{"id":6361,"date":"2016-11-15T19:32:26","date_gmt":"2016-11-15T11:32:26","guid":{"rendered":"http:\/\/cusp.hk\/?p=6361"},"modified":"2016-12-13T22:48:34","modified_gmt":"2016-12-13T14:48:34","slug":"%e5%be%b7%e6%84%8f%e5%bf%97%e9%8a%80%e8%a1%8c%e5%8d%b1%e6%a9%9f%ef%bc%9atoo-big-to-fail","status":"publish","type":"post","link":"https:\/\/cusp.hk\/?p=6361","title":{"rendered":"\u5fb7\u610f\u5fd7\u9280\u884c\u5371\u6a5f\uff1aToo big to fail?"},"content":{"rendered":"<p>\u539f\u6587\uff1aDeutsche Bank crisis: too big to fail?, counterfire(online)<br \/>\n\u4f5c\u8005\uff1aChris Bambery<br \/>\n\u7ffb\u8b6f\uff1a\u8983\u4fca\u57fa<\/p>\n<p><a href=\"https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/3418318382_7e90798e9e.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-full wp-image-7125\" src=\"https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/3418318382_7e90798e9e.jpg\" alt=\"3418318382_7e90798e9e\" width=\"373\" height=\"500\" srcset=\"https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/3418318382_7e90798e9e.jpg 373w, https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/3418318382_7e90798e9e-224x300.jpg 224w\" sizes=\"(max-width: 373px) 100vw, 373px\" \/><\/a><\/p>\n<p>\u300c\u5c31\u50cf\u82f1\u502b\u9280\u884c\u4e00\u6a23\u53ef\u9760\u300d\u2014\u4f60\u8fd1\u4f86\u4e0d\u6703\u807d\u5230\u592a\u591a\u9019\u6a23\u7684\u8aaa\u6cd5\u3002\u6211\u60f3\uff0c\u4e00\u90e8\u4efd\u539f\u56e0\u662f\u5b83\u5728\u4e16\u754c\u821e\u53f0\u626e\u6f14\u7684\u89d2\u8272\u4e0d\u518d\u90a3\u9ebc\u91cd\u8981\uff1b\u4f46\u66f4\u91cd\u8981\u7684\u662f\u572808\u91d1\u878d\u98a8\u66b4\u4ee5\u5f8c\uff0c\u5927\u5bb6\u90fd\u4e0d\u518d\u89ba\u5f97\u9280\u884c\u662f\u53ef\u9760\u7684\u6a5f\u69cb\u3002<\/p>\n<p>\u4f46\u5982\u679c\u6709\u54ea\u500b\u570b\u5bb6\u7684\u9280\u884c\u66fe\u88ab\u8996\u4f5c\u53ef\u9760\u7684\u5178\u7bc4\uff0c\u90a3\u5c31\u4e00\u5b9a\u662f\u5fb7\u570b\u30021871\u5e74\u5fb7\u570b\u4e00\u7d71\u4ee5\u5f8c\uff0c\u5979\u7684\u5546\u696d\u8207\u6295\u8cc7\u9280\u884c\u5354\u52a9\u4e86\u5fb7\u570b\u7684\u5de5\u696d\u5316\u3002\u5b83\u5011\u4e0d\u55ae\u5411\u76f8\u95dc\u4f01\u696d\u501f\u51fa\u8cc7\u672c\uff0c\u800c\u4e14\u6703\u5728\u516c\u53f8\u8463\u4e8b\u6703\u4e0a\u64d4\u4efb\u5e2d\u4f4d\u3002\u9019\u7a2e\u9577\u9060\u7684\u6295\u8cc7\uff0c\u88ab\u7a31\u4f5c\u300c\u8010\u5fc3\u8cc7\u672c\u300d\uff08patient capital\uff09\u3002\u9019\u5e38\u8207\u502b\u6566\u5e02\u7684\u77ed\u671f\u7b56\u7565\u76f8\u5c0d\u6bd4\uff08\u4f46\u9019\u5176\u5be6\u5ffd\u7565\u4e86\u4e00\u500b\u91cd\u8981\u4e8b\u5be6\uff0c\u502b\u6566\u5e02\u5f9e\u4f86\u6c92\u6709\u600e\u9ebc\u6295\u8cc7\u82f1\u570b\u5de5\u696d\uff09\u3002[1]<\/p>\n<p>\u5967\u5730\u5229\u7684\u99ac\u514b\u601d\u4e3b\u7fa9\u8005\u5e0c\u6cd5\u4ead(Rudolf Hilferding)\u4fbf\u5206\u6790\u904e\u9019\u7a2e\u5fb7\u570b\u6a21\u5f0f\uff0c\u7a31\u4e4b\u70ba\u300c\u91d1\u878d\u8cc7\u672c\u300d\uff0c\u5373\u5de5\u696d\u8207\u91d1\u878d\u8cc7\u672c\u7684\u7d50\u5408\uff0c\u5f8c\u4f86\u5217\u5be7\u66f4\u5c07\u4e4b\u7528\u65bc\u5206\u6790\u5e1d\u570b\u4e3b\u7fa9<\/p>\n<p>\u5fb7\u610f\u5fd7\u9280\u884c\uff08Deutsche Bank\uff09\u5728\u6230\u5f8c\u91cd\u5efa\u5fb7\u570b\u7522\u696d\u626e\u6f14\u76f8\u7576\u91cd\u8981\u7684\u89d2\u8272\u3002\u5982\u4eca\u9019\u6a23\u7684\u5de8\u4eba\u4e5f\u8981\u5012\u4e0b\u4e86\u3002<\/p>\n<p>\u7531\u516b\u5341\u5e74\u4ee3\u958b\u59cb\uff0c\u5fb7\u610f\u5fd7\u9280\u884c\u4e0d\u7518\u65bc\u5176\u65e2\u6709\u89d2\u8272\uff0c\u5e0c\u671b\u5c07\u81ea\u5df1\u8b8a\u6210\u4e00\u6240\u5168\u7403\u6027\u7684\u6295\u8cc7\u9280\u884c\uff0c\u53ef\u4ee5\u6311\u6230\u7f8e\u570b\u7684\u5de8\u64d8\u5982\u96f7\u66fc\u5144\u5f1f\uff08\u8a18\u5f97\u4ed6\u5011\u5427\uff09\u3001\u6469\u6839\u5927\u901a\u3001\u5bcc\u570b\u7b49\u3002\u6703\u6709\u9019\u6a23\u7684\u8f49\u5411\uff0c\u90e8\u4efd\u539f\u56e0\u662f\u5b83\u53ef\u4ee5\u501f\u6b64\u64fa\u812b\u4f9d\u8cf4\u672c\u5730\u75b2\u5f31\u7684\u5e02\u5834\u3002\u56e0\u6b64\uff0c\u5b83\u8cfc\u4e0b\u4e86\u4e00\u6240\u82f1\u570b\u6295\u8cc7\u9280\u884c\u6469\u6839\u5efa\u5bcc\uff08Morgan Grenfell\uff09\u3001\u4ee5\u53ca\u7f8e\u570b\u7684\u4fe1\u5b5a\uff08Bankers Trust\uff09\u3002<\/p>\n<p>\u4f46\u5b83\u771f\u6b63\u9081\u5411\u570b\u969b\u91d1\u878d\u65b0\u4e16\u754c\u7684\u6642\u523b\uff0c\u662f\u5728\u5fb7\u570b\u7e3d\u7406\u793e\u6703\u6c11\u4e3b\u9ee8\u7684\u65bd\u7f85\u5fb7\uff08Gerhard Schr\u00f6der\uff09\u7ba1\u6cbb\u4e0b\uff0c\u53731998\u5e74\u52302005\u5e74\u3002<\/p>\n<p>\u8aa0\u7136\uff0c\u6234\u5353\u723e\u78ba\u662f\u525d\u524a\u52de\u5de5\u7684\u65b0\u81ea\u7531\u4e3b\u7fa9\u7684\u5148\u92d2\uff0c\u7f8e\u570b\u7e3d\u7d71\u5217\u6839\u4e5f\u662f\u4e3b\u6301\u65b0\u81ea\u7531\u4e3b\u7fa9\u6700\u521d\u7684\u653b\u52e2\uff0c\u4f8b\u5982\u90a3\u4e9b\u6253\u58d3\u5de5\u6703\u7684\u5927\u6230\u5f79\u3002\u4f46\u7d93\u5e38\u88ab\u5ffd\u7565\u7684\u662f\u5728\u4e5d\u5341\u5e74\u4ee3\u8207\u5343\u79a7\u5e74\u4ee3\u7684\u7b2c\u4e8c\u6ce2\u65b0\u81ea\u7531\u4e3b\u7fa9\u3002\u9019\u4e00\u6ce2\u653b\u52e2\u7531\u4e2d\u9593\u504f\u5de6\u7387\u9818\u2014\u7f8e\u570b\u7684\u514b\u6797\u9813\u3001\u82f1\u570b\u7684\u8c9d\u7406\u96c5\uff0c\u9084\u6709\u5fb7\u570b\u7684\u65bd\u7f85\u5fb7\u2014\u800c\u4e14\u5728\u8a31\u591a\u65b9\u9762\u4e5f\u8981\u6bd4\u7b2c\u4e00\u6ce2\u7684\u653b\u64ca\u66f4\u52a0\u760b\u72c2[2]\u3002\u5728\u9019\u4e09\u8005\u9593\uff0c\u5fb7\u570b\u65bd\u7f85\u5fb7\u53ef\u8b02\u6700\u6210\u529f\uff0c\u56e0\u70ba\u4ed6\u6210\u529f\u6e1b\u4f4e\u5fb7\u570b\u7684\u52de\u52d5\u6210\u672c\uff0c\u632f\u8208\u51fa\u53e3\u3001\u91cd\u65b0\u5e36\u52d5\u5fb7\u570b\u7d93\u6fdf\u3002<\/p>\n<p>\u6700\u95dc\u9375\u7684\u6539\u8b8a\u88ab\u7a31\u70ba2010\u8b70\u7a0b\uff08Agenda 2010\uff09\u3002\u9664\u4e86\u63d0\u9ad8\u9000\u4f11\u5e74\u9f61\u3001\u91ab\u7642\u79c1\u6709\u5316\u3001\u5ef6\u9577\u5546\u5e97\u958b\u653e\u6642\u9593\u3001\u5ee2\u9664\u624b\u5de5\u884c\u696d\u7684\u8b49\u66f8\u8981\u6c42\u3001\u6e1b\u5c11\u8cc7\u52a9\u6709\u56f0\u96e3\u7684\u4f01\u696d\u7b49\u5e38\u898f\u63aa\u65bd\u5916\uff0c\u65bd\u7f85\u5fb7\u505a\u5230\u4e86\u9023\u6234\u5353\u723e\u4e5f\u505a\u4e0d\u5230\u7684\u2014\u4ed6\u524a\u6e1b\u4e86\u5ee3\u5927\u52de\u5de5\u7684\u5de5\u8cc7\u3002<\/p>\n<p>2010\u8b70\u7a0b\u6700\u91cd\u8981\u7684\u4e00\u9ede\uff0c\u662f\u5b83\u524a\u5f31\u4e86\u5fb7\u570b\u7684\u798f\u5229\u5236\u5ea6\u3002\u9019\u500b\u793e\u6703\u6c11\u4e3b\u9ee8\u653f\u5e9c\u6240\u6293\u7dca\u7684\u4e00\u9ede\uff0c\u5c31\u662f\u5982\u679c\u4f60\u524a\u5f31\u4e86\u53d7\u50f1\u8005\u7684\u5b89\u5168\u7db2\uff0c\u7121\u8ad6\u4ed6\u5011\u5728\u5de5\u4f5c\u4e0a\u9762\u5c0d\u751a\u9ebc\u7684\u6253\u58d3\uff0c\u4ed6\u5011\u4e5f\u6703\u555e\u5fcd\uff0c\u56e0\u70ba\u5931\u696d\u7684\u4ee3\u50f9\u592a\u5927\u3002<\/p>\n<p>\u4f46\u65bd\u7f85\u5fb7\u4e5f\u56e0\u8207\u5927\u5546\u5bb6\u8d70\u5f97\u5f88\u8fd1\u800c\u70ba\u4eba\u8a6c\u75c5\u3002\u4ed6\u540c\u6a23\u8a8d\u53ef\u5fb7\u610f\u5fd7\u9280\u884c\uff0c\u4ee5\u53ca\u5176\u7af6\u722d\u8005\u5fb7\u570b\u5546\u696d\u9280\u884c\u7684\u91ce\u5fc3\u2014\u6210\u70ba\u5168\u7403\u6027\u7684\u6295\u8cc7\u9280\u884c\u3002\u6240\u4ee5\u4ed6\u5ee2\u9664\u4e86\u6703\u963b\u7919\u5b83\u5011\u7684\u6295\u8cc7\u7ba1\u5236[3]\u3002\u6b63\u56e0\u5982\u6b64\uff0c\u5fb7\u610f\u5fd7\u9280\u884c\u4fbf\u9677\u5165\u53ca\u5f8c\u7684\u7f8e\u570b\u5e02\u5834\u7684\u6295\u8cc7\u72c2\u6f6e\u2014\u6b21\u6309\uff0c\u5176\u6295\u8cc7\u984d\u7e3d\u503c\u9ad8\u9054320\u5104\u7f8e\u5143\u3002<\/p>\n<p>\u6211\u5011\u77e5\u9053\u63a5\u8457\u767c\u751f\u4e86\u751a\u9ebc\u4e8b\u3002\u57282007\u5e74\uff0c\u6295\u8cc7\u8005\u7a81\u7136\u5bb3\u6015\u7f8e\u570b\u7684\u623f\u5730\u7522\u5e02\u5834\u6703\u4e0b\u8dcc\u3002\u6709\u4e9b\u751a\u6216\u89ba\u5f97\u6b21\u6309\u6295\u8cc7\u7522\u54c1\u4e0d\u503c\u4e00\u6beb\uff0c\u6240\u4ee5\u4ed6\u5011\u4fbf\u4e00\u8d77\u64a4\u8cc7\uff0c\u6b21\u6309\u5e02\u5834\u4ea6\u63a5\u8457\u5d29\u6f70\u3002\u5373\u4f7f\u5982\u6b64\uff0c\u5fb7\u610f\u5fd7\u9280\u884c\u9084\u7e7c\u7e8c\u8cfc\u5165\u6b21\u6309\u6295\u8cc7\u7522\u54c1\uff0c\u7d50\u679c\u81ea\u7136\u662f\u6158\u4e0d\u5fcd\u7779\u3002<\/p>\n<p><a href=\"https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/galbraith_lehman_091313.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-large wp-image-7127\" src=\"https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/galbraith_lehman_091313-1024x640.jpg\" alt=\"galbraith_lehman_091313\" width=\"750\" height=\"469\" srcset=\"https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/galbraith_lehman_091313-1024x640.jpg 1024w, https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/galbraith_lehman_091313-300x188.jpg 300w, https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/galbraith_lehman_091313-768x480.jpg 768w, https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/galbraith_lehman_091313-430x270.jpg 430w, https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/galbraith_lehman_091313-400x250.jpg 400w, https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/galbraith_lehman_091313.jpg 1460w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/p>\n<p>\u7121\u8ad6\u5982\u4f55\uff0c\u5b83\u7684\u884c\u653f\u7e3d\u88c1\u963f\u514b\u66fc\uff08Josef Ackermann\uff09\u5411\u5fb7\u570b\u8a18\u8005\u8a87\u8000\uff0c\u5fb7\u610f\u5fd7\u9280\u884c\u4e0d\u7528\u4ea6\u4e0d\u6703\u63a5\u53d7\u653f\u5e9c\u6551\u52a9\uff08bailout\uff09\uff1a\u300c\u5982\u679c\u5728\u9019\u5834\u5371\u6a5f\u4e4b\u4e2d\u6211\u5011\u8981\u62ff\u653f\u5e9c\u7684\u9322\uff0c\u6211\u6703\u611f\u5230\u7f9e\u6127\u3002\u300d<\/p>\n<p>\u5728\u67d0\u610f\u7fa9\u5e95\u4e0b\uff0c\u4ed6\u7684\u78ba\u6c92\u6709\u62ff\u570b\u5bb6\u7684\u9322\u3002\u5fb7\u610f\u5fd7\u9280\u884c\u7684\u50b5\u52d9\u6c92\u6709\u5982\u8607\u683c\u862d\u7687\u5bb6\u9280\u884c\u6216\u662f\u8607\u683c\u862d\u54c8\u5229\u6cd5\u514b\u65af\u9280\u884c\u88ab\u570b\u5bb6\u63a5\u4e0b\uff0c\u5b83\u4e5f\u6c92\u6709\u5982\u7f8e\u570b\u7684\u9280\u884c\u4e00\u6a23\u88ab\u8feb\u5306\u5306\u5408\u4f75\u4ee5\u514d\u7834\u7522\u3002\u4f46\u5fb7\u610f\u5fd7\u9280\u884c\u78ba\u5be6\u6709\u9593\u63a5\u5730\u62ff\u570b\u5bb6\u7684\u9322\uff0c\u5f88\u591a\u7684\u9322\u3002\u7f8e\u570b\u653f\u5e9c\u6551\u52a9\u7f8e\u4e9e\u4fdd\u96aa\u7684\u9322\u4e2d\uff0c\u4fbf\u6709118\u5104\u6700\u7d42\u9032\u4e86\u5fb7\u610f\u5fd7\u9280\u884c\u7684\u53e3\u888b\uff1b\u5b83\u4ee5\u6975\u4f4e\u6210\u672c\u5411\u806f\u90a6\u5132\u5099\u5c40\u501f\u4e8620\u5104\u7f8e\u5143\u2014\u9019\u672c\u5c31\u662f\u7528\u4f86\u62ef\u6551\u6295\u8cc7\u9280\u884c\u7684\u4e00\u7b46\u9322\uff1b\u5b83\u9084\u5c07\u8d85\u904e2900\u5104\u7684\u6709\u6bd2\u6309\u63ed\u552e\u4e88\u806f\u90a6\u5132\u5099\u5c40\u3002<\/p>\n<p>\u5fb7\u610f\u5fd7\u9280\u884c\u5f9e\u4f86\u6c92\u6709\u5f9e2008\u5e74\u7684\u5275\u50b7\u4e2d\u6062\u5fa9\u904e\u4f86\u3002\u9019\u9ede\u76f8\u7576\u91cd\u8981\uff0c\u56e0\u70ba\u9019\u5c31\u662f\u5b83\u5c07\u696d\u52d9\u64f4\u5c55\u5411\u570b\u969b\u5e02\u5834\u7684\u7d50\u679c\u3002\u5728\u5e02\u5834\u5d29\u6f70\u4e4b\u524d\uff0c\u5b83\u5df2\u6301\u6709\u5927\u91cf\u6bd2\u50b5\u3002\u9019\u4e5f\u5c31\u662f\u70ba\u751a\u9ebc\u5728\u8a72\u5e746\u6708\u7684\u6642\u5019\uff0c\u570b\u969b\u8ca8\u5e63\u57fa\u91d1\u7d44\u7e54\u767c\u51fa\u8b66\u544a\uff1a\u300c\u5fb7\u610f\u5fd7\u9280\u884c\u662f\u5168\u7403\u6700\u5177\u98a8\u96aa\u7684\u91d1\u878d\u6a5f\u69cb\uff0c\u5b83\u6709\u6a5f\u6703\u70ba\u6574\u500b\u91d1\u878d\u5236\u5ea6\u5e36\u4f86\u9f90\u5927\u7684\u885d\u64ca\u3002\u300d<\/p>\n<p>\u9664\u4e86\u50b5\u52d9\u554f\u984c\uff0c\u7f8e\u570b\u653f\u5e9c\u9084\u5411\u5fb7\u610f\u5fd7\u9280\u884c\u8ffd\u7a76\u5b83\u572808\u91d1\u878d\u5371\u6a5f\u7684\u8cac\u4efb\uff0c\u4ee5\u53ca\u64cd\u63a7\u532f\u7387\u3001\u9055\u53cd\u570b\u969b\u8cbf\u6613\u5236\u88c1\u7b49[4]\u3002\u5fb7\u610f\u5fd7\u9280\u884c\u56e0\u70ba\u4ee5\u4e0a\u7b2c\u4e00\u9805\u554f\u984c\u88ab\u7f8e\u570b\u653f\u5e9c\u7f70\u6b3e\u3002\u6b63\u662f\u9019\u9f90\u5927\u7684\u7f70\u6b3e\uff0c\u4ee5\u53ca\u5728\u6b50\u6d32\u65b0\u63a1\u7528\u7684\u8ca0\u5229\u7387\u9020\u6210\u4e86\u5fb7\u610f\u5fd7\u9280\u884c\u7684\u4e0a\u661f\u671f\u80a1\u50f9\u66b4\u8dcc[5]\u3002\u540c\u6a23\u7684\u4e8b\u60c5\u5728\u4e8c\u6708\u6642\u4e5f\u767c\u751f\u904e\u3002<\/p>\n<p>\u70ba\u751a\u9ebc\u4e8b\u4ef6\u6703\u5f15\u8d77\u5ee3\u6cdb\u95dc\u6ce8\uff1f\u6b50\u76df\u7684\u689d\u4f8b\u7981\u6b62\u570b\u5bb6\u7528\u9322\u6551\u52a9\u9280\u884c\u3002\u5982\u679c\u67d0\u6240\u9280\u884c\u672a\u80fd\u6bcf\u6708\u652f\u4ed8\u5176\u50b5\u5238\u2014\u800c\u5728\u5e74\u521d\u5fb7\u610f\u5fd7\u9280\u884c\u6b63\u662f\u51cd\u7d50\u4e86\u652f\u4ed8\uff0c\u9019\u4e9b\u50b5\u5238\u4fbf\u6703\u88ab\u8f49\u63db\u6210\u9280\u884c\u7684\u80a1\u4efd\u3002\u6295\u8cc7\u8005\u5bb3\u6015\u672c\u4f86\u6bcf\u6708\u652f\u4ed8\u751a\u8c50\u7684\u50b5\u5238\u5c07\u8b8a\u6210\u4e0d\u503c\u9322\u7684\u80a1\u4efd\uff0c\u81ea\u7136\u7d1b\u7d1b\u62cb\u552e\u3002<\/p>\n<p>\u4e0a\u661f\u671f\uff0c\u570b\u969b\u91d1\u878d\u5927\u9c77\u5011\u2014\u5373\u5c0d\u6c96\u57fa\u91d1\u2014\u5c31\u662f\u5728\u8a66\u63a2\u5fb7\u570b\u653f\u5e9c\u6703\u5426\u4ecb\u5165\uff0c\u6551\u52a9\u5176\u570b\u5bb6\u6700\u5927\u7684\u9280\u884c\u3002\u91d1\u878d\u5206\u6790\u54e1\u76f8\u4fe1\uff0c\u5fb7\u610f\u5fd7\u9280\u884c\u9700\u8981\u5411\u6295\u8cc7\u8005\u878d\u8cc7\u8fd150\u523070\u5104\u6b50\u5143\u624d\u53ef\u4ee5\u89e3\u6c7a\u5176\u8ca1\u52d9\u554f\u984c\u3002\u9019\u5230\u5e95\u6709\u591a\u5927\u53ef\u80fd\u5462\uff1f<\/p>\n<p>\u5927\u90e8\u4efd\u4eba\u8a8d\u70ba\uff0c\u572808\u91d1\u878d\u98a8\u66b4\u4ee5\u5f8c\uff0c\u6211\u5011\u61c9\u8a72\u4e0d\u6703\u518d\u807d\u5230\u6240\u8b02\u300c\u592a\u5927\u800c\u4e0d\u80fd\u5012\u9589\u300d\uff08Too big to fail\uff09\u7684\u8aaa\u6cd5\u3002\u5982\u4eca\u9019\u6a23\u7684\u8aaa\u6cd5\u53c8\u518d\u751a\u56c2\u5875\u4e0a\u3002<\/p>\n<p>\u5fb7\u610f\u5fd7\u9280\u884c\u7684\u884d\u751f\u5de5\u5177\u6295\u8cc7\u7e3d\u503c60\u5146\u7f8e\u5143\uff0c\u5fb7\u570b\u570b\u6c11\u751f\u7522\u7e3d\u503c\u662f3\u5146\u591a\u4e00\u9ede\u2014\u524d\u8005\u662f\u5f8c\u8005\u768420\u500d\u5de6\u53f3\u3002\u5982\u679c\u771f\u7684\u8981\u62ef\u6551\u5fb7\u610f\u5fd7\u9280\u884c\uff0c\u5fb7\u570b\u653f\u5e9c\u4fbf\u8981\u4ed8\u51fa\u83ab\u5927\u7684\u4ee3\u50f9\u3002<\/p>\n<p>\u5fb7\u610f\u5fd7\u9280\u884c\u6216\u8a31\u53ef\u4ee5\u6371\u904e\u9019\u6b21\u5371\u6a5f\uff0c\u4f46\u9019\u662f\u6cbb\u6a19\u4e0d\u6cbb\u672c\uff0c\u5371\u6a5f\u96a8\u6642\u518d\u6b21\u51fa\u73fe\u3002<\/p>\n<p><a href=\"https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/alexis-tsipras-angela-merkel-greece-germany.jpg\"><img decoding=\"async\" loading=\"lazy\" class=\"aligncenter size-large wp-image-7126\" src=\"https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/alexis-tsipras-angela-merkel-greece-germany-1024x628.jpg\" alt=\"alexis-tsipras-angela-merkel-greece-germany\" width=\"750\" height=\"460\" srcset=\"https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/alexis-tsipras-angela-merkel-greece-germany-1024x628.jpg 1024w, https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/alexis-tsipras-angela-merkel-greece-germany-300x184.jpg 300w, https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/alexis-tsipras-angela-merkel-greece-germany-768x471.jpg 768w, https:\/\/cusp.hk\/wp-content\/uploads\/2016\/11\/alexis-tsipras-angela-merkel-greece-germany.jpg 1600w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><\/a><\/p>\n<p>\u5fb7\u570b\u7e3d\u7406\u9ed8\u514b\u723e\u8981\u9762\u5c0d\u96d9\u91cd\u7684\u96e3\u984c\u3002\u7b2c\u4e00\uff0c\u4e0b\u4e00\u5e74\u662f\u9078\u8209\u5e74\uff0c\u800c\u5979\u7576\u4e0b\u7684\u652f\u6301\u7387\u4e26\u4e0d\u9ad8\u3002\u6551\u52a9\u9280\u884c\u52e2\u5fc5\u5f97\u7f6a\u9078\u6c11\uff0c\u4f46\u4efb\u7531\u5fb7\u610f\u5fd7\u9280\u884c\u5012\u9589\u53c8\u6703\u9020\u6210\u83ab\u5927\u7684\u6df7\u4e82\u3002<\/p>\n<p>\u7b2c\u4e8c\uff0c\u5982\u679c\u5979\u5617\u8a66\u7528\u570b\u5bb6\u8cc7\u91d1\u6551\u52a9\u5fb7\u610f\u5fd7\u9280\u884c\uff0c\u90a3\u5c31\u662f\u96d9\u91cd\u6a19\u6e96\uff0c\u56e0\u70ba\u5728\u610f\u5927\u5229\u9762\u5c0d\u5176\u9280\u884c\u63a5\u8fd1\u5012\u9589\u7684\u6642\u5019\uff0c\u5979\u963b\u6b62\u4e86\u610f\u5927\u5229\u7e3d\u7406\u502b\u9f4a\u6551\u52a9\u5b83\u5011\u3002\u6b63\u56e0\u5982\u6b64\uff0c\u610f\u5927\u5229\uff0c\u4ee5\u81f3\u6b50\u76df\u5167\u9075\u5b88\u5fb7\u570b\u5f0f\u7d93\u6fdf\u65b9\u91dd\u7684\u570b\u5bb6\u5982\u5e0c\u81d8\u3001\u897f\u73ed\u7259\u548c\u8461\u8404\u7259[6]\uff0c\u5c0d\u5fb7\u570b\u5747\u6709\u4e0d\u5c11\u6028\u6068\u3002\u4efb\u4f55\u6551\u52a9\u5fb7\u570b\u9280\u884c\u7684\u8209\u52d5\uff0c\u5c07\u6703\u505a\u6210\u6bd4\u82f1\u570b\u812b\u6b50\u66f4\u5927\u7684\u5371\u6a5f\u3002<\/p>\n<p>\u73fe\u5728\uff0c\u60f3\u5fc5\u6709\u5f88\u591a\u5fb7\u570b\u4eba\u61f7\u7dec\u5fb7\u610f\u5fd7\u9280\u884c\u4f5c\u9577\u9060\u6295\u8cc7\u4e88\u5fb7\u570b\u7522\u696d\uff0c\u5373\u6240\u8b02\u8010\u5fc3\u8cc7\u672c\u7684\u5e74\u4ee3\u3002\u7136\u800c\u958b\u5f13\u6c92\u6709\u56de\u982d\u7bad\u3002\u65b0\u81ea\u7531\u4e3b\u7fa9\u6539\u8b8a\u4e86\u4e00\u5207\uff0c\u65e9\u57282000\u5e74\u5de6\u53f3\uff0c\u5fb7\u610f\u5fd7\u9280\u884c\u5728\u9019\u8f49\u5411\u4e0b\u8208\u596e\u5730\u8d70\u9032\u4e86\u570b\u969b\u91d1\u878d\u8ced\u5834\u3002\u73fe\u5728\uff0c\u5b83\u5c31\u5982\u90a3\u4e9b\u5728\u8499\u5730\u5361\u7f85\u8f38\u5149\u4e00\u5207\u7684\u4eba\u4e00\u6a23\u3002<\/p>\n<hr \/>\n<p>\u7de8\u8a3b\uff1a<\/p>\n<p>[1] \u300c\u502b\u6566\u5e02\u300d\uff08City of London,\u6216\u7c21\u7a31The City\uff09\u6cdb\u6307\u502b\u6566\u7684\u91d1\u878d\u696d\u3002\u57282012\u5e74\u7684\u6642\u5019\uff0c\u7531\u5546\u52d9\u5927\u81e3\u7948\u7dad\u4fe1\uff08Vincent Cable\uff09\u59d4\u6258\u502b\u6566\u653f\u6cbb\u7d93\u6fdf\u5b78\u9662\u6559\u6388John Kay\u9032\u884c\u4e86\u8abf\u67e5\u7814\u7a76\uff0c\u5831\u544a\u4e2d\u4fbf\u6709\u6279\u8a55\u6574\u500b\u91d1\u878d\u696d\u5f4c\u6f2b\u7740\u77ed\u8996\u7684\u6587\u5316\uff08Short-termism\uff09\uff0c\u53ea\u9867\u8ffd\u9010\u77ed\u671f\u5229\u6f64\uff0c\u800c\u4e0d\u5728\u4e4e\u8207\u9867\u5ba2\u7684\u9577\u4e45\u95dc\u4fc2\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>[2] \u8c9d\u7406\u96c5\u3001\u514b\u6797\u9813\u3001\u65bd\u7f85\u5fb7\u4e09\u8005\u5747\u662f\u6240\u8b02\u300c\u7b2c\u4e09\u689d\u9053\u8def\u300d\u7684\u4ee3\u8868\u4eba\u7269\u3002\u5b57\u9762\u4e0a\u5b83\u7684\u610f\u601d\u662f\u6307\u5de6\u50be\u7684\u653f\u9ee8\uff08\u5206\u5225\u662f\u82f1\u570b\u5de5\u9ee8\u3001\u7f8e\u570b\u7684\u6c11\u4e3b\u9ee8\u3001\u5fb7\u570b\u7684\u793e\u6c11\u9ee8\uff09\u627e\u5230\u8d85\u8d8a\u5de6\u53f3\u5c0d\u7acb\u7684\u7b2c\u4e09\u689d\u8def\u7dda\uff0c\u4f46\u5be6\u5247\u4e0a\u537b\u662f\u9019\u4e9b\u653f\u9ee8\u5168\u9762\u64c1\u62b1\u5e02\u5834\u3001\u652f\u6301\u798f\u5229\u79c1\u6709\u5316\uff08privatization\uff09\u3001\u64a4\u92b7\u91d1\u878d\u7ba1\u5236\uff08Finanical deregulation\uff09\u7b49\u53f3\u50be\u8def\u7dda\u3002\u5be6\u5247\u7684\u7d50\u679c\u5c31\u662f\uff0c\u653f\u5e9c\u516c\u5171\u958b\u652f\u6e1b\u5c11\uff0c\u79c1\u4eba\u5e02\u5834\u4ecb\u5165\u4ee5\u5f8c\u798f\u5229\u8cea\u7d20\u4e0b\u964d\uff0c\u91d1\u878d\u7684\u53bb\u898f\u7ba1\u5316\u4ee4\u5168\u7403\u5e02\u5834\u66f4\u5bb9\u6613\u52d5\u76ea\u3002<\/p>\n<p>\u82f1\u570b\u7684\u8c9d\u7406\u96c5\uff0c\u9664\u4e86\u56e0\u767c\u52d5\u4f0a\u62c9\u514b\u6230\u722d\u800c\u60e1\u540d\u662d\u5f70\u5916\uff0c\u6700\u70ba\u4eba\u8a6c\u75c5\u7684\u653f\u7b56\u5c31\u662f\u79c1\u4eba\u878d\u8cc7\u8a08\u5283\uff08Private finance initiatives, PFI\uff09\uff0c\u8b93\u79c1\u4eba\u4f01\u696d\u8207\u5229\u6f64\u908f\u8f2f\u4ecb\u5165\u57fa\u5efa\u8207\u798f\u5229\u5236\u5ea6\uff1b\u514b\u6797\u9813\u4e5f\u662f\u5927\u5e45\u524a\u6e1b\u798f\u5229\u958b\u652f\uff0c\u653b\u6483\u65e2\u6709\u7684\u798f\u5229\u5236\u5ea6\uff08\u8aaa\u6cd5\u662f\u2018end welfare as we know it\u2019\uff09\u3002\u91d1\u878d\u65b9\u9762\uff0c\u82f1\u502b\u9280\u884c\u5c31\u662f\u5728\u8c9d\u7406\u96c5\u6cbb\u4e0b\u7368\u7acb\uff0c\u4e0d\u518d\u53d7\u8b70\u54e1\u76f4\u63a5\u76e3\u5bdf\uff0c\u76f8\u95dc\u91d1\u878d\u76e3\u7ba1\u5236\u5ea6\u4e5f\u8b8a\u5f97\u5982\u6b64\u3002\u5728\u7f8e\u570b\uff0c\u6700\u91cd\u8981\u9650\u5236\u76e3\u7ba1\u9280\u884c\u6295\u8cc7\u7684\u683c\u62c9\u65af-\u65af\u8482\u683c\u723e\u6cd5\u6848\uff08Glass-Stegall Act\uff09\uff0c\u5c31\u662f\u57281999\u5e74\u514b\u6797\u9813\u6cbb\u4e0b\u5ee2\u9664\u3002<\/p>\n<p>\u65bd\u7f85\u5fb7\u7684\u554f\u984c\u5247\u898b\u6b63\u6587\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>[3] 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08\u91d1\u878d\u5371\u6a5f\u4e2d\uff0c\u6700\u70ba\u4eba\u8a6c\u75c5\u7684\u4fbf\u662f\u5f62\u5f62\u8272\u8272\u7684\u6709\u6bd2\u91d1\u878d\u7522\u54c1\u3002\u5fb7\u610f\u5fd7\u9280\u884c\u88ab\u7f8e\u570b\u653f\u5e9c\u5224\u5b9a\u5b83\u4e3b\u52d5\u5927\u529b\u63a8\u92b7\u6709\u6bd2\u7522\u54c1\u3002\u64cd\u63a7\u532f\u7387\u65b9\u9762\uff0c\u5247\u662f\u60e1\u540d\u662d\u5f70\u502b\u6566\u540c\u696d\u62c6\u653e\u5229\u7387\u64cd\u63a7\u919c\u805e\uff08LIBOR scandal\uff09\uff0c\u6307\u51fa\u9280\u884c\u8b0a\u5831\u81ea\u5df1\u7684\u5229\u7387\uff0c\u7528\u4ee5\u64cd\u63a7\u5e02\u5834\u3002\u9664\u4e86\u5fb7\u610f\u5fd7\u9280\u884c\uff0c\u4e0d\u5c11\u5927\u578b\u9280\u884c\u90fd\u6d89\u5acc\u5176\u4e2d\u3002\u6700\u5f8c\uff0c\u7f8e\u570b\u653f\u5e9c\u6307\u5fb7\u610f\u5fd7\u9280\u884c\u6697\u4e2d\u548c\u4e00\u4e9b\u88ab\u8cbf\u6613\u5236\u88c1\u4e2d\u7684\u570b\u5bb6\uff0c\u5982\u4f0a\u6717\u3001\u5229\u6bd4\u4e9e\u7b49\u9032\u884c\u4ea4\u6613\u3002<\/p>\n<p>&nbsp;<\/p>\n<p>[5] 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