{"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":36,"pdf_page":74,"physical_index":74,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"c2b3e9a143edec236c075b602f186aebca4a8f3ca8948c2c41e15e4923868769"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"这种不对称的货币政策限制了股票价格的下跌，但对股票价格的上涨却没有设置任何障碍，这导致金融参与者去冒更大的风险。再加上积极的预算政策，情况就更加如此。图2-4和图2-5展示了货币政策和财政政策如何对股价以及21世纪头十年的房地产价格提供支持。这两张图显示了在金融崩溃后的几年里，这些政策如何帮助价格迅速回升。20世纪90年代末，随着市场起飞，预算赤字有所下降，但相反，货币政策仍然宽松。在21世纪头十年，这两个杠杆被同时拉动，特别是在2001年金融风暴后更是大力拉动，不仅刺激了市场复苏，同时也扩大了房地产泡沫。\n\n对金融体系稳健性的信心也在以同样的速度增长。鉴于奇异金融产品的激增似乎有望更好地分散风险，这种信心更是如此。耐人寻味的是，2007年7月，甚至在危机初露端倪之时，一些人就宣称“不会发生大崩盘”，因为“自20世纪90年代末以来，金融业经历了真正的革命。抵御趋势逆转的能力有所提高，从而降低了系统性风险”(Landier et Thesmar，2007)。\n\n虚拟资本：金融怎样挪用我们的未来\n\n36","previous_page":35,"next_page":null}