The Bankers' New Clothes

Name: The Bankers' New Clothes
Availability: InStock
ISBN: 9780691156842

Anat Admati

出版社

Princeton University Press

出版时间

2013-02-24

ISBN

9780691156842

评分

★★★★★

标签

经济学应用经济学金融学经济

书籍介绍

What is wrong with today's banking system? The past few years have shown that risks in banking can impose significant costs on the economy. Many claim, however, that a safer banking system would require sacrificing lending and economic growth. "The Bankers' New Clothes" examines this claim and the narratives used by bankers, politicians, and regulators to rationalize the lack o...

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Preface ix

Acknowledgments xiii

1 The Emperors of Banking Have No Clothes 1

PART I Borrowing, Banking, and Risk 15

2 How Borrowing Magnifies Risk 17

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用户评论

这就是导师高中时的 crush 吧（笑）很亲民尽管读到最后忍不住想问40% equity level 这个数字怎么来的模型线性化 stability analysis 吗等回学校去八卦一下她都写什么样的 paper

够了。

equity/capital is different from reserve,it's not more expensive than debt, except government guarantee, deposit insurance and distorted tax code. Debt makes bank fragile, and the interconnectedness makes the financial system unstable. It calls for more political will to increase the equity regulation to enhance the system at little cost.

来了解有关银行、银行家和银行业的赤裸裸的真相吧。 1) 为何全球银行体系依旧脆弱、不稳定； 2)为何银行必须筹措更多股本，降低负债； 3) 银行监管者应采取哪些措施以避免金融部门再一次几近崩溃的灾难。

决定进金融行业前不妨一看。虽然书中也有不少错误。

三星半吧。银行为了规避监管常用的托辞就是监管会降低银行的投融资效率。作者为了驳斥这一点，先论述股权债权融资之优劣。过高杠杆率会放大风险，在这一点上，银行和公司没有什么不同。之所以银行偏好用债权融资（高杠杆），是因为存在以ROE为导向产生对代理人激励问题，资产证券化下对系统性风险的低估，政府的隐性担保导致大而不倒等等。全书大致上还是从公司金融学的角度去刻画银行，谈各种激励扭曲。大部分内容有点老调重弹。书中也很少有提及银行在货币市场的活动，尽管这是银行重要的融资渠道。已有文献表明巴塞尔协议III下的银行监管措施又造成了新的扭曲，银行在货币市场的融资效率降低了。对于作者提到的激励扭曲，如何实施监管依然是一个问题。

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