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监管者应避免对基金管理行业收紧规定。下一次金融危机会爆发在哪儿?几乎可以确定不会是上一个金融危机的相同领域。从90年代后期开始,我们经历了东南亚经济滑坡、互联网的繁荣与萧条、美国的房地产泡沫以及随之而来的银行业的崩溃,对于如今的监管者们来说最担心的领域却是基金管理行业。在某种意义上,这种担心源于应对上一次危机的监管对策。现在的银行被要求提高储备金的储备率,因此,银行给予企业贷款的积极性下降,也不再扮演企业债券市场的造市者,而企业在融资上则更加依赖债券市场(更加
Regulators should avoid tightening regulations on the fund management industry. Where will the next financial crisis take place? Almost certainly not the same area as the previous financial crisis. Since the late 1990s, we have experienced the economic downturn in Southeast Asia, the boom and bust of the Internet, the real estate bubble in the United States and the consequent collapse of the banking sector, which are the areas of greatest concern to today’s regulators. industry. In a sense, such concerns stem from the regulatory response to the last crisis. As banks are now required to raise the reserve rate of their reserves, banks are less motivated to lend to corporations and are no longer market makers in the corporate bond market, while firms are more dependent on the bond market for financing