Skyscrapers

金融稳定委员会的失败

华盛顿—至少从2008年秋天开始,领先经济体官员们都——在原则上——同意必须对“太大而不能倒”的金融企业做些什么。在这方面,人们已经做出了巨大的努力,包括数不清的国际会议、工作论文和公告。本月早些时候,位于巴塞尔的金融稳定委员会(FSB)带着一丝炫耀宣布,这项工程已经完成了一个重要阶段。但这只能说明我们所取得进步是多么。世界最大规模的银行仍然太大而不能倒,而这可能对短期未来造成恶劣后果。

太大而不能倒问题并不新鲜——这个词首次在美国使用是在20世纪80年代。它可以用于任何企业——通常是金融企业——只要其倒闭会对金融体系以及实体(非金融)经济带来巨大的消极溢出效应。

在2008年9月之前,还有人质疑大型非银行金融企业是否能达到太大而不能倒的程度。这一年早些时候,贝尔斯登几乎倒闭,但美联储介入为JP摩根大通收购贝尔斯登提供了方便。贝尔斯登的股东损失惨重,其管理层大多也就地免职,但债权人获得了完全的保护(事实上,确保保护债权人正是美联储干预的核心动机)。

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