BERKELEY – Back in the late 1990’s, in America at least, two schools of thought pushed for more financial deregulation – that is, for repealing the legal separation of investment banking from commercial banking, relaxing banks’ capital requirements, and encouraging more aggressive creation and use of derivatives. If deregulation looks like such a bad idea now, why didn’t it then?
发自伯克利——回顾1990年代，在美国至少有两派人马鼓吹进一步推进金融自由化——也就是撤销禁止商业银行和投资银行混合经营的法律规定，放松银行资本要求，并鼓励创设高风险金融产品和使用金融衍生品。问题是如今人人喊打的金融自由化，当年为何就能招摇过市呢？