In 1992 the government reduced capital requirements at Fannie Mae and Freddie Mac, twohuge sources of housing finance. In the 1990s the Federal Housing Administration expandedits loan guarantees to cover bigger mortgages with smaller down-payments. And in the2000s Fannie and Freddie were encouraged to buy more subprime mortgage-backedsecurities. Inequality, Mr Rajan argued, prepared the ground for disaster.
1992年,政府降低了对房利美和房地美的资本要求,这两家公司都是住宅信贷市场上的主要资金供给者。在1990年代,美国住房管理局放松了向借款人提供抵押担保的条件,将更多的小额首付抵押贷款也纳入了其覆盖的范围。进入2000年后,房地美和房利美在有利形势的鼓舞下购买了更多的次级住房抵押贷款证券。此后,收入不均的土壤里便结出了灾难的果实,拉詹如此说道
Mr Rajan s story was intended as a narrative of the subprime crisis in America, not as ageneral theory of financial dislocation. But others have noted that inequality also soared inthe years before the Depression of the 1930s. In 2007 23.5% of all American income flowedto the top 1% of earnerstheir highest share since 1929. In a 2010 paper Michael Kumhofand Romain Rancire, two economists at the International Monetary Fund, built a model toshow how inequality can systematically lead to crisis. An investor class may become betterat capturing the returns to production, slowing wage growth and raising inequality. Workersthen borrow to prop up their consumption. Leverage grows until crisis results. Their modelabsolves politicians of responsibility; inequality works its mischief without the help ofgovernment.
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