{"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":38,"pdf_page":76,"physical_index":76,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"4d2c60179993325cf355438b2e4f9fb121c42d93a61f42090f8a449b8eff4f06"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"鉴于威胁的严重程度，各发达国家还动用了其他手段，如银行和保险公司的资本重组和部分或全部国有化，以及促进和扩大不同银行间流动性供应的新渠道。货币政策还涉足了未知领域。例如，英格兰银行和美联储首先实施的量化宽松政策导致这些机构购买了价值数千亿美元的政府债券和抵押贷款产品，以将整体利率维持在非常低的水平（另见第六章）。这些政策可能并没有给实体经济带来任何重大复苏，但它们确实阻止了房地产价格的下跌，并使股票价格强劲上涨。2013年，美国股票价格赶上了危机前的水平。此外，低利率鼓励投资者购买风险较高的证券（如脆弱企业发行的债券）以获得回报。总之，为应对危机而采取的政策确实限制了金融损失，但也助长了冒险行为，从而加剧了系统性风险，反过来又为下一次金融灾难埋下了祸根。\n\n新古典主义文献利用“元道德风险”（Miller，Weller etZhang，2002）或“系统性道德风险”（Farhi et Tirole，2009)的概念来解决这一问题。这将“大而不能倒”的原则推广到了系统中的所有参与者。按照这种理解，不仅大型机构，一般的金融参与者也都偏爱过度冒险，因为他们知道公共当局会进行干预以限制他们的损失。\n\n公众当局会在灾难发生时采取有效行动，这种信念并不妨碍夸大乐观的预测会导致风险低估的假设（Ragot，2013，p. 384)。此外，我们不必想象有一群超理性和机会主义的经济参与者利用国家的隐性担保，以为这样就能理解当过度乐观的预测与当局为避免系统崩溃而进行干预的义务相结合时所产生的累积效应。正因如此，明斯基的贡献被证明是理解导致2008年金融危机的真正金融动力的基础。\n\n虚拟资本：金融怎样挪用我们的未来\n\n38","previous_page":null,"next_page":null}