What Caused the Financial Crisis
What Caused the Financial Crisis
复制标题
金融危机的原因是什么
DOI：
10.5860/choice.48-7051
复制
发表时间：
2009
影响因子：
2.4
通讯作者：
Larry Blume
中科院分区：
文献类型：
--
作者：
Larry Blume
2是什么导致了金融危机？！宏观情况：全球失衡、全球实际利率处于低位、大缓和、低估风险、风险溢价非常低！扭曲的激励：监管和监管松懈，银行决议缺失，美国住房政策(次级贷款，贷款标准)，证券化，监管套利，杠杆增加！信息问题：复杂证券隐藏风险，低估相关系统性风险！导致了一个极其脆弱的金融部门！这些原因与货币政策几乎或根本没有关系！3美国的货币政策在2001-2004年间是否过于扩张性？
2 What caused the financial crisis? ! Macro conditions: Global imbalances, low world real interest rates, Great Moderation, underestimation of risk, very low risk premia ! Distorted incentives: Lax regulation and supervision, missing bank resolution, US housing policy (subprime lending, lending standards), securitization, regulation arbitrage, increased leverage ! Information problems: Hidden risk in complex securities, underestimation of correlated systemic risks ! Resulted in an extremely fragile financial sector ! These causes had little or nothing to do with monetary policy! 3 Was US monetary policy too expansionary during 2001-2004?