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Introduction介绍

为了保护该国从这些危险，在20世纪30年代中期，美国政府创造了整个60年代有效合作严格的金融监管体系。这些经济和政治事件由约翰·梅纳德·凯恩斯和海曼·明斯基创造内生金融不稳定的金融市场理论中的反映。他们的理论产生了政策角度支持2009年收到的3月20日的大幅手稿;最终版本接到光4月30日2009年克罗蒂转移到紧张的金融市场监管的大萧条后发生的。 20世纪70年代和80年代初的经济和金融动荡导致了二者的范例和政策体制的转变。有效的金融市场理论和新古典宏观经济理论所代替凯恩斯和明斯基的理论视野和严格的金融监管的现行制度是通过金融机构，并推动通过合理有效的金融市场理论激进的放松管制解构。这些发展有助于过渡到一个新的全球一体化放松管制的新自由主义capitalism.1本文的主要论点是，虽然在美国次级抵押贷款市场的问题引发了当前的金融危机，其对资金面深的原因是被发现在有缺陷的制度和目前的金融体制的做法，通常被称为新的金融架构（NFA）。（虽然在全球金融危机显然既有金融和实际部门的根源，主要是与前提出的交易。）“新的金融结构”是指集成现代金融市场与时代的光芒政府监管。 1980年以后，伴随着快速的金融创新加速放松管制刺激总是在危机结束了强大的金融繁荣。各国政府救助，允许新的扩展开始回应。反过来，这些在危机结束，从而引发新的救助。随着时间的推移，金融市场相对于非金融经济越来越大的增长，重要的金融产品变得更加复杂，不透明和缺乏流动性，以及整个系统的杠杆爆炸。其结果是，金融危机变得更加危险。这个过程在当前的危机，这是如此严重，它推动了全球经济抑郁症的边缘高潮。金融和经济崩溃的恐惧已经引起了前所未有的政府救援工作已经，到目前为止，无法结束这场危机。在本文的下一部分，我们目前在金融机构和新自由主义时代，帮助生成当前危机的做法，关键结构性缺陷的描述。这部分是从这些结构性缺陷的更详细的分析拍摄（见克罗蒂，2008）。In the aftermath of the financial collapse in the USA that began in 1929, it was almost universally believed that unregulated financial markets are inherently unstable, subject to fraud and manipulation by insiders, and capable of triggering deep economic crises and political and social unrest. To protect the country from these dangers, in the mid 1930s the US government created a strict financial regulatory system that worked effectively through the 1960s. These economic and political events found reflection in the financial market theories of endogenous financial instability created by John Maynard Keynes and Hyman Minsky. Their theories generated a policy perspective supportive of the sharp Manuscript received 20 March 2009; final version received 30 April 2009. Crotty shift from light to tight financial market regulation that took place after the Great Crash. Economic and financial turbulence in the 1970s and early 1980s led to both a paradigm and a policy regime shift. Efficient financial market theory and new classical macro theory replaced the theoretical visions of Keynes and Minsky, and the existing system of tight financial regulation was deconstructed through radical deregulation pushed by financial institutions and justified by efficient financial market theory. These developments facilitated the transition to a new globally-integrated deregulated neoliberal capitalism.1 The main thesis of this paper is that, although problems in the US subprime mortgage market triggered the current financial crisis, its deep cause on the financial side is to be found in the flawed institutions and practices of the current financial regime, often referred to as the New Financial architecture (NFA). (While the global crisis clearly has both financial-and real-sector roots, this paper deals primarily with the former.) ‘New Financial Architecture’ refers to the integration of modern day financial markets with the era’s light government regulation. After 1980, accelerated deregulation accompanied by rapid financial innovation stimulated powerful financial booms that always ended in crises. Governments responded with bailouts that allowed new expansions to begin. These in turn ended in crises, which triggered new bailouts. Over time, financial markets grew ever larger relative to the nonfinancial economy, important financial products became more complex, opaque and illiquid, and system-wide leverage exploded. As a result, financial crises became more threatening. This process culminated in the current crisis, which is so severe that it has pushed the global economy to the brink of depression. Fear of financial