【正文】
to a short list of activities限制存款保險保護 Regulation under Basel巴塞爾協(xié)議下的監(jiān)管 ? Designed to create a “ level playing field”試圖設(shè)計創(chuàng)造出一個“公平的競爭環(huán)境” ? Capital requirements based on coarse aggregates基于粗糙針對總量的資本需求 – based on punishment in a repeated game 以重復博弈中的懲罰為基礎(chǔ) – game not repeated if the bank blows up! 如果銀行膨脹、倒閉,博弈并非能重復 ? No more GlassSteagall, so government is insuring hedge funds 斯蒂格爾法,政府得承擔對沖基金的責任 Shadow Banking影子銀行 ? Huge unregulated repo market巨大的監(jiān)管空白下的回購市場 ? Some possible causes可能的原因 – regulatory arbitrage監(jiān)管套利 – limits on deposit insurance對存款保險的限制 – restrictive regulation under Basel巴塞爾協(xié)議下有限的監(jiān)管 Financial Crisis (simplified and partial view)金融危機(簡化與局部視覺) ? Collapse of shadow banking影子銀行崩潰 ? US real estate small pared to shadow ba