TeresaPeek/Flickr

用债券束缚银行家

美国剑桥—自全球金融危机以来,监管者努力地试图让全球大银行变得更加安全。基本问题早已众所周知:大银行有巨大的激励过度冒险。如果它们的高风险赌注赢了,股东就能获得极大的好处,被授予大笔银行股票的银行CEO和高管也能从中获利。如果赌注输了、银行倒闭,还有可能得到政府的买单。

冒险的经济激励让银行管理者不再是金融安全的守护者。他们当然不希望自己的银行倒闭;但是,如果潜在好处足够大,他们或许会认为风险值得担。

人们已经提出了一些解决这一问题的办法,其中不少——如增加资本要求、限制高风险投资等——已经进入实施阶段。近来涌现出两个重要的其他解决方案。

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