J. Bradford DeLong, Professor of Economics at the University of California, Berkeley, is a research associate at the National Bureau of Economic Research and the author of Slouching Towards Utopia: An Economic History of the Twentieth Century (Basic Books, 2022). He was Deputy Assistant US Treasury Secretary during the Clinton Administration, where he was heavily involved in budget and trade negotiations. His role in designing the bailout of Mexico during the 1994 peso crisis placed him at the forefront of Latin America’s transformation into a region of open economies, and cemented his stature as a leading voice in economic-policy debates.
发自伯克利——回顾1990年代，在美国至少有两派人马鼓吹进一步推进金融自由化——也就是撤销禁止商业银行和投资银行混合经营的法律规定，放松银行资本要求，并鼓励创设高风险金融产品和使用金融衍生品。问题是如今人人喊打的金融自由化，当年为何就能招摇过市呢？
第一大派系由美国共和党主导，基本理念就是既然所有监管行为都是错误的，那么金融监管肯定也不是好东西。另一大派系则由民主党担纲，其理念也更为复杂，主要基于以下四点观察：
· 至少在世界经济的核心地带，各国已经过了超过60年的安稳日子，期间没有任何金融动荡能够对总体层面上的生产和就业造成重大影响。虽然现代中央银行在应对通胀冲击方面办法不多，但几十年来在抵抗通缩方面却相当得心应手。
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