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insuring hedge funds 斯蒂格爾法,政府得承擔(dān)對沖基金的責(zé)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(jī)(簡化與局部視覺) ? Collapse of shadow banking影子銀行崩潰 ? US real estate small pared to shadow banking美國房地產(chǎn)與影子銀行業(yè)比規(guī)模較小 ? Bank mercial paper, MMFs, too big to fail, 、貨幣市場基金等,大而不倒 ? Basel regulation failed巴塞爾監(jiān)管失敗 – simultaneous bank failures in many countries在許多國家銀行同時倒閉 – coarse risk measures easy to game粗略的風(fēng)險評價與監(jiān)管讓銀行容易鉆空子 A Surprisingly Accurate Quote from 1986令人驚訝的正確的預(yù)測 Proposals to move toward 100% reserve banking would prevent banks from fulfillin