这些措施会产生相应的成本。它们导致流动性和资本金被禁锢在并不需要它们的地方,资金的使用效率因此没有达到最优,进而抬高了信贷成本。针对这种形势,银行纷纷撤出次要市场,以降低竞争强度。本国监管当局则采取了将监管规则向本国机构倾斜的应对办法。由此形成了金融歧视和本地化发展的循环。
The Financial Stability Board and the International Monetary Fund are concerned about these trends. They recognise the dangers. 2013 will be a decisive year. Will central banks and regulators embrace deglobalisation, or will it be possible to find a new equilibrium, in which the crisis learnings are embedded in a new approach that preserves many of the benefits of open financial markets? Finding the right answer is crucial.
金融稳定委员会(Financial Stability Board)和国际货币基金组织(International Monetary Fund)对上述趋势深表担忧。它们从中看到了潜在风险。2013年将是决定性的一年。各国央行和监管当局是否会欣然接纳“去全球化,或者有无可能借鉴我们在金融危机中吸取的经验教训,采取一种能保留开放金融市场主要优点的新办法,从而找到一个新的平衡点?找到这一问题的正确答案至关重要。
Howard Davies is a former chairman of the Financial Services Authority, former deputy governor of the Bank of England and former director of London School of Economics. He is now a professor of practice at Sciences Po in Paris.
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