There are four reasons to worry that the latest banking crisis could be systemic. For many years, periodic bouts of quantitative easing have expanded bank balance sheets and stuffed them with more uninsured deposits, making the banks increasingly vulnerable to changes in monetary policy and financial conditions.
show how the US central bank's liquidity policies created the conditions for runs on uninsured deposits.
When a bank fails, the first response by policymakers and the public is to blame risk-loving speculators, greedy investors, or regulators asleep at the wheel. But quenching our thirst for moral adjudication is a poor basis for policy, because the truth is both simpler and more troubling.
argues that recent market turmoil has revealed that the sector’s main vulnerability is unavoidable.
发自剑桥—新型冠状病毒拉大了全球经济中原本存在的深刻断层,赤裸裸地暴露了当今这个世界的割裂和不平等状况,同时也使那些呼吁实施深层次改革的人的声音得以倍增和放大。当达沃斯集团都在发出“重启全球资本主义”的呼声时,你就知道变革已经发生。
而众多新提出的政策议程中都存在着一些共同点:为了让劳动者准备好迎接新技术,政府必须加强教育和培训,并将其与劳动力市场的要求更好地结合起来。社会保障和社会保险应当得到改善,特别是针对那些临时工和接受非标准工作安排的人。
放大来说,就是近几十年来劳动者谈判能力的下降表明雇主和雇员之间需要建立一套新的社会对话和合作形式。我们必须设计出更合理的累进税制以解决日益扩大的收入不平等问题;必须重振反垄断政策以确保更大程度的竞争,特别是在社交媒体平台和新技术方面;必须直面气候变化问题。而各国政府则要在培育新数字和绿色技术方面发挥更大的作用。
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