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民主还是财政？

Apr 21, 2011 Robert Skidelsky

伦敦——

金融交易中“卖空”是一种非常常用的技巧，这种技巧的要义在于通过借款的方式与资产进行“赌注”，以期望资产贬值时能够获得收益。

投资者可以通过借款的方式买空政府在当前价格水平下发行的债券，希望能在以后能以较低的价位出售债券并赚取差价。例如，2010年1月1日，我突发奇想认为这一游戏很快将会在希腊上演，因而我去购买了面值为1000万欧元的希腊政府发行的2016年债券，这一债券当时的交易价为每张债券0.91欧元，交易在高盛银行进行了六个月。为此，我不得不向其支付从债券中获得的收益——几乎每年债券面值的5%，也就是说，六个月的期限内面值总额的2.5%或者25万欧元。

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Robert Skidelsky

Writing for PS since 2003
148 Commentaries

Robert Skidelsky, Professor Emeritus of Political Economy at Warwick University and a fellow of the British Academy in history and economics, is a member of the British House of Lords. The author of a three-volume biography of John Maynard Keynes, he began his political career in the Labour party, became the Conservative Party’s spokesman for Treasury affairs in the House of Lords, and was eventually forced out of the Conservative Party for his opposition to NATO’s intervention in Kosovo in 1999.