这值得支持,理由是央行历来的角色都是「最终贷款者(lender of last resort),只会向无法从正常渠道获得资金周转的金融机构伸出援手,求助银行还须支付惩罚性利息。
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在贷款买房时,贷款者并未考虑到自身的行为对抵押品限制的影响,而这一影响的最终后果又会影响到其他人。
When they take on debt, borrowers fail to take into account the effect of their actions on the collateral constraints faced by others.
债务促成了房市泡沫的最终形成。当下,在每六位房屋拥有者中,差不多有一位所背负的抵押贷款金额要大于他们房屋的市值。
Debt helped create the housing bubble and has now left almost one of every six homeowners with a mortgage larger than the value of their home.
它所讲述的是一个遗憾的故事:银行家们通过将不良贷款与证券捆绑,出售给一些倒霉的(主要是欧洲的)投资者。最终让监管者的所有努力付之一炬。
What emerges is a sorry tale in which bankers defeated the best efforts of regulators by bundling bad loans into securities that were sold to a list of hapless (mainly European) investors.
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