长期风险评估与金融新秩序04-03-05)t .ppt

长期风险评估与金融新秩序04-03-05)t .ppt

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FundamentalLong-TermRisksAndtheNewFinancialOrderProf.RobertJ.ShillerYaleUniversity

FinancialModernizationFundamentalroleoffinancialinstitutionsManagerisksMaintainincentivesEffectivefinancialinstitutionsarefoundinallsuccessfuleconomiesInstitutionsmustcontinuallybeadaptedtotakeaccountofchangingnatureofrisks,newtechnology

China’sSpectacularModernizationSince1990EstablishedstockmarketIssuedsharestopublicEstablishedfuturesmarketsCreatedInsuranceindustryPersonalcredit/Mortgage

SpeculationHumanimpulsetowardsgambling,mustbedirectedtowardsconstructiveendsCapitalismisasetofrulesthatredirectsthehumangamblingurgeinconstructivedirectionsCapitalismisvulnerabletomarket-generatedinstabilities

China’sUncertaintiesWillthespectaculareconomicgrowthcontinue?Aslowwageadvantagegraduallydisappears,willbehardertosustaingrowthPossibledisruptionsofsmooth-functioningeconomicsystemcanslowgrowth.Growthof3%ayearvs.9%ayear:meansChinaoverallcatchesuptoadvancedcountriesin90yearsinsteadof30years

EconomicInequalityEconomicincentivesmustallowforsomechanceofsuccess—andoffailureSomeinequalityisnecessaryWorldwidetrendtowardsgreaterinequalityisseeninChinaaswellChina’sGinicoefficienthasrisenfrom0.33in1980to0.46in2000,notjustduetofarmers’incomes

ImportantReasonsforGrowingChineseInequalityTransitiontomarketeconomyinChinaisnotmakingeveryonesuccessfulatonceNewinformationtechnologyappearstotendtoconcentratewealth(inChinaandelsewhere)AssemblylineworkersTranslatorsChessplayers

Winner-Take-AllEffectofInformationTechnologyInformationtechnologyallowssearchtofindthebestproduct,andreplicationofthebestproductPhonographsandsingersTelevisionandactorsandathletesRapidaccelerationofinformationtechnologymaycreatethesameeffectinmanymoreoccupations

NorbertWieneronComputers,1948Computers

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