破解金融市场的三大谎言

Three Truths for Finance

金融界一直以来存在三种错误的认识:这次和以往不一样,市场总会出清,市场是道德的。本文对这三种认识的谬误和危害进行了阐述,并简要介绍了英格兰银行的改革举措。

The financial market always has three incorrect views: This time is different from the past; the market clearing will always happen; and the market is moral. This paper interprets the errors and hazards of these ideas, and introduces the reform moves of the Bank of England.