2010金融危机对经济学的启示Bernanke.doc.doc

Chairman Ben S. Bernanke At the Conference Co-sponsored by the Center for Economic Policy Studies and the Bendheim Center for Finance, Princeton University, Princeton, New Jersey September 24, 2010 Implications of the Financial Crisis for Economics ( 金融危机对经济学的启示) 《比较》 2010 年第 5期出版日期 2010 年 12 月 01 日非常荣幸能有机会再次来到普林斯顿大学同各位老朋友和同仁一起感受学校的变化和发展,尤其令我感到欣慰的是本德海姆金融中心( Bendheim Center for Finance )的蓬勃发展。十年前我和我的同事建立该中心的初衷是,希望同学们在这里不仅可以学习现代金融理论和实践知识, 还可以了解金融活动所处的经济环境。最近的一系列事件清楚地表明, 理解金融市场和金融机构在经济中所扮演的角色, 理解经济发展对金融的影响,变得越来越重要。事实证明,始于三年前的金融危机是大萧条以来经济政策制定者所遇到的最艰巨的挑战之一。针对这些挑战的应对政策取得了一些重要的成功, 其中最值得一提的是, 自金融危机最严重的 2008 年秋季以来, 国际社会合作采取了一系列稳定国际金融体系的措施。美联储也相应地同国内和国际政策制定者共同努力,协助他们制定统一的危机应对措施;通过向一些金融机构注入必要的流动性,帮助它们遏制恐慌,在应对危机中扮演了关键的角色。美联储还开发出专门的借贷工具,如商业票据市场和资产抵押证券市场,使重要的金融市场恢复正常运行, 并于 2009 年春季领导了银行压力测试, 显著提高了美国银行系统的信心。此外, 在货币政策领域, 积极采取创新行动帮助维持经济稳定,为经济复苏奠定了坚实的基础。 Thank you for giving me this opportunity to return to Princeton. It is good to be able to catch up with old friends and colleagues and to see both the changes and the continuities on campus. I am particularly pleased to see that the Bendheim Center for Finance is thriving. When my colleagues and I founded the center a decade ago, we intended it to be a place where students would learn about not only the technicalities of modern financial theory and practice but also about the broader economic context of financial activities. Recent events have made clear that understanding the role of financial markets and institutions in the economy, and of the effects of economic developments on finance, is more important than ever. The financial crisis that began more than three years ago has indeed proved to be among the most difficult challenges for economic policymakers since the Great Depression. The policy response to this challenge has included important esses, most notably the concerted international effort to stabilize the global financial system after the crisis reached its worst point in the fall of 2008. For its part, the Federal Reserv