Housing crisis denver Chris Hondros/Getty Images

卷土重来的住房泡沫

发自剑桥——2008~09年金融危机暴露了全球金融体系结构中的严重缺陷:存在一个无法应对房地产泡沫爆破状况的,靠抵押贷款支撑的证券隔夜市场。然而时隔九年后,这一弱点却仍未得到充分解决。

在危机爆发的那个时期,美国的企业和投资者都是以隔夜的方式向银行和其他金融企业借出自己额外的现金,然后在第二天早晨收回本金和利息。由于银行存款保险只保障10万美元的额度,令那些手握数百万存款的人更倾向于选择隔夜市场,因为该市场使用安全度极高的美国长期国债作抵押。

但有些隔夜贷款人可以获取更高的利率——只要他们肯接受安全系数较低的抵押贷款资金池作为抵押品,很多人也都采纳了这一选项。很快,如火如荼的美国的住宅市场就被运作成了一个价值数万亿美元的货币市场。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/UwPBKeE/zh;
  1. China corruption Isaac Lawrence/Getty Images

    The Next Battle in China’s War on Corruption

    • Chinese President Xi Jinping knows well the threat that corruption poses to the authority of the Communist Party of China and the state it controls. 
    • But moving beyond Xi's anti-corruption purge to build robust and lasting anti-graft institutions will not be easy, owing to enduring opportunities for bureaucratic capture.
  2. Italy unemployed demonstration SalvatoreEsposito/Barcroftimages / Barcroft Media via Getty Images

    Putting Europe’s Long-Term Unemployed Back to Work

    Across the European Union, millions of people who are willing and able to work have been unemployed for a year or longer, at great cost to social cohesion and political stability. If the EU is serious about stopping the rise of populism, it will need to do more to ensure that labor markets are working for everyone.

  3. Latin America market Federico Parra/Getty Images

    A Belt and Road for the Americas?

    In a time of global uncertainty, a vision of “made in the Americas” prosperity provides a unifying agenda for the continent. If implemented, the US could reassert its historical leadership among a group of countries that share its fundamental values, as well as an interest in inclusive economic growth and rising living standards.

  4. Startup office Mladlen Antonov/Getty Images

    How Best to Promote Research and Development

    Clearly, there is something appealing about a start-up-based innovation strategy: it feels democratic, accessible, and so California. But it is definitely not the only way to boost research and development, or even the main way, and it is certainly not the way most major innovations in the US came about during the twentieth century.

  5. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.