{"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":78,"pdf_page":116,"physical_index":116,"physical_index_base":0,"printed_page_status":"recognized","page_sha256":"b4087b620c013c60745dc1eb51b5cbcbcbd04a004354c9036a9991dc774bb7b5"},"chapter":"虚拟资本金融怎样挪用我们的未来","content":"6.7倍（见图4-6)。这个金额应该以相对术语来理解，因为它涉及名义价值，也就是建立不同衍生产品合约所依据的证券的价值。尽管如此，实际投入的金额仍然相当可观，它在2008年达到国内生产总值的55%，到2005年下降到20%。\n\n另一个值得注意的事实是，这些衍生产品首先在场外交易(不受任何形式监管的交易)的背景下蓬勃发展。这就是累积杠杆效应高达50倍的原因。仅20000欧元的初始资本就可以投资100万美元，其余都是借来的。当一切顺利时，这会产生丰厚的回报。相反，仅仅2%的下跌就会损失全部基础资本，并导致整个交易链崩溃（Tett，2007）。\n\n“第二代虚拟资本的爆发式增长”也体现在美国自20世纪80年代以来平行银行体系的飞速发展中。当时，平行银行体\n\n虚拟资本：金融怎样挪用我们的未来\n\n78","previous_page":77,"next_page":79}