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『資本主義は嫌いですか:それでもマネーは世界を動かす』

 竹森俊平『資本主義は嫌いですか:それでもマネーは世界を動かす』(日本経済新聞出版社)。ミクロ・マクロ中級と金融論をやった人には、たぶん、講談のように面白い本。時間があったら後でもうちょっと書きます。

【後記】p.172, 232, and 233は、著者が書いているように、Hyun Song Shin (Princeton University). and Tobias Adrian (Federal Reserve Bank of New York), "Liquidity and Leverage"を元にしている。下記の原著者の記述のほうが頷ける。

  Our findings also shed light on the concept of "liquidity" as used in common discourse about financial market conditions. In the financial press and other market commentary, asset price booms are sometimes attributed to "excess liquidity" in the financial system. Financial commentators are fond of using the associated metaphors, such as the financial markets being "awash with liquidity", or liquidity "sloshing around". However, the precise sense in which "liquidity" is being used in such contexts is often left unspecified.
  Our empirical findings suggest that funding liquidity can be understood as the rate of growth of aggregate balance sheets. When financial intermediaries' balance sheets are generally strong, their leverage is too low. The financial intermediaries hold surplus capital, and they will attempt to find ways in which they can employ their surplus capital. In a loose analogy with manufacturing firms, we may see the financial system as having "surplus capacity". For such surplus capacity to be utilized, the intermediaries must expand their balance sheets. On the liabilities side, they take on more short-term debt. On the asset side, they search for potential borrowers that they can lend to. Funding liquidity is intimately tied to how hard the nancial intermediaries search for borrowers.

あとはMarkus K. Brunnermeier. Deciphering the 2007-08 Liquidity and Credit Crunch.を読まないと、、、。

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