、企業は政策環境がはっきりするまで企プロジェクトを延期しかねない」と指摘した。』
せっかくなので講演原稿を見てみよう。
The Low Level of Global Real Interest Rates
At the Conference to Celebrate Arminio Fraga’s 60 Years, Casa das Garcas, Rio de Janeiro, Brazil
“Another factor weighing on equilibrium real interest rates has been the recent weakness of investment. What explains the tepid response of capital spending to historically low interest rates? As mentioned earlier, low productivity growth has certainly been a contributing factor, as firms see fewer profitable investment opportunities. But elevated uncertainty, both political and economic, has likely also played a role. For one, uncertainty about the outlook for government policy in health care, regulation, taxes, and trade can cause firms to delay projects until the policy environment clarifies.
Firms also seem quite uncertain about the disruptive capacity of new technologies. Technological developments appear to be rapidly reshaping entire industries‑‑in retail, transportation, and communications. Elevated uncertainty about the continued viability of long-standing business models could be weighing on investment decisions. Relatedly, it is possible that as the economy evolves in response to new technologies, production is becoming less capital intensive than it was in earlier decades. “
原稿通りの内容で、その後にこのニュース。
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