Paul Lachine

收缩的金融业

伦敦——至少在最近的二十五年中,发达国家以及大部分发展中国家的金融产业取得了比整体经济快得多的增长速度。1980年,英国金融资产总额(包括股票、债券和银行存款)与国内生产总值的比例约为100%,而到了2006年,这一比例上升到440%左右。在同一时期内,中国的金融资产则从一无所有上升至GDP的300%以上。

随着金融行业规模扩大,其盈利水平也随之提高。金融公司所获利润占美国各公司全部利润总额的比重从1980年的10%窜升至2006年的40%。在这一背景下,金融领域薪酬的飙升便不足为奇了。伦敦金融城、曼哈顿金融区以及其他一些金融中心化身为印钞机,使得投资银行家、对冲基金经理以及私人股本运作者赚得盆满钵满。像我这样的大学领导便会花费大量时间,劝说这些人将收益的一部分回馈母校。

但在过去的两年间,情况发生了变化。许多金融公司的资产负债表出现了戏剧性的缩水,当然还有一些公司干脆关门大吉。金融杠杆大幅降低,在2007年早期,投资银行的杠杆超过其资本三十倍有余,现在则下降到十倍刚出头的水平。交易量与银行信贷量一并萎缩,全球各地的金融中心都进行了大规模的裁员。

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