系统性失灵_世界贸易给予全球金融的启示.pdfVIP

· 财经视窗 视点 系统性失灵： 世界贸易给予全球金融的启示 Systemic Failure: Lessons from the World of Trade for the World of Finance By Michael Gadbaw The great Crisis of 2008-09 may well be to finance what the Great Depression was to trade—namely, an inflection1 point that change s our view of the interplay of capitalism, globalization and sound regulation. As Michae l Gadbaw argues, why these two system—trade and finance—performe d so differently is one of the central policy challenges for those who would create a more stable international system. 2008 至2009 年的大危机对于金融的影响就像是“大萧条”对于贸易的影响一样，即，它是一个改变我们看待资本主义、 全球化和健全管制之间相互作用的转折点。如同迈克尔·加德鲍所认为的那样：贸易与金融两种体系的表现为何如此迥 异———对于志在建立一个更为稳定的国际体系的那些人来说，这是主要的政策挑战之一。 As the dust settles from the destruction of almost two 随着破坏性影响近乎2 年的经济危机尘 years of economic crisis and as millions of people worry 埃落定，随着千百万失业者犯愁到哪里去找新 about where to recover their lost jobs, it is somewhat 工作，多少有点令人惊异的是，仍有着众多的 surprising how many questions remain to be answered by the 难题有待金融危机调查委员会予以解答。 Financial Crisis Investigation Commission. 我们知道这是一场具有全球性影响的系 We know there was a systemic failure that had global 统性失灵。我们知道它集中于金融领域。我们 2 似乎并不知道———或者至少并无共识———的 ramifications . We know it was centered in the world of finance. What we do not seem to know—or at least agree 是：这场危机的诱因是什么？它是什么性质的 upon—is what caused the crisis, what kind of a crisis it was 危机？未来如何能够避免这种危机？ and how it can be avoided in the future. 这是一场由过多的资金追逐太少的资产 Was it a policy crisis caused by too much money 导致的政策性危机吗？全球不平衡在其中扮演 chasing too few assets? What role did global imbalances 着什么角色？它属于监管失灵吗？或者，如同 play? Was it a regulatory failure? Or, like 9/11, was it also a “9 ·11”事件一样，也属于应变力的失败？ 3