Paul Lachine

民主还是财政?

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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