透视金融市场中的价格

Looking through Prices in Financial Markets

本文讨论了过度自信于从市场汲取信息是如何催生金融泡沫,并最终导致危机。但我们不能因噎废食,只要使用得当,市场及价格仍然是经济活动的最佳仲裁。在危机余波未消的今天,金融行业应当认清形势,并用更为精妙的方式处理价格信息,在全球经济复苏中发挥作用。

This paper provides a discussion on how overconfidence in extracting information from financial markets contributed to the formation of financial bubbles that brought about the financial crisis. However, we should not against anything that even has a whiff of using finance because, if used wisely, the market is still the best arbiter of economic outcomes. With full recognition of the current situation, leading to a more nuanced approach to information extracted from market prices, financial institutions should be able to maximize their contribution to global economic recovery.