后金融危机十年的持续挑战与应对

Continuous Challenges and Solutions in the Ten Years after the Financial Crisis

站在后金融危机十年的门槛上,迫切要回答的问题是:我们是否为新的危机做好了准备?基于对上一次危机之后采取举措及其效果的回顾分析,为了更好地推进危机后的金融改革,金融体系需要更多的资本和资本化,以及更多监管方面的改革。资产负债表的漏洞、资产评估、新兴市场资金流量、后备缓冲区和流动性、中央清算稳定等问题,必须给予充分重视。特别需要强调的是,在危机当中紧急流动性能让投资者充满信心。流动性举措应该制度化,成为一项规则或一个主要的工具。

The global economy was brewing a crisis,and then suddenly there was a global financial crisis.Now the urgent question to answer is:are we ready for a new crisis?Based on the retrospective analysis of the measures taken after the last crisis and their effects,in order to better promote post-crisis financial reform,the financial system needs more capital and capitalization,as well as more regulatory reforms.Balance sheet loopholes,asset valuation,emerging market capital flows,reserve buffers and liquidity,central liquidation stability and other issues must be fully taken into account.It is particularly important to emphasize that emergency liquidity in a crisis can give investors confidence.Liquidity initiatives should be institutionalized as a rule or a major tool.