{"id":590265,"date":"2025-08-28T06:40:42","date_gmt":"2025-08-28T13:40:42","guid":{"rendered":"https:\/\/nai500.com\/blog\/2025\/08\/imf\/"},"modified":"2025-08-28T06:40:42","modified_gmt":"2025-08-28T13:40:42","slug":"imf","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/08\/imf\/","title":{"rendered":"IMF \u8b66\u544a\u63ed\u793a\u5b89\u5168\u50b5\u5238\u5e02\u5834\u7684\u8106\u5f31\u6027"},"content":{"rendered":"

\u5982\u679c\u4e16\u754c\u4e0a\u6700\u5b89\u5168\u7684\u8cc7\u7522\u5728\u4f60\u6700\u9700\u8981\u5b89\u5168\u6642\u53cd\u800c\u6700\u5371\u96aa\uff0c\u6703\u600e\u9ebc\u6a23\uff1f\u9019\u6b63\u662f\u4e3b\u6b0a\u50b5\u5238\u7684\u6096\u8ad6\u3002IMF \u7684\u4e8c\u628a\u624b\u6307\u51fa\u5e02\u5834\u8106\u5f31\u662f\u6b63\u78ba\u7684\u3002\u4ee4\u4eba\u9a5a\u8a1d\u7684\u4e0d\u662f\u5979\u7684\u8b66\u544a\uff0c\u800c\u662f\u6295\u8cc7\u4eba\u4ecd\u628a\u50b5\u5238\u7576\u4f5c\u5728\u52d5\u76ea\u98a8\u66b4\u4e2d\u6c38\u6046\u4e0d\u8b8a\u7684\u58d3\u8259\u77f3\u3002\u50b5\u52d9\u8ca0\u64d4\u9ad8\uff0c\u5c55\u671f\u8feb\u5207\uff0c\u5e02\u5834\u6df1\u5ea6\u7a00\u8584\u3002\u6211\u5011\u770b\u904e\u9019\u9f63\u6232\u3002\u5b83\u9760\u7c21\u55ae\u7684\u6a5f\u5236\u904b\u4f5c\uff1a\u904e\u591a\u7684\u4e45\u671f\u9047\u4e0a\u904e\u5c11\u7684\u771f\u5be6\u6d41\u52d5\u6027\uff0c\u800c\u653f\u7b56\u8207\u5fc3\u7406\u5b78\u5728\u4e00\u500b\u8ff4\u5708\u4e2d\u4e92\u76f8\u8ffd\u9010\u3002<\/p>\n

IMF \u7684\u8b66\u544a\u8207\u5b89\u5168\u5e7b\u89ba<\/h3>\n

Gita Gopinath \u7684\u8a0a\u606f\u76f4\u767d\uff1a\u50b5\u52d9\u6c34\u6e96\u6975\u9ad8\uff0c\u50b5\u5238\u5e02\u5834\u8655\u65bc\u8106\u5f31\u4e4b\u5730\u3002\u7f8e\u570b\u662f\u652f\u9ede\u3002\u8d64\u5b57\u9f90\u5927\uff0c\u5229\u606f\u6210\u672c\u4e0a\u5347\uff0c\u4e14\u5728\u96f6\u5229\u7387\u671f\u9593\u767c\u884c\u7684\u50b5\u52d9\u73fe\u5728\u5fc5\u9808\u4ee5\u8f03\u9ad8\u7684\u7968\u606f\u5c55\u671f\u3002Moody\u2019s \u6700\u8fd1\u5c0d\u7f8e\u570b\u7684\u964d\u8a55\u662f\u9019\u4e00\u8def\u5f91\u7684\u5fb5\u5146\uff0c\u800c\u975e\u6210\u56e0\u3002\u50b5\u5238\u88ab\u63a8\u92b7\u70ba\u78ba\u5b9a\u6027\u3002\u5be6\u969b\u4e0a\uff0c\u5b83\u5011\u662f\u5c0d\u672a\u4f86\u653f\u7b56\u53ef\u4fe1\u5ea6\u7684\u9078\u64c7\u6b0a\u3002\u7576\u5047\u8a2d\u6539\u8b8a\u6642\uff0c\u9078\u64c7\u6b0a\u6703\u7522\u751f\u6ce2\u52d5\u6027\u3002\u4ecd\u88ab\u904e\u53bb\u5341\u5e74\u9ad4\u5236\u9328\u5b9a\u7684\u6295\u8cc7\u4eba\uff0c\u4ecd\u628a\u50b5\u5238\u5efa\u6a21\u70ba\u5c0d\u6210\u9577\u6050\u614c\u7684\u907f\u96aa\u3002\u90a3\u7a2e\u907f\u96aa\u662f\u6709\u689d\u4ef6\u7684\u3002\u5982\u679c\u901a\u81a8\u98a8\u96aa\u4f54\u512a\uff0c\u6216\u4f9b\u7d66\u58d3\u5012\u9700\u6c42\uff0c\u50b5\u5238\u53ef\u80fd\u6703\u8207\u98a8\u96aa\u8cc7\u7522\u540c\u5411\u8d70\u3002\u5b89\u5168\u662f\u4e00\u7a2e\u7d50\u679c\uff0c\u4e0d\u662f\u56fa\u6709\u5c6c\u6027\u3002<\/p>\n

\u50b5\u52d9\u81ea\u6eff\u8207\u5c55\u671f\u6578\u5b78<\/h3>\n

\u8cc7\u7522\u8ca0\u50b5\u8868\u7684\u8106\u5f31\u6027\u5e38\u5e38\u5728\u5c55\u671f\u7a97\u53e3\u958b\u555f\u524d\u770b\u8d77\u4f86\u7121\u5bb3\u3002\u75ab\u60c5\u6642\u671f\u7684\u501f\u6b3e\u5728\u67d0\u4e9b\u5730\u65b9\u628a\u5230\u671f\u65e5\u63a8\u5f8c\uff0c\u4f46\u4ecd\u6709\u5927\u91cf\u50b5\u5238\u5728\u672a\u4f86\u5e7e\u5e74\u5230\u671f\u3002\u6578\u5b78\u4e0d\u8907\u96dc\u3002\u7576\u50b5\u52d9\u7684\u6709\u6548\u5229\u7387\u4e0a\u5347\u901f\u5ea6\u8d85\u904e\u540d\u76ee\u6210\u9577\u6642\uff0c\u5229\u606f\u6703\u541e\u566c\u8ca1\u653f\u7a7a\u9593\u3002\u7576\u7968\u606f\u91cd\u5b9a\u6642\uff0c\u671f\u9650\u6ea2\u916c\u4e5f\u5f88\u91cd\u8981\u3002\u4f9b\u7d66\u9700\u5728\u80fd\u88dc\u511f\u901a\u81a8\u98a8\u96aa\u3001\u653f\u7b56\u4e0d\u78ba\u5b9a\u6027\u548c\u653f\u6cbb\u566a\u97f3\u7684\u5be6\u969b\u50f9\u683c\u4e0b\u6210\u4ea4\u3002\u90a3\u6703\u518d\u5ea6\u63a8\u9ad8\u6210\u672c\u3002\u81ea\u6eff\u5047\u8a2d\u660e\u65e5\u8cb7\u5bb6\u5c0d\u50f9\u683c\u4e0d\u654f\u611f\u3002\u4ed6\u5011\u662f\u8ab0\uff1f\u592e\u884c\u5728\u7e2e\u8868\u3002\u9280\u884c\u9762\u81e8\u69d3\u687f\u9650\u5236\u3002\u5916\u532f\u5132\u5099\u7ba1\u7406\u8005\u5728\u591a\u5143\u5316\u3002\u5bb6\u5ead\u8207\u9000\u4f11\u91d1\u6709\u4e0a\u9650\u3002\u7576\u908a\u969b\u8cb7\u5bb6\u8981\u6c42\u8b93\u50f9\u6642\uff0c\u7cfb\u7d71\u7684\u8212\u9069\u8b8a\u6210\u7cfb\u7d71\u7684\u98a8\u96aa\u3002<\/p>\n

\u6d41\u52d5\u6027\u98a8\u96aa\u85cf\u5728\u7ba1\u7dda\u4e2d<\/h3>\n

\u5e02\u5834\u6df1\u5ea6\u4e0d\u662f\u4f60\u87a2\u5e55\u4e0a\u770b\u5230\u7684\u6578\u5b57\uff1b\u5b83\u662f\u7576\u6bcf\u500b\u4eba\u90fd\u60f3\u7ad9\u540c\u4e00\u908a\u6642\uff0c\u7cfb\u7d71\u627f\u64d4\u98a8\u96aa\u7684\u80fd\u529b\u3002Treasury \u5e02\u5834\u6bd4\u4ea4\u6613\u5546\u8cc7\u7522\u8ca0\u50b5\u8868\u9084\u5927\u3002\u76e3\u7ba1\u6bd4\u7387\u9650\u5236\u5eab\u5b58\u30022020 \u5e74\uff0cTreasuries \u5728\u6c92\u6709\u50f9\u683c\u885d\u64ca\u4e0b\u8b8a\u5f97\u96e3\u4ee5\u51fa\u552e\u30022022 \u5e74\uff0cUK gilts \u5728\u69d3\u687f\u5c0d\u6c96\u7684\u58d3\u529b\u4e0b\u5d29\u88c2\u3002\u9019\u4e9b\u4e0d\u662f\u5947\u7570\u89d2\u843d\uff0c\u5b83\u5011\u662f\u63ed\u9732\u96b1\u5f62\u69d3\u687f\u8207\u51f8\u6027\u7684\u6838\u5fc3\u4e3b\u6b0a\u5e02\u5834\u3002\u6559\u8a13\u5f88\u8001\uff1a\u7576\u4f60\u4e0d\u9700\u8981\u6d41\u52d5\u6027\u6642\u5b83\u5145\u8db3\uff0c\u7576\u7fa4\u773e\u9700\u8981\u6642\u5b83\u6d88\u5931\u3002\u518d\u52a0\u4e0a\u57fa\u5dee\u4ea4\u6613\u8207\u6ce2\u52d5\u6027\u654f\u611f\u7b56\u7565\u7684\u6210\u9577\uff0c\u4f60\u5c31\u7bc9\u8d77\u4e00\u500b\u89aa\u5faa\u74b0\u8cc7\u91d1\u6d41\u7684\u5c0e\u706b\u7d22\u3002\u5e02\u5834\u662f\u5de5\u7a0b\u7cfb\u7d71\u3002\u5197\u9918\u8207\u9b06\u5f1b\u5275\u9020\u97cc\u6027\u3002\u6c92\u6709\u9b06\u5f1b\u7684\u6548\u7387\u770b\u8d77\u4f86\u8070\u660e\uff0c\u76f4\u5230\u5931\u6548\u90a3\u4e00\u523b\u3002<\/p>\n

\u718a\u5e02\u9661\u5ced\u5316\u8207 1969 \u5e74\u6a21\u5f0f<\/h3>\n

\u5206\u6790\u5e2b\u6307\u51fa\u4e00\u7a2e\u985e\u4f3c 1969 \u5e74\u7684\u718a\u5e02\u9661\u5ced\u5316\uff0c\u9577\u671f\u6b96\u5229\u7387\u4e0a\u5347\u901f\u5ea6\u5feb\u65bc\u77ed\u671f\u5229\u7387\u3002\u90a3\u7a2e\u6a21\u5f0f\u5c0d\u50b3\u7d71\u7684 60-40 \u7d44\u5408\u4e26\u4e0d\u53cb\u597d\u3002\u5b83\u986f\u793a\u5e02\u5834\u5728\u91cd\u65b0\u5b9a\u50f9\u671f\u9650\u98a8\u96aa\uff0c\u800c\u4e0d\u50c5\u50c5\u662f\u653f\u7b56\u98a8\u96aa\u3002\u5728\u90a3\u7a2e\u9ad4\u5236\u4e2d\uff0c\u4e45\u671f\u5c31\u662f\u69d3\u687f\u3002\u62b5\u62bc\u8cb8\u6b3e\u51f8\u6027\u5c0d\u6c96\u6703\u653e\u5927\u8d70\u52e2\u30021994 \u5e74\u7684\u50b5\u5238\u62cb\u552e\u5728\u5168\u7403\u62b9\u53bb\u7d04 1.5 \u5146\u7f8e\u5143\u7684\u50f9\u503c\uff0c\u56e0\u70ba\u51f8\u6027\u5c0d\u6c96\u8005\u8ffd\u9010\u66f4\u9ad8\u5229\u7387\u3002\u5b78\u4e86 2010 \u5e74\u4ee3\u6559\u672c\u2014\u2014\u8cb7\u50b5\u7576\u58d3\u8259\u77f3\u7684\u6295\u8cc7\u4eba\u2014\u2014\u662f\u5728\u6253\u6628\u5929\u7684\u4ed7\u3002\u7576\u524d\u66f4\u50cf\u662f\u9031\u671f\u672b\u7684\u901a\u81a8\u654f\u611f\u8207\u4f9b\u7d66\u6d88\u5316\u3002\u718a\u5e02\u9661\u5ced\u5316\u4e5f\u6311\u6230\u4e86\u300c\u8870\u9000\u81ea\u52d5\u62ef\u6551\u50b5\u5238\u300d\u7684\u60f3\u6cd5\u3002\u5982\u679c\u8d64\u5b57\u5728\u8870\u9000\u4e2d\u64f4\u5927\u800c\u767c\u884c\u4ecd\u7136\u6c89\u91cd\uff0c\u9577\u7aef\u4ecd\u53ef\u80fd\u4e0a\u5347\u3002\u90a3\u6b63\u8207\u8a31\u591a\u6295\u7d44\u6240\u5047\u8a2d\u7684\u5b89\u6170\u76f8\u53cd\u3002<\/p>\n

\u4e3b\u6b0a\u50b5\u52d9\u7684\u535a\u5f08\u8ad6\u554f\u984c<\/h3>\n

\u50b5\u52d9\u53ef\u6301\u7e8c\u6027\u4e0d\u662f\u8a66\u7b97\u8868\u3002\u5b83\u662f\u4e00\u5834\u5354\u8abf\u904a\u6232\u3002\u5982\u679c\u6295\u8cc7\u4eba\u76f8\u4fe1\u653f\u7b56\u5236\u5b9a\u8005\u6703\u4ea4\u51fa\u5177\u53ef\u4fe1\u6027\u7684\u4e2d\u671f\u6574\u9813\uff0c\u9577\u671f\u5229\u7387\u4e0b\u964d\uff0c\u8def\u5f91\u8b8a\u5f97\u5bb9\u6613\u3002\u5982\u679c\u4ed6\u5011\u76f8\u4fe1\u653f\u6cbb\u6703\u9003\u907f\u6289\u64c7\uff0c\u671f\u9650\u6ea2\u916c\u4e0a\u5347\uff0c\u8def\u5f91\u8b8a\u5f97\u56f0\u96e3\u3002\u591a\u91cd\u5747\u8861\u662f\u771f\u5be6\u5b58\u5728\u7684\u3002\u50cf Moody\u2019s \u7684\u964d\u8a55\u9019\u985e\u8a55\u7b49\u4fe1\u865f\u4e0d\u662f\u6559\u689d\uff1b\u5b83\u5011\u662f\u5354\u8abf\u5de5\u5177\u3002\u81ea\u6211\u5be6\u73fe\u7684\u52d5\u614b\u6703\u96d9\u5411\u767c\u5c55\u3002\u50b5\u5238\u6703\u5728\u53ef\u4fe1\u65b9\u6848\u4e0b\u4e0a\u6f32\uff0c\u5728\u542b\u7cca\u627f\u8afe\u4e0b\u8ce3\u51fa\u3002\u7f8e\u570b\u64c1\u6709\u5132\u5099\u8ca8\u5e63\uff0c\u9019\u662f\u5f37\u5927\u7684\u512a\u52e2\uff0c\u4f46\u4e26\u975e\u5c0d\u5747\u8861\u8f49\u8b8a\u7684\u514d\u75ab\u3002Bond vigilantes \u4e0d\u662f\u9053\u5fb7\u5bb6\uff1b\u4ed6\u5011\u662f\u6a5f\u7387\u8a08\u7b97\u8005\u3002\u4ed6\u5011\u70ba r \u6301\u7e8c\u9ad8\u65bc g\u3001\u901a\u81a8\u9ecf\u8457\uff0c\u4ee5\u53ca\u653f\u6cbb\u806f\u76df\u7121\u6cd5\u5c31\u9328\u5b9a\u9054\u6210\u5171\u8b58\u7684\u6a5f\u7387\u5b9a\u50f9\u3002\u8d8a\u4e45\u62d6\u5ef6\u660e\u78ba\u6027\uff0c\u9019\u985e\u6a5f\u7387\u8d8a\u6703\u6ef2\u5165\u6b96\u5229\u7387\u3002<\/p>\n

\u8106\u5f31\u7cfb\u7d71\u8207\u53cd\u8106\u5f31\u653f\u7b56<\/h3>\n

\u516c\u5171\u8ca1\u653f\u4e2d\u7684\u53cd\u8106\u5f31\u770b\u8d77\u4f86\u7121\u804a\u3002\u5b83\u50cf\u662f\u5728\u80fd\u505a\u7684\u6642\u5019\u628a\u5230\u671f\u62c9\u9577\uff0c\u800c\u4e0d\u662f\u5728\u5fc5\u9808\u6642\u624d\u505a\u3002\u5b83\u50cf\u662f\u81ea\u52d5\u555f\u52d5\u7684\u7a69\u5b9a\u5668\uff0c\u800c\u4e0d\u662f\u5728\u62cb\u552e\u98a8\u66b4\u4e2d\u624d\u9032\u884c\u8ca1\u653f\u8faf\u8ad6\u3002\u5b83\u50cf\u662f\u5c0d\u8868\u5916\u8ca0\u50b5\u8207\u6216\u6709\u64d4\u4fdd\u7684\u900f\u660e\u6703\u8a08\u3002\u5b83\u50cf\u662f\u4e8b\u5148\u8cc7\u91d1\u78ba\u4fdd\u7684\u6d41\u52d5\u6027\u5f8c\u5099\u6a5f\u5236\uff0c\u65e8\u5728\u6253\u65b7\u53cd\u994b\u8ff4\u8def\u800c\u4e0d\u793e\u6703\u5316\u55ae\u5411\u98a8\u96aa\u3002\u4eca\u65e5\u7684\u6df7\u5408\u6b63\u597d\u76f8\u53cd\uff1a\u5229\u7387\u9ad8\u6642\u5728\u878d\u8cc7\u5806\u758a\u4e2d\u52a0\u5165\u66f4\u591a\u77ed\u7968\uff0c\u62cd\u8ce3\u6642\u7a0b\u5047\u8a2d\u9700\u6c42\u7a69\u5b9a\uff0c\u4e26\u4fe1\u4ee5\u70ba\u592e\u884c\u7e3d\u80fd\u5728\u4e0d\u7522\u751f\u5f8c\u679c\u7684\u60c5\u6cc1\u4e0b\u4ecb\u5165\u3002\u90a3\u662f\u70ba\u975c\u614b\u8ca0\u8f09\u8a2d\u8a08\u7684\u6a4b\u6a11\uff0c\u4e0d\u662f\u70ba\u52d5\u614b\u885d\u64ca\u3002\u5f9e\u6df7\u4e82\u4e2d\u7372\u76ca\u7684\u7cfb\u7d71\u4e8b\u5148\u5efa\u7acb\u9b06\u5f1b\u3002\u5bb3\u6015\u6df7\u4e82\u7684\u7cfb\u7d71\u628a\u5e0c\u671b\u52a0\u500d\u3002\u5e02\u5834\u80fd\u5206\u8fa8\u770b\u5230\u7684\u662f\u54ea\u4e00\u7a2e\u3002<\/p>\n

\u6b77\u53f2\u7684\u5229\u7387\u885d\u64ca\u6539\u5beb\u76f8\u95dc\u6027<\/h3>\n

1967 \u5e74\u7684\u50b5\u5238\u52d5\u76ea\u8207 1994 \u5e74\u7684\u885d\u64ca\u4e0d\u662f\u96a8\u6a5f\u98a8\u66b4\u3002\u5b83\u5011\u63d0\u9192\u6211\u5011\u5229\u7387\u6ce2\u52d5\u6703\u805a\u96c6\u3002\u5728\u6bcf\u4e00\u500b\u6848\u4f8b\u4e2d\uff0c\u5047\u8a2d\u96c6\u5d29\u58de\uff1a\u901a\u81a8\u98a8\u96aa\u518d\u5ea6\u51fa\u73fe\u3001\u6216\u592e\u884c\u51fa\u5176\u4e0d\u610f\u3001\u6216\u4f9b\u7d66\u52d5\u614b\u58d3\u5012\u820a\u6709\u5287\u672c\u3002\u6ea2\u51fa\u6548\u61c9\u5ee3\u6cdb\uff1a\u9280\u884c\u8cc7\u7522\u8ca0\u50b5\u8868\u3001\u62b5\u62bc\u8cb8\u6b3e\u7d44\u5408\u3001\u65b0\u8208\u5e02\u5834\u3002\u4eca\u65e5\u7684\u5168\u7403\u7db2\u7d61\u66f4\u7dca\u5bc6\uff0c\u800c\u975e\u9b06\u6563\u3002\u7576\u6838\u5fc3\u50b5\u5e02\u6253\u5674\u568f\u6642\uff0crisk parity \u6703\u611f\u5192\uff0c\u4fe1\u7528\u6703\u5f97\u80ba\u708e\u3002\u5b9a\u7fa9\u5f8c\u5371\u6a5f\u6642\u4ee3\u7684\u8ca0\u5411\u80a1\u50b5\u76f8\u95dc\u4e0d\u662f\u5929\u7d93\u5730\u7fa9\u3002\u5b83\u662f\u9ad4\u5236\u9078\u64c7\uff0c\u53d6\u6c7a\u65bc\u901a\u81a8\u6ce2\u52d5\u8207\u653f\u7b56\u53ef\u4fe1\u5ea6\u3002\u5982\u679c\u90a3\u7a2e\u76f8\u95dc\u7ffb\u8f49\uff0c\u5f88\u591a\u4eba\u4ef0\u8cf4\u7684\u591a\u5143\u5316\u6578\u5b78\u5c31\u6703\u5f9e\u907f\u9707\u5668\u8b8a\u6210\u653e\u5927\u5668\u3002\u90a3\u4e0d\u662f\u5c3e\u90e8\u98a8\u96aa\u3002\u5728\u67d0\u4e9b\u9ad4\u5236\u4e0b\uff0c\u5b83\u662f\u5206\u914d\u7684\u80a5\u539a\u4e2d\u6bb5\u3002<\/p>\n

\u771f\u6b63\u7684\u97cc\u6027\u770b\u8d77\u4f86\u6703\u662f\u4ec0\u9ebc<\/h3>\n

\u82e5\u5e02\u5834\u8106\u5f31\uff0c\u88dc\u6551\u4e0d\u5728\u65bc\u558a\u8a71\uff0c\u800c\u5728\u65bc\u7d50\u69cb\u3002\u8ca1\u653f\u8a08\u5283\u9700\u8981\u660e\u78ba\u9328\u5b9a\u8207\u53ef\u4fe1\u6642\u7a0b\u3002\u767c\u884c\u65b9\u9700\u8a8d\u77e5\u4e45\u671f\u662f\u7b56\u7565\u9078\u64c7\uff0c\u800c\u975e\u4e8b\u5f8c\u88dc\u5145\u3002\u5e02\u5834\u7ba1\u7dda\u9700\u8981\u53ef\u64f4\u5c55\u7684\u5f8c\u5099\uff0c\u5728\u4e0d\u58d3\u6291\u50f9\u683c\u8a0a\u865f\u4e0b\u904b\u4f5c\u3002\u5c0d\u69d3\u687f\u8207\u6d41\u52d5\u6027\u932f\u914d\u7684\u900f\u660e\u4e0d\u61c9\u7b49\u5230\u4e0b\u4e00\u6b21\u4e8b\u6545\u3002\u5c0d\u6295\u8cc7\u4eba\u800c\u8a00\uff0c\u57fa\u672c\u7ffb\u8f49\u5f88\u7c21\u55ae\uff1a\u628a\u50b5\u5238\u8996\u70ba\u5177\u8def\u5f91\u4f9d\u8cf4\u7684\u98a8\u96aa\u8cc7\u7522\uff0c\u800c\u975e\u842c\u7528\u907f\u96aa\u3002\u7528\u6b96\u5229\u7387\u5728\u8870\u9000\u4e2d\u4e0a\u5347\u7684\u60c5\u666f\u4f86\u5efa\u6a21\u539a\u5c3e\u98a8\u96aa\u3002\u5047\u8a2d\u6d41\u52d5\u6027\u5728\u6700\u75db\u7684\u6642\u523b\u67af\u7aed\u3002\u6b77\u53f2\u8207\u6a5f\u7387\u544a\u8a34\u6211\u5011\uff0c\u7576\u5047\u8a2d\u786c\u5316\u6210\u6559\u689d\u6642\uff0c\u8106\u5f31\u6027\u5c31\u85cf\u5728\u660e\u986f\u4e4b\u8655\u3002IMF \u7684\u8b66\u544a\u8207\u5176\u8aaa\u662f\u9810\u6e2c\uff0c\u4e0d\u5982\u8aaa\u662f\u4e00\u9762\u93e1\u5b50\u3002\u5b89\u5168\u8cc7\u7522\u50c5\u5728\u653f\u7b56\u3001\u7ba1\u7dda\u8207\u5fc3\u7406\u4fdd\u6301\u4fe1\u4efb\u6642\u624d\u5b89\u5168\u3002\u9019\u7a2e\u4fe1\u4efb\u9700\u88ab\u8d0f\u5f97\uff0c\u800c\u975e\u88ab\u5047\u5b9a\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

IMF \u8b66\u793a\u300c\u5b89\u5168\u300d\u50b5\u5e02\u8106\u5f31\uff0c\u6307\u51fa\u50b5\u52d9\u6c34\u4f4d\u3001\u6d41\u52d5\u6027\u98a8\u96aa\u8207\u5b89\u5168\u5e7b\u8c61\uff0c\u547c\u7c72\u63a1\u53d6\u6297\u8106\u5f31\u653f\u7b56\uff0c\u4e26\u91cd\u65b0\u628a\u50b5\u5238\u8996\u70ba\u5177\u6709\u8def\u5f91\u4f9d\u8cf4\u7684\u98a8\u96aa\u8cc7\u7522\u3002<\/p>\n","protected":false},"author":52,"featured_media":587487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[429],"tags":[2165,671,1122],"class_list":["post-590265","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics-politics-zh-hant","tag--zh-hant","tag-671","tag-1122"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/590265","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=590265"}],"version-history":[{"count":0,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/590265\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/587487"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=590265"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=590265"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=590265"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}