但是,如果你认为金融业的主要目标应该是为资金流动制定安全、明确的规则,那么这种模式或许会让你失望。如果你问银行家为什么要进入P2P网贷行业,一些人会说想要获得高回报(因为平均而言贷款的利率为13%左右,息差很高)。其他人会称,银行需要学习聪明的技术理念并更具创业精神。
But there is another, grubbier motive: regulatory arbitrage. “We like P2P because we can dothings there that we can’t do in our main bank, as a senior New York banker recently (andsheepishly) explained at a conference.
但是,还有另外一个更卑鄙的动机:监管套利。“我们喜欢P2P,因为我们在那里可以做一些我们在银行没法做的事,纽约一名银行高管最近在一次会议上(带点不好意思地)解释称。
Sharp-eyed readers might feel a sense of déjà vu. The idea of using innovations to dancearound tough capital rules is hardly new: in the early years of the past decade, banks usedstructured investment vehicles and collateralised debt obligations in the same way.
眼尖的读者或许会有一种似曾相识的感觉。利用创新在严格的资本规则下打擦边球的想法并不新鲜:在过去十年的头几年,银行以相同方式利用结构化投资工具和债务抵押债券(CDO)来规避监管。
They also took advantage of cracks in regulatory structures to create products thatpolicymakers could not easily monitor or control (it was unclear, for instance, who wassupposed to oversee mortgage derivatives).
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