驯服私募投资基金“蝗虫”

由美国不良抵押贷款所导致金融危机的全部影响尚不明确,但始料未及的结果之一便是对金融市场更高透明度和更完善调控的不可遏止的需求。

私募投资基金和对冲基金是金融市场中可以不受透明度和信息披露法则监管的一个领域,而银行和共同基金却无一例外地要受到上述法则的严格管辖。私募投资基金曾几何时规模都相对有限,但如今最大五家的资本规模就连俄国和印度的年度预算都难以企及。今天私募投资基金和对冲基金的资产已经达到3万亿之巨,而且截止到2010年底预计将达到10万亿美元的规模。这些基金现在在很大程度上来源于养老基金的投入,依靠来自银行和其他非私有渠道的资金借贷来维持正常运转。

事实上,这些私有基金在全部新增债务中占据了约三分之二的份额。因此,如果产生了像美国抵押贷款危机这样的债务问题,人们就必须正视私有基金在其中所起到的作用。简言之,它们对金融稳定构成了重要的挑战,而且除非得到有效的控制,否则它们很可能会加剧未来的危机。

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