影響。最近一例發生在2012年9月13日：當 日美聯儲主席伯南克宣佈啟動第三輪量化寬鬆 （QE3）。一週後，香港特區政府宣佈將對所有 湧入香港的大額國際資金及時採取行動，尤其 會對增長已超預期的樓市（當時香港的樓市價 格已超過1997年歷史高位）加以特別關注。澳 門似乎滿足於將QE3的潛在影響作為茶餘飯後 的談資，而澳門特區政府也已透過金融管理局 （簡稱AMCM）表示，會採取一切必要的緊急措 施，遏制因QE3熱錢湧入澳門而加劇的泡沫。 但事實是，雖然澳門已享受了連續八年的經濟 增長（據世界銀行的統計數據，2011年澳門人 均GDP達65,550美元），高通脹、高樓價， 以及日益擴大的收入分配差距等問題，仍然令 普通市民疲於應對甚至深受其害。而不管熱錢 會否湧入澳門，這個事實都難以改變。雖然澳 門人常常緬懷小城舊日的平靜，但恐怕沒人願 意放棄眼前令人羨慕的繁榮發展，返回昔日時 光。因此，澳門人必須學會「好壞兼收」，面 對經濟高速發展所帶來的高通脹、高樓價和日 益擴大的財富差距。（值得補充的是：根據世 界銀行公佈的排名，澳門人均GDP全球排名 第三，超過位居第四的新加坡和第八的香港。 至於貧困線以下的統計數據，澳門全球排名第 250位，香港則排第240位，說明香港貧困線 以下的人口百分比比澳門高。） 不少人認為澳門政府總是反應慢(起碼比香港 政府慢)。事實上有時如此，有時則不然。當 香港政府為遏制炒樓風，於2011年推出15% 高額印花稅政策，澳門則決定實施更高的20% 印花稅，連地產經紀都覺得這新政嚴苛得有點 過份。一年後，市民開始抱怨這令樓價不降反 升，因賣方把價調高20%以抵消印花稅。更甚 者是，這還波及原本無須繳納該項印花稅的零 售市場。平心而論，澳門是個微觀經濟體，有 說「大陸打個噴嚏澳門就感冒」，因此，對於這 微觀經濟體內部的多層次經濟問題，很少有包 治百病的靈丹妙藥。雖說增加土地供應量是最 有效的方法，但當土地資源如此稀缺，增加供 應量說易做難。 總的來說，如果人類少一點貪心，多一點知 足，全球金融危機可能就不會發生。收入少 了，風險也少了啊。本文希望有助大家管中窺 豹，大致了解全球金融危機的前因後果，以及 是什麼讓人們的生活在一夜之間為之改變：有 屋的人失去房子無家可歸，有工作者則丟了工 作而須靠領政府救濟金過活。回顧澳門，也曾 發生有樓一族賣樓轉租，但尋尋覓覓之後，不 禁唏噓地發現，自己已買不起大小、品質相當 的單位。 a third round of Quantitative Easing (QE3). A week later, the Hong Kong SAR government announced that it would react promptly when faced with signi!cant in"ows of international funds, and would pay particular attention to the real estate market which was already experiencing an unprecedented boom (by that time, prices of the housing market had already surpassed the record high in 1997). The Macao society in general seems content to just have discussions about the possible impacts of QE3. No doubt that the Macao SAR government, via the Monetary Authority of Macao (or AMCM in short), has expressed the intention of adopting any acute policy to curb any growing bubble because of hot money from QE3. The fact is, however, that, while the local society has enjoyed economic boom for eight years by now, with a GDP per capita of USD 65,550 in 2011 according to the World Bank. Macao people also must cope with, if not suffer from, high in"ation, unaffordable property prices, and wider and wider gaps in income distribution. And this is true whether or not hot money actually "oods into Macao. Even though local people often miss the former tranquility and simplicity of this small city, probably no one wishes to leave this prosperous development that many other emerging cities envy. Hence, people in Macao will have to learn to face the evolved economy that also comes with high in"ation, high property prices, and widened wealth gap as a “prosperity package”. (Incidentally, according to the World Bank, Macao ranks No. 3 in GDP per capita, ahead of Singapore and Hong Kong, ranked No. 4 and 8 respectively. Macao ranks No. 250 in terms of percentage of population living below the poverty line whereas Hong Kong ranks No. 240, indicating that a larger percentage of Hong Kong’s population lives below the poverty line than in Macao). The general perception is that the Macao government always reacts slowly, certainly slower than Hong Kong. This is true sometimes, but not all the time! When Hong Kong decided to stop speculation in the property market by introducing a 15% heavy stamp duty in 2011, Macao decided to implement an even higher stamp duty of 20%, which was effective to the extent that real estate agents thought it was an overly harsh move. One year later, the market complained that the heavy stamp duty had become a cause of even higher property prices because sellers simply increased their asking prices to cover this 20%. Worse off! The effect spilled over to the retail market which was free from this special stamp duty. Nonetheless, to be frank, very few governments in the world could have a panacea for this multi-dimensional economic problem in this micro-economy that will always catch the "u when the motherland sneezes. Increasing supply is de!nitely the most effective cure for the problem. Yet, the actual implementation is far more dif!cult than plain talking when land is so scarce. Overall, if human beings had been less greedy and more content, the global !nancial crisis probably would not have happened. With less income comes less risk! I hope this short alphabet story can give you a snapshot of what happened and what changed the lives of so many people: those with homes became homeless, those with jobs suddenly found themselves living on government social funds, and, in Macao, those who used to own apartments are now renting and !nding that they can no longer afford to buy any apartment of the same size and quality as the one they previously sold. 45
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