{"resolved":true,"match_type":"uuid","source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","requested_by":"printed_page","book":{"source_type":"original_book","book_id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","id":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","uuid":"5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title":"虚拟资本：金融怎样挪用我们的未来","normalized_title":"虚拟资本金融怎样挪用我们的未来","author":null,"edition":null,"publisher":null,"year":null,"isbn":"9787300330303","isbns":["9787300330303"],"parsed":true,"ai_readable":true,"document_type":"book","page_count":236,"navigation_url":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","title_url":"https://workshop.closeclaw.top/ai/title/%E8%99%9A%E6%8B%9F%E8%B5%84%E6%9C%AC%EF%BC%9A%E9%87%91%E8%9E%8D%E6%80%8E%E6%A0%B7%E6%8C%AA%E7%94%A8%E6%88%91%E4%BB%AC%E7%9A%84%E6%9C%AA%E6%9D%A5","fixed_page_url_template":"https://workshop.closeclaw.top/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","path_api_url_template":"https://workshop.closeclaw.top/api/ai/book/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page/{printed_page}","read_url":"https://workshop.closeclaw.top/api/ai/read/5aba73df-238c-4ba0-bd59-c6ff3e9099f3","page_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/page","search_url":"https://workshop.closeclaw.top/api/ai/books/5aba73df-238c-4ba0-bd59-c6ff3e9099f3/search"},"page":{"printed_page":"11 / 33","pdf_page":71,"physical_index":71,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"7c397a0faf11c544b7fc906e8f703ca069ae0fe07358649e616c6850cc9ddcdf"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"两个层面的公共干预包括货币和预算支出的管理以及金融的监管和监督，二者的相互作用使我们能够更好地理解近几十年来目睹的金融化浪潮。的确，公共当局对央行和国家预算遏制金融危机的能力越有信心，就越倾向于取消金融监管。与此同时，金融经营者越是知道中央银行会尽一切努力防止系统性风险成为现实，他们就越倾向于冒险。\n\n图2-2体现了政府干预的悖论。“干中学”助长了系统性风险的扩大。随着危机管理能力的提高，金融参与者和监管者变得更加乐观，大萧条的记忆变得越来越遥远。这些期望鼓励金融创新和放松监管，这两者都导致金融体系日益复杂化。日益复杂的金融体系允许信贷扩张，但代价是证券质量下降。这反过来又导致了小规模的危机。然而，由于处理危机的能力提高，危机很快就被克服了。这种累积的动力产生了一个金融超级周期，在这个周期内，累积的风险变得越来越大。也就是说，投机性金融和庞氏金融的相对权重不断增加。而每发生一次金融危机，公共当局就不得不投入更大的精力来应对螺旋式的萧条（见图2-3）。\n\n当代金融超级周期\n\n如果从狭义的金融逻辑来看，2008年的金融危机可以解释为金融超级周期的结果。詹姆斯·克罗蒂（James Crotty）在《剑桥经济学杂志》（Cambridge Journal of Economics)中支持这一论点：\n\n11\n\n第二章 金融的不稳定性\n\n33","previous_page":70,"next_page":72}