{"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":112,"pdf_page":150,"physical_index":150,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"663669f7104046329f59d210a60f180e87b715ec1e3cd74ae8d535c05ff412c4"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"一般来说，根据新的财务核算规范，保险公司和养老基金等机构的长期负债贴现率相当于AA级债券（典型的长期政府债券）的收益率。问题是，当利率下降时（如近年来日本和欧元区等的官方存款机制负利率），安全资产的回报率就会急剧下降，从而使这些机构的负债增加，收入却没有相应增加。这种管理风险的困难是一个真正的难题（Clacher et Moizer，2011；Severinson et Yermo，2012)。超过 130亿美元的资产以负利率进行交易，其中包括欧元区55%的公债证券。对许多机构而言，形势正变得十分严峻。银行和保险公司受到重创，但最薄弱的环节是养老基金。由于整个西方世界的养老基金行业面临着岌岌可危的财务状况，一些机构正在考虑下调以前确定的付款额（AGEFI Hebdo，2011)。此外，对负债和资源的不断重估促使这些金融参与者采取顺周期行为，从而破坏了金融动态的稳定性。\n\n银行业和保险业是受到严格监管的领域。这首先是由于通过金融中介牟利会自发地导致庞氏金字塔骗局的出现，其次是由于这些中介活动履行着不可或缺的社会功能。支付系统、养老基金系统和保险的正常运作，乃至银行存款的完整性，都是当代资本主义再生产的必要条件。由于上述金融自由化和影子银行的发展，监管机构抵御风险的能力被大大削弱。然而，公共当局在2008年拯救金融体系的积极行动表明，保证监管职能连续性的需求一直如此迫切。这些或明或暗的公共担保在很大程度上有利于金融机构，使它们能够以较低的成本为自己融资。因此，它们构成了一种补贴。\n\n虚拟资本：金融怎样挪用我们的未来\n\n112","previous_page":null,"next_page":113}