The most sobering lesson of the global financial crisis was that developments expected to increase resilience – in that case, the “originate and distribute” model of finance – turned out to reduce it. Does a similar danger now threaten stability? Yes. The next round of global illiquidity might derive from foreign currency bonds of non-financial companies of emerging economies. The centre would be asset managers, not banks.
manbetx app苹果 金融危机最令人警醒的教训是，本以为能强化金融体系的发明——在此次危机中是“放款加转销”(originate and distribute)的金融模式——结果却弱化了金融体系。类似的风险现在还会危及稳定吗？答案是肯定的。下一轮manbetx app苹果 流动性不足，可能源自新兴manbetx20客户端下载 体非金融类公司发行的外币债券。届时主角不是银行，而是资产管理公司。
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