觀點金融改革

How Dodd-Frank fails to meet the test of our times
美國金融改革不容樂觀


美聯準前主席葛林斯潘:多德-弗蘭克法案法案未能認識到近幾十年來全球相互關聯的程度之深,它帶給我們的可能是1971年以來由監管引發的最嚴重的市場扭曲。

The US regulatory agencies will in the coming months be bedevilled by unanticipated adverse outcomes as they translate the Dodd-Frank act’s broad set of principles into a couple of hundred detailed regulations. The act’s underlying premise is that much of what occurred in the market place leading up to the Lehman Brothers bankruptcy was excess (hardly controversial) and that its causes would be readily addressed by this wide-ranging statute (questionable).

未來幾個月,隨著美國監管機構把《多德-弗蘭克法案》(Dodd-Frank Act)的廣泛原則細化爲數百條具體規定,未曾料到的負面後果將讓它們頭疼不已。這部法案的基本前提假定是,導致雷曼兄弟(Lehman Brothers)破產的市場行爲大多屬於過度行爲(幾乎無可爭議),而其成因將通過覆蓋廣泛的《多德-弗蘭克法案》得到輕鬆解決(令人質疑)。

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