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When A Flow Becomes A Flood

机译:当水流泛滥

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Ask people what caused the financial and economic crisis and most are likely to plump for some mix of greed and incompetence. Bank bosses have been castigated for fee-seeking gluttony, reckless lending and failure to heed the risks to their institutions. Regulators have been accused of sleeping on watch. Central bankers once lionised for mastering inflation and the business cycle are feted no longer.rnFew among the public would be likely to pin the blame on "global imbalances": the pattern of large, persistent current-account deficits in America and, to a lesser extent, Britain and some other rich economies, matched by surpluses in emerging markets, notably China. The damage done to the financial system by lax controls, rotten incentives and passive regulation is plain.
机译:问人们是什么造成了金融和经济危机,大多数人可能因贪婪和无能而混血。银行老板们因贪婪的收费行为,鲁re的贷款以及未能注意其机构的风险而受到严厉谴责。监管机构被指控守夜。曾经为控制通货膨胀而大肆宣传的中央银行家和商业周期不再受人们欢迎。rn公众中很少有人会把责任归咎于“全球失衡”:美国经常账户赤字持续存在的格局,在较小的范围内在一定程度上,英国和其他一些富裕的经济体与新兴市场尤其是中国的顺差相匹配。宽松的管制,无效的激励措施和被动的监管对金融系统造成的损害是显而易见的。

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    《The economist》 |2009年第8615期|74-76|共3页
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