大银行的影子之舞

华盛顿—巨型金融机构所宣传的一大传说是,如果它们再一次被有效地监管,许多投资者和金融交易将流向“影子银行”。

这听起来十分糟糕。潜伏在影子中的东西要么见不得人,要么会造成危险后果,要么兼而有之。而正是“影子”这一特性决定了你无法对它做些什么——不管影子中有什么,一定超出了监管和有效监督的范围。因此,如果我们对巨型非影子银行实施合理的监管,金融系统风险会上升而不是下降。

这中危言耸听我们已经耳熟能详了。在现实中,有三种“影子”行为,它们都一目了然、明目张胆,可以用直截了当又可靠的形式予以控制。我们是否有政治意愿实施有效控制则是——永远都是这样——另一个问题,很大程度上,这是因为大银行很有权力,并且它们希望影子永不变。

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