金融创新是否已经令人丧失信心?

莫斯科——当次贷问题在美国首度出现的时候,2007年中爆发的世界信贷市场危机提振了金融自由化和创新怀疑论者站出来说话的勇气。这些怀疑论者说得有没有道理?我们是否应该停下金融自由化和创新的脚步,以便防范像次贷灾难这样的危机再度发生?

从总体上讲,整个次贷市场是最近10年的产物——1994年以前,“次贷”一词在任何一种语言中都难觅踪迹——“次贷”是由选择性可调利率抵押贷款(option-ARM)、创新型抵押债权和结构性投资工具逐渐演化而来的。在次贷产生以前,美国的私人投资者根本不会把款贷给信用记录达不到要求的抵押贷款人。

可是,尽管从某些角度看目前的危机至少部分来源于金融创新,但事实却证明金融市场自由化从整体上看仍然利大于弊。

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