{"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":73,"pdf_page":111,"physical_index":111,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"ff42f05b040a8d4da3a686c570d381a90cac2ee9b8905ec0311db7f2e2fcc364"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"第二个重要方面是20世纪70年代随着布雷顿森林货币体系的解体而出现的汇率自由化。货币波动为投机提供了机会，而对于非金融主体来说，则需要扩大覆盖面。灵活的汇率和市场融资使得发行虚拟资本的新部门激增，这些部门与生产流程的距离比基础形式更远。掉期合约、结构性产品和期权合约不断增加并相互组合。它们受限于金融参与者自身的想象力。后者的创造力确实非常活跃，但仅限于重新定义连接资金提供者和借款人的合同安排类型。因此，从20世纪80年代到21世纪头十年，狂热的金融创新不过是债务链组织手段的倍增。这些虚拟资本的新形式大体上在一个不受监管的灰色地带蓬勃发展起来，与官方金融市场（即所谓的“影子银行”）分离开来。\n\n研究当代金融的作者们经常恰如其分地强调“银行脱媒”的过程。在这个过程中，借款人越来越多地通过金融市场而非银行来满足他们的融资需求。然而这种现象存在着矛盾之处，银行中介作用的减弱最终导致借款人和储蓄人之间的中介机构增多。事实上，这种分散的中介是影子银行的特征。\n\n银行的传统中介作用包括在储户和储户之间建立关系。它涉及两种不同操作的结合，第一种操作包括信用的质变。虽然接受银行贷款的家庭或公司违约的风险相对较大，但银行本身更加稳健，私人通过储蓄和经常账户向银行提供的信贷也更加安全。考虑到国家对银行体系的显性和隐性支持形式的存在，尤其是考虑到银行拥有获得中央银行发行的货币以及存款担保机制的特权，这一点就更是如此。第二种操作允许转换期限，这意味着将（通常是短期的）存款换成长期借款。这种双管齐下的中介运作方式使储户能够从与风险和监管的多元化和共同化相关的规模经济中受益。\n\n第四章 虚拟资本在当代的崛起\n\n73","previous_page":72,"next_page":74}