题 目:Financial Innovation, Leverage, Bubbles, and the Distribution of Income

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题目:Financial Innovation, Leverage, Bubbles, and the Distribution of Income

演讲人:Margaret Blair, Professor of Vanderbilt Law School

时间:2011518日上午9:00—11:00

地点:交大闵行校区陈瑞球楼112

内容简介:

Now that Congress has passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, regulators promulgating rules under this new bill must tackle a major problem that the reform bill addresses only indirectly. This is the problem of excessive "leverage" – financing with too much debt. Leverage permeates the modern financial system. Excessive leverage swells the system to the point where it is too large. The system tends to grow in the parts of the system that is outside the reach of regulators, and those parts, which have been called a "shadow banking system", are where we find the worst leverage excesses. It is also too large in the sense that the system as a whole has a tendency to create vastly too much money and credit, thereby causing asset bubbles. Asset bubbles, in turn, create the illusion that the financial sector is adding substantially more value to the global economy than it really is, and expose the rest of the economy to too much risk. Moreover, too much of society’s resources go to compensate the people in the system who are causing this to happen.

Instead of tackling leverage head on, Dodd-Frank leaves all the important details involved in reining in leverage to regulators. Regulators, in turn, are taking their cues from the work of a previously rather obscure international committee of bank regulators, the so-called Basel Committee. It remains unclear whether the regulators or the Basel Committee has the political will to set standards that are tough enough to get leverage under control.

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