Meanwhile, policymakers were lulled into complacency by the widespread acceptance of economic theories such as the “efficient-market hypothesis,” which assumes that investors act rationally and use all available information when making their decisions. As a result, markets were deregulated, making it easier to trade assets that were perceived to be safe, but were in fact not.
与此同时，决策者因为“有效市场假说”等经济理论的广泛接受而志得意满，有效市场假说认为投资者的行为是理性的，在作出决策时会利用一切可获得的信心。结果，市场监管被放松，交易被认为安全但实际并不安全的资产变得更加容易。结果，系统性风险悄然酝酿，并且超过了央行官员最大胆的想象。