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美国著名经济学家、美联储前副主席、普林斯顿大学经济学教授艾伦·布林德新力作;国务院发展研究中心金融研究所副所长,研究员,博士生导师,中国银行业协会首席经济学家巴曙松领衔翻译。

一部真实描述美国金融危机历史及其教训的大师级著作,被《纽约时报》评选为2013年度十大好书,并荣获《金融时报》-高盛年度图书入选作品。
湛庐文化出品。

Content Description

《当音乐停止之后》分为5个部分,史诗般地再现和分析了金融危机的台前幕后——美国如何遭遇了危机,怎样躲过了衰退,为什么没有完全复苏,现在还应该做些什么,以及面向未来的建议。本书舍弃了连篇累牍的道理,而是如同一个历史的旁观者,将金融危机的前因后果向读者娓娓道来,将应对政策分析得丝丝入扣,是近年来不可多得的扛鼎之作。
作者布林德教授抱持着美国现代金融监管者的务实心态,以丰富的金融经验、独特的视角、精准的第一手资料与数据,真实地描述了金融危机的全貌和美国政府的救助行动,其中对央行问题资产救助计划的分析尤见功力,而他总结的金融十诫和政策制定者的七步法,对当下中国经济和金融政策的完善与优化将起到很好的启示和借鉴作用。
同时,本书也为我们吸取他国经验教训,立足国情,兼容并蓄地发展中国的金融学,实现金融学建设与国家金融战略和经济发展和谐统一,给予了一定的指导意见。

Author Description

艾伦.布林德,美国著名经济学家,普林斯顿经济政策研究中心的创始人和联合主任,GordonS.RentschlerMemorial经济学纪念讲座教授,曾获全美商业经济学协会颁发的“亚当.斯密奖”,并担任弗吉尼亚州阿灵顿市的金融服务公司——海角国际金融网络公司(PromontoryInterfinancialNetwork)副总裁。
1994—1996年,曾任美国联邦储备委员会副主席,也是克林顿总统经济顾问委员会的成员。
他每月在《华尔街日报》专栏撰文,并经常出现在美国公共广播公司、美国全国广播公司财经频道、美国有线电视新闻网、彭博电视台等著名媒体上。

巴曙松,国务院发展研究中心金融研究所副所长,研究员,博士生导师,中国银行业协会首席经济学家,现任哥伦比亚大学高级访问学者,是国务院发展研究中心重点基础研究领域“国际经济金融结构研究”负责人。
享受国务院特殊津贴专家,还担任中国宏观经济学会副秘书长、商务部经贸政策咨询委员会委员、中国银监会中国银行业实施巴塞尔新资本协议专家指导委员会委员、中国证监会并购重组专家咨询委员会委员、香港特别行政区政府经济发展委员会委员等。先后担任中国银行杭州市分行副行长、中银香港助理总经理、中国证券业协会发展战略委员会主任、中央人民政府驻香港联络办公室经济部副部长等职务,曾担任中共中央政治局集体学习主讲专家。
主要著作包括《巴塞尔资本协议Ⅲ的实施:基于金融结构的视角》《巴塞尔新资本协议研究》《金融危机中的巴塞尔新资本协议:挑战与改进》《巴塞尔资本协议III研究》《中国金融大未来》《中国资产管理行业发展报告》年度报告等。主要译著包括《证券分析(原书第6版)》《金融之王:毁了世界的银行家》《资本之王:全球私募之王黑石集团成长史》《大而不倒》《美国货币史》《共同基金常识(10周年纪念版)》等。

Catalogue

前言一本放眼未来的书001
第一部分祸端之始
01一个良好的经济体该是现在这样吗?007
对金融危机和大萧条的回顾
一个良好的经济体是现在这样吗?
第二部分金融业的疯狂
02风暴的源起027
祸源1:泡沫交叠,麻烦不断
祸源2:不慎使用的杠杆
03空中楼阁055
祸源3:监管者哪里去了
祸源4:银行在次级抵押贷款方面的不规范操作
祸源5:愈演愈烈的金融工程复杂性
祸源6:粉饰过度的评级机构
祸源7:疯狂的薪酬体系
04当音乐停止083
空中楼阁倒塌
一年一度的杰克逊霍尔会议
美联储迅速行动
失踪的人
05从贝尔斯登到雷曼,不一致性是心魔095
看空贝尔斯登
为什么拯救贝尔斯登
为“两房”烦恼
末日决战真正到来
谁丢掉了雷曼
分水岭
062008年的金融恐慌121
没有被保险的保险公司
货币基金赎回潮
美林证券:危机波及零售银行
华盛顿互惠银行和美联银行:更多家喻户晓的银行宣布破产
救助没有结束?
我们不再属于堪萨斯州
第三部分??收拾残局
07问题资产救助计划161
“打破玻璃备忘录”与问题资产救助计划的起源
提前了的万圣节
一场三页纸的“暴行”
重新设计问题资产救助计划
问题资产救助计划的实施
无附带条件的条款
11月的美国大选
迟做总比不做好
没有一个美国人知道这个“小秘密”
08刺激经济,刺激经济,还是刺激经济?191
漫长的总统过渡期
激光武器还是散射武器?
回归美联储
3T原则与计划实施财政刺激
通往《复苏法案》的荆棘之路
《美国复苏与再投资法案》
爆炸式增长的预算赤字
09利差之战215
利差惹的祸
认识利差
非常规货币政策之旅
量化宽松“大拼盘”
生死之搏:压力测试
新的起点
第四部分??通往改革之路
10金融改革的迫切性,市场已经破碎不堪239
是阻止泡沫产生还是将其消灭?
是彻底改革还是轻微修复?
修补“大而不倒”
系统性风险的监管
提高资本金比例和流动性要求
自营交易与沃尔克法则
金融监管机构的大洗牌
削减美联储的权利
保护消费者
需要把对冲基金纳入监管吗
酬薪机制能被有效监管吗
指责信用评级机构
让抵押贷款重回新生
11观看法案的出台进程261
金融改革议题
财政部的金融监管改革方案
美国国会的金融改革
漫长而曲折的道路
一切没有结束,争论仍将继续
长期战争
12失事的列车289
“三位一体”,解决止赎权问题的三大障碍
难道我们以前没有遇到过这种情况吗
你必须心存希望
不良资产救助计划的钱用到哪里去了
一次又一次的尝试
里克·桑特利的咆哮
改变越多,不变的也越多
13质疑一切311
政策的悖论
对总统和国会的质疑
对美联储的质疑
对凯恩斯经济学的质疑
对积极政策的质疑
合情合理的委屈
高昂的政治代价
第五部分??面向未来
14无法退出?请美联储恢复正常331
从哪里退出?
时机就是一切
退出路径何在?
退出变成了重新实施
任性的美联储
非常规货币政策是新常态吗?
我们是在等待戈多吗?
15寻求财政退出351
我们是如何摊上这个烂摊子的(一)
我们是如何摊上这个烂摊子的(二)
头号公敌是什么
口惠而实不至
面向未来
回归辛普森-鲍尔斯
探寻仍将继续
16大余震,欧洲主权债务危机371
危机的相似性
危机的差异性
提防希腊
欧元有得必有失
别指望着它
不情愿的救助者
超级马里奥兄弟
特洛伊木马
接下来会发生什么
17切勿重演,危机的余波389
政治进程
金融十诫
政策制定者修复系统7步法
回到拉姆·伊曼纽尔的问题
参考资料405

Book Abstract

危机,是浪费了,还是变成了推动变革的催化剂?
美国金融系统变得越来越复杂、越来越脆弱,同时也越来越不受监管。而正是这样一个系统,却在2007—2009年间经历了一场风暴。风暴从房地产泡沫破裂开始,接踵而来的是债券泡沫的膨胀和破裂。在紧绷的链条下,股票市场崩盘,美国养老保险计划变成了一个黑色幽默,诸多养老基金的净值被腰斩,众所周知的“401K”计划变成了“201K"。当美国金融体系崩溃时,才充分诠释了它的破坏力,影响不仅深远而且广泛。危机波及所有臃肿的金融部门,只有少数机构或者市场幸免于难。那些损失惨重的机构要么倒闭,如雷曼兄弟;要么寻求政府救助,如花旗集团。我们终于明白了什么是美联储前主席本·伯南克所说的“全球性金融崩溃”。
很多人将金融市场当作脱离实体经济的高级赌场,却忽视了市场参与者如企业、工厂和商店等都是实体经济的组成部分。金融市场更像是整个经济体的循环系统。如果血液停止流动……结果将无法想象。所有的现代经济体都依赖各种各样的授信机制来将“营养”输送到整个系统当中,而美国这一经济体更为依赖“信用化”和“金融化”。所以当原本如同长江大河般的信用流突然缩减为涓涓细流时,这个经济体就好像患上了心肌梗塞。原本在经济繁荣期间过剩的流动性和信用突然变得不足。这种信用枯竭不只来自银行,也来自于所谓的影子银行系统,随之而来的就是各种财富的全面贬值,包括房产、股市、保险等,并导致了可以预见的结果:更低的信用、更低的购买力,以及随之而来的衰退。
……

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Jingdong book