Street signs in London

金融危机的政治后果

伦敦—我想必绝非唯一这样的金融学教授:在为学生设定文论主题时,会提出诸如“在你看来,全球金融危机的主因是政府对金融市场的干预太多还是太少?”这样的问题。在面对这类是/还是问题时,我最近带的一批学生分成了三个阵营。

大概有三分之一的学生被有效市场假说的故弄玄虚所折服,他们认为政府有原罪。政府的考虑不周的干预——特别是美国政府支持的按揭承销商房利美和房地美,以及社区再投资法(Community Reinvestment Act)——扭曲了市场激励。有些人甚至信奉美国自由派罗恩·保罗(Ron Paul)的观点,批判美联储作为最后贷款人的存在。

另有三分之一的学生的政治立场正好相反,他们认为美联储前主席艾伦·格林斯潘(Alan Greenspan)是罪魁祸首。格林斯潘以不愿意干预金融市场而闻名,即使在杠杆大幅提高、资产价格看起来早已脱离现实支撑的情况下也是如此,这才是问题的根源。更广泛地说,西方政府的其象征性监管方针导致了市场在本世纪初失控。

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