回顾监管

ampnbsp;ampnbsp;ampnbsp; 纽约-我们正处于三十年代以来最严重的金融危机。这一危机最为突出的特征是,它并不是由像石油输出国组织提高油价等某些外部冲击引发,而是由金融体系本身造成的。

ampnbsp;ampnbsp;ampnbsp; 这一体系内固有的缺陷与大多数人所接受的理论冲突。这一理论认为,金融市场趋向平衡,而平衡偏离是随意发生的,或者是由某些市场难以调节的外部突发事件造成的。目前对市场监管采取的策略就是建立在这一理论之上,但是这一危机的严重性和震荡令人信服地证明金融市场存在根本性缺陷。

ampnbsp;ampnbsp;ampnbsp; 我提出另一项理论,即金融市场并不准确地反应基本经济形势。它们总是以这种或那种形式提供偏见或者扭曲的情况。更为重要的是,市场参与者持有以及市场价格表达的扭曲观点会在某些情况下影响所谓的基本面,而市场价格本应反映这些基本面。

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