{"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":76,"pdf_page":114,"physical_index":114,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"0ed58aff0afd30b82d15a8934a63aec0ec09744dc7569b93bb4f0057baed88bd"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"Jeffers，2013)。一方面，它们通过积极地在货币市场上借贷以及大量购买美国机构发行的衍生产品和结构性信贷，与美国平行银行体系建立了联系。另一方面，它们通过共同投资基金(UCITS)和其他基金创建和发展了自己的平行中介体系。这些基金利用储户存款和银行获得欧洲央行再融资的机会，以此来支持激进的投机策略。\n\n总体而言，最初因银行信贷相对减少而受到威胁的商业银行越来越多地参与证券市场，并大量投资于影子银行体系。它们的自营业务使市场更具流动性，从而更安全。此外，它们提供的资金通过负债（杠杆效应）促进证券的购买。最后，通过层层嵌套的方式，它们接受证券作为贷款的担保，以便获取更多证券，从而使它们能够用很少的初始资本实现相当可观的交易规模。按照类似于明斯基所描述的逻辑，这将创造出对金融产品自我维持的需求，因为资产价格的上涨会增加可用抵押品，从而释放贷款用于购买新的证券。\n\n在这种以衍生产品和影子银行发展为标志的新环境下，投机活动不再局限于繁荣时期。相反，它成为一种独立于周期性过程的活动，这尤其得益于衍生产品的灵活性。在这里，我们看到了极其动态的虚拟资本的化身。然而，从经验层面捕捉这种复杂形式的虚拟资本的爆发式增长却并非易事，一方面是因为我们没有足够广泛的数据序列，另一方面是因为不同类别之间存在重叠。不过，交易市场演变、衍生产品交易以及平行银行体系规模等数据确实表明，近期复杂形式的虚拟资本正在迅速增长。\n\n虚拟资本：全融怎样挪用我们的未来\n\n76","previous_page":75,"next_page":77}