社会金融:全球金融危机中的影子银行系统
This book presents a new, inter-disciplinary framework of financial instability that builds on the Post-Keynesian model of financial crises in the tradition of Hyman Minsky and Charles Kindleberger. It reincorporates John Maynard Keynes’ insights on economic conventions to explain how market participants construct stable (but fragile) markets and why financial crises tend to take us by surprise. It borrows from scholarship on crises in international relations theory to examine how defied expectations can trigger panics in fragile financial systems. And it draws on perspectives from international political economy to show how elites’ foundational economic beliefs drive their responses to crises and how the effectiveness of their interventions depends on their credibility with the marketplace. The results of interviews with some of the world’s leading investors in Los Angeles, London, New York, and Toronto illustrate the utility of this new paradigm via a case study of shadow banking during the global financial crisis. A close examination of primary and secondary sources and quantitative evidence complement these first-hand accounts. All told, this book’s model offers a viable heuristic device for thinking about financial instability, which will be relevant to academics, policy makers, portfolio managers, and students.
这本书提出了一种新的跨学科框架来解释金融不稳定性,基于Hyman Minsky和Charles Kindleberger在传统凯恩斯主义中的金融危机模型。它重新纳入了约翰·梅森·凯恩斯关于经济惯例的见解,以解释市场参与者如何构建稳定的(但脆弱)市场,并解释为什么金融危机往往出乎意料地发生。它借鉴了国际关系理论中危机研究的相关学识,来探讨违背预期的情况如何触发金融系统中的幻狂。并且从国际政治经济学的角度出发,揭示了精英们基于其根本的经济信念作出对危机反应的方式以及他们干预的有效性取决于他们在市场上的可信度。洛杉矶、伦敦、纽约和多伦多的一些世界顶级投资者的采访案例研究通过一个全球金融危机期间影子银行的情况来展示这一新范式的好处。通过对原始资料和次级资料的深入分析及定量证据进行补充,这些一手之言得以呈现。总而言之,这本书提出的模型提供了一个有用的启发性工具来思考金融不稳定性,这将对学者、政策制定者、投资经理以及学生具有相关性。
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