Margaret Scott

对“不死巨兽”的过分关注

发自伦敦——很显然,2008~2009年全球金融危机的罪魁祸首在某种意义上其实是一系列特定的系统性关键银行以及像AIG这样的金融机构。对此,人们对这类政府不得不出手救助的所谓“不死巨兽”所导致的问题进行了激烈辩论。

在政治上来说,这场辩论主要集中在紧急援助的成本以及设计用来“把纳税人的钱取回来”的税收方案。在经济上,辩论则关注由于金融机构对紧急援助的预期所导致的肆意妄为的风险,这种过度冒险的行为将破坏市场的纪律——尤其是在这种担保优势都被大企业所独揽,而那些中小竞争者则只能自求多福的情况下。

许多应对这一问题的政策选项目前都在研究当中,其中包括要求这些系统性关键银行执行更高的资本比率,更严厉的监管,交易行为限制,事先设计好的决策和复原方案,以及那些不是为“把纳税人的钱拿回来”而设计,而是将外部经济效果内在化的税收政策——比如让那些犯错误的人为他们所造成的社会成本付出代价——以及用更好的动机来诱导那些经营者。

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