观点金融改革

How Dodd-Frank fails to meet the test of our times
美国金融改革不容乐观


美联储前主席格林斯潘:多德-弗兰克法案法案未能认识到近几十年来manbetx app苹果 相互关联的程度之深,它带给我们的可能是1971年以来由监管引发的最严重的市场扭曲。

The US regulatory agencies will in the coming months be bedevilled by unanticipated adverse outcomes as they translate the Dodd-Frank act’s broad set of principles into a couple of hundred detailed regulations. The act’s underlying premise is that much of what occurred in the market place leading up to the Lehman Brothers bankruptcy was excess (hardly controversial) and that its causes would be readily addressed by this wide-ranging statute (questionable).

未来几个月,随着美国监管机构把《多德-弗兰克法案》(Dodd-Frank Act)的广泛原则细化为数百条具体规定,未曾料到的负面后果将让它们头疼不已。这部法案的基本前提假定是,导致雷曼兄弟(Lehman Brothers)破产的市场行为大多属于过度行为(几乎无可争议),而其成因将通过覆盖广泛的《多德-弗兰克法案》得到轻松解决(令人质疑)。

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