Recently,the media and commentators have saturated us with talk of the subprimeinduced financial debacle. Yet,some basic questions remain unanswered:why did almost all of the"market doorkeepers"fail to funct...Recently,the media and commentators have saturated us with talk of the subprimeinduced financial debacle. Yet,some basic questions remain unanswered:why did almost all of the"market doorkeepers"fail to function in the crisis? Why did the financial intermediaries,such as investment banks selling complex derivatives,go under? Why did the crisis cause such far-reaching repercussions? What seed did U.S.Treasury Secretary Henry Paulson sow for the fiasco to rage globally? What does the future hold for financial regulation? In the face of the tempestuous"financial tsunami,"what lessons should China learn and how should the country develop a more secure capital market? Unlike other macroeconomists, Dr.Huang Ming proceeds from a micro perspective to sort out the financial mess along the logical chain within the capital market.In this interview,Dr.Huang presents a clear and unsettling look at the breakout,transmission and spreading path of the financial展开更多
The way markets aggregate information and facilitate decentralized planning is almost magical. But paradoxically, the magic continues only because the process is flawed. Therefore, the market is better characterized a...The way markets aggregate information and facilitate decentralized planning is almost magical. But paradoxically, the magic continues only because the process is flawed. Therefore, the market is better characterized as being adaptive rather than efficient; and our research should seek to understand, rather than assume, the adaptive process.展开更多
文摘Recently,the media and commentators have saturated us with talk of the subprimeinduced financial debacle. Yet,some basic questions remain unanswered:why did almost all of the"market doorkeepers"fail to function in the crisis? Why did the financial intermediaries,such as investment banks selling complex derivatives,go under? Why did the crisis cause such far-reaching repercussions? What seed did U.S.Treasury Secretary Henry Paulson sow for the fiasco to rage globally? What does the future hold for financial regulation? In the face of the tempestuous"financial tsunami,"what lessons should China learn and how should the country develop a more secure capital market? Unlike other macroeconomists, Dr.Huang Ming proceeds from a micro perspective to sort out the financial mess along the logical chain within the capital market.In this interview,Dr.Huang presents a clear and unsettling look at the breakout,transmission and spreading path of the financial
文摘The way markets aggregate information and facilitate decentralized planning is almost magical. But paradoxically, the magic continues only because the process is flawed. Therefore, the market is better characterized as being adaptive rather than efficient; and our research should seek to understand, rather than assume, the adaptive process.
