银行业改革的恐惧因素

发自华盛顿特区——20世纪30年代后最严重的经济危机过去五年后,也就是美国多德·弗兰克金融改革实施三年之后,有一个问题盘旋在每个人的心中:为什么过去几年我们几乎没什么进展?

政府承诺会出台新的规则,但实际上实施的却很少。迄今仍没有“沃尔克法则”(Volcker Rule,用以限制银行自营交易),对衍生品的规定仍处于进展当中,货币市场基金仍未改革。更糟糕的是,我们最大的银行变得更大了。现在没有任何迹象表明银行放弃了那些鼓励过度冒险的激励机制。

对过去发生的问题有三种合理的解释。一是金融改革本质上是复杂的。然而,虽然很多技术细节需要被具体化,我们有世界上最聪明的一群人正在相关的监管机构工作,所以这并不构成问题。他们不仅可以编写并实施法规——也就是说,如果真的需要他们做得更多,他们也可以胜任。

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