The quarter-century leading up to the financial crisis saw a remarkable leap in globalisation. Cross-border bank lending, much of it intermediated in London, grew rapidly. Citibank’s ambition was to be seen on street corners from Manhattan to Manama; HSBC told us, every time we got off an aircraft, that it was “the world’s local bank.
在金融危机爆发前的二十五年里,金融领域的全球化程度显著提高。跨境银行信贷快速增长,其中绝大部分由设在伦敦的金融机构牵线搭桥。从曼哈顿到巴林首都麦纳麦(Manama)的街头都可以看到花旗银行(Citibank)的宣传标语。而每当我们乘飞机时,就会看到汇丰银行(HSBC)的口号——“环球金融、地方智慧。
Since the crisis this trend has gone into reverse: cross-border lending has fallen sharply and the ambitions of American and European banks have been scaled back. Are we entering an age of financial “deglobalisation? If so, should we care?
自金融危机以来,这一趋势出现了逆转:跨境银行信贷规模显著萎缩,美国和欧洲银行也已收敛了自己的扩张野心。我们是否已经进入了一个金融“去全球化时代?如果确实如此,我们是否应当为此感到担忧?
Some of the retrenchment was inevitable. Banks had become overextended. But there are signs that the withdrawal may be traced to regulatory actions, and to a form of financial protectionism, which could be as dangerous as protectionism in trade.
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