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A3Y 美元泥沼 23S - 补充阅读附全文 - OTD - Subprime 次贷危机名家观点4
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CONCLUSION
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The key to the subprime solution to preventing future crises like the current one as well as mitigating its aftereffects is DEMOCRATIZING finance, extending the application of sound financial principles to a larger and larger segment of society, and using all the modern technology at our disposal to achieve that goal.
Institutional reform starts with understanding the available technology. Information technology is the story of our time. It is key to the subprime solution. The continued growth of computers, data collection and processing capabilities, smart technology, and rapid, inexpensive communications all provide dramatically effective tools to implement the subprime solution, to correct some of the egregious faults in the economy's institutional foundation.
Modern financial theory has as an important component in agency theory. Agency theory explains how to motivate agents to behave as much as possible in the interests of all parties to a transaction, not just themselves. It is a theory that explains how to keep moral hazard under control by restructuring financial institutions with just the right balance of INCENTIVES.
The key to long-term economic success is rightly placed confidence in markets. In contrast, bubbles are the result of misplaced confidence.
But the long-term component of the subprime solution is also ultimately needed to consolidate our stabilization. We must seize the opportunity today to make changes that will allow EVERYONE to participate in the construction of a better future. The process of economic development is not over, we are learning from the current crisis, and the changes we make now can lead to a permanently better world.
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