{"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":28,"pdf_page":66,"physical_index":66,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"0d918c4272679a9cc13a026a2c27fb69fa9cf77920cf6f621fb3cbe041be42de"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"其实，这位后凯恩斯主义者的名字已经在银行经济学家中间流传了几个月。3月，乔治·马格努斯（GeorgesMagnus）为瑞银集团发表了一份研究报告，问道：“我们是否已经到了明斯基时刻？”(Magnus，2007)《金融时报》、《卫报》和《世界外交论衡》分别撰文介绍了这位利维研究所（LevyIn-stitute）经济学家的分析。此后，非正统经济学家们纷纷引用明斯基的名字，试图为自己对危机的阐释辩护，以对抗学科中的主流偏好。要理解对明斯基的这种狂热，同时找出他的方法的局限性，我们就必须首先概述他的金融不稳定性假说。\n\n金融的内在不稳定性\n\n金融市场与商品和服务市场截然不同。虽然在正常情况下，价格上涨会削弱实体经济的需求，但金融证券的情况通常相反：价格上涨越多，这些证券的需求就越大。反之亦然。在危机期间，价格下跌会引发抛售，从而加速价格崩溃。金融产品的这种特殊性是由于，它们的购买（与任何使用价值无关）符合纯粹的投机理由，目标是通过在以后的某个时候以更高的价格转售它们来获得剩余价值。因为对不可避免的逆转灾难视而不见，代理人承担了越来越多的债务，以购买正在形成泡沫的资产。此外，由代理人预期推动的、自我维持的价格上涨会被信贷进一步夸大。负债使价格上涨，而由于证券可以作为新贷款的对应物，其价值的增加使代理人可以承担更多的债务。从17世纪的荷兰郁金香事件（Galbraith，1994）到次贷危机，我们在大多数投机事件中都发现了同样的机制。前者的投机对象是郁金香球茎，后者的投机对象是住宅物业。\n\n虚拟资本：金融怎样挪用我们的未来\n\n28","previous_page":27,"next_page":29}