回到金融史上的解决方案

佛罗伦萨 —— 美国总统奥巴马最近出台的银行业“大修”草案,其核心思想来自美联储前主席保罗·沃尔克。沃尔克无疑是 20 世纪最成功的中央银行家,从很早起,他就一直在警告人们,那个“光鲜的金融新体系”存在种种问题。

但沃尔克也是批评货币波动性危险的代表人物之一。他一方面缅怀昔日那种较为简单、低风险的银行体系,另一方面试图重建一种带有旧时代痕迹的货币体系,在这两者之间存在什么关联呢?

1 21 日,奥巴马以极富戏剧性和战斗姿态的方式宣布了改革草案,在此之前,关于是否要恢复 20 世纪 30 年代式的银行监管制度,已有大量讨论。该草案主张的是所谓“沃尔克法则”:禁止自营交易、不让银行“拥有、投资或资助”对冲基金或私募股权基金,可谓是格拉斯 斯蒂格尔法案的一个升级版。该法案于 1933 年在美国通过,旨在令投资银行和商业银行分业经营。

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