长期风险与金融新秩序(PPT 31页)

Fundamental Long-Term Risks And the New Financial Order
Prof. Robert J. Shiller
Yale University
Financial Modernization
Fundamental role of financial institutions
Manage risks
Maintain incentives
Effective financial institutions are found in all successful economies
Institutions must continually be adapted to take account of changing nature of risks, new technology
China’s Spectacular Modernization Since 1990
Established stock market
Issued shares to public
Established futures markets
Created Insurance industry
Personal credit/Mortgage

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