从金融危机看宏观型对冲基金的本质

Look at the nature of the macro hedge funds from the financial crisis

国际资本自由流动是宏观型对冲基金的温床。尽管国际上受美金融危机发生的具体原因千差万别,但共同的特点是有意、无意地扩大宏观经济基本面的失衡,然后借助金融市场的瞬间强制调整,获取巨额利润。宏观型对冲基金作为盈利组织无可厚非,关键是要避免宏观经济的严重失衡。

The free flow of international capital is the breeding ground of the macro hedge funds. Although the specific reasons that leads to the European currency crisis, Mexico＇s financial crisis, and the Asian financial crisis are largely different, the common characteristics is that people intentionally or unintentionally expand the imbalance of the macro-economic fundamentals, gain huge profit by forcing adjustment at the crisis moment of the financial market. There is nothing wrong with the behavior of the macro hedge funds, as they, are profit organizations, the key to the hedge funds, however, is to avoid serious macroeconomic imbalances.