枪械、药品和金融市场

坎布里奇——抵押次贷危机再次证明了想让金融业俯首帖耳有多么困难,这个行业既是现代经济的生命线,也是现代经济最大的威胁。尽管这对新兴市场来讲已经不是什么新闻,因为新兴国家已经在过去四分之一个世纪里经历过多次金融危机的洗礼,但是半个多世纪以来的金融稳定却麻痹了发达国家,使它们陷入到自鸣得意的境地。

半个世纪以来的金融稳定反映了一个简单的交换法则:那就是金融机构以接受调控为代价来换取自由经营的权利。政府对商业银行实行审慎监管,条件是以公共财政来为存款提供保险,并且由政府承担终极贷款人的职责。权益市场也必须遵守信息披露和透明法则。

但20世纪80年代解除金融监管将我们引入了未知的领域。解除金融监管催生了金融创新产品,而这些产品能使人们获得贷款更加容易、同时增强了证券投资组合的多样性、并把风险分配给最有能力承担风险的群体。自由化论者指出,监管和调控将成为实现这一目标的障碍,因为政府根本不可能跟上快速的变化步伐。

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