扔掉《货币战争》，捧起《我在美联储监管银行》
<div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: black 1.5pt solid; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';"><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">如果要评选今年国内最热的一本书，宋鸿兵的《货币战争》恐怕必定榜上有名。该书以揭秘式的笔调将美联储私有性质大大渲染了一番，使之成为货币战争和金融阴谋理论的重要证据之一，让读者对美联储究竟是怎样一个机构不禁满腹狐疑。尽管从专著到传记市面上涉及美联储的书籍绝对不在少数，但即使是专业人士要回答这个问题也并不容易。美联储仍然像一个深不可测、密不透风的暗箱，让外人捉摸不透，这大概也是《货币战争》能够大行其道的一个重要原因吧。在这种情况下，卢菁女士的《我在美联储监管银行》绝对有助于拨除迷雾、明辨是非。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> <br/> <br/> </span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">与宣称曾供职于房利美（</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">Fannie Mae</span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">，联邦国民抵押贷款协会）和房地美（</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">Freddie Mac</span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">，联邦住房贷款抵押公司）的宋鸿兵一样，卢菁女士同样于</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">80</span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">年代留学北美，并获得了加拿大西安大略大学经济学硕士和博士学位，还有在加拿大多伦多大学任教的经历。更令人感兴趣的是，卢菁女士从</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">1998</span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">年到</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">2001</span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">年，在纽约联邦储备银行供职三年，并担当重要的银行监管工作，亲身经历成为了她写作本书的可靠依据。书中的一些内容直接来自于美联储的《商业银行检查手册》、《交易和资本市场活动手册》等文件，当然我们也可以从美联储的官方网站上便捷地获得这些文件，不似《货币战争》那样显得道听途说、稗官野史味道甚浓。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> <br/> <br/> </span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">卢菁女士在美联储从事的也并非一般性工作，直接参与了巴塞尔第一协议的合规监管，而巴塞尔协议正是位于瑞士巴塞尔的国际清算银行（</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">BIS</span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">）银行监督管理委员会推出的，对在国际金融体系中扮演重要角色的国际清算银行《货币战争》少不了也有宏论。卢菁女士还见证了</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">1999</span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">年划时代的美国《金融服务现代化法》的颁布，以风险评估组成员的身份参与了旅行者集团与花旗集团的合并，并对旅行者集团下属的旅行者保险公司和华尔街顶级投行所罗门美邦（</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">Salomon Smith Barney, SSB</span><span style="FONT-SIZE: 10.5pt; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-font-kerning: 1.0pt; mso-bidi-font-family: 'Times New Roman'; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;">）进行基础评估。这些工作不仅职责重大，而且技术性相当强。</span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: "Times New Roman"; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"> <br style="mso-special-character: line-break;"/><br style="mso-special-character: line-break;"/></span></span></p><br/></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ""; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"></span></div>[此贴子已经被作者于2007-12-10 18:53:36编辑过] <div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: black 1.5pt solid; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;"><span style="TEXT-TRANSFORM: uppercase; FONT-FAMILY: 宋体; mso-ascii-font-family: ''; mso-hansi-font-family: '';"><div style="BORDER-RIGHT: medium none; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; PADDING-LEFT: 4pt; PADDING-BOTTOM: 0cm; BORDER-LEFT: black 1.5pt solid; PADDING-TOP: 0cm; BORDER-BOTTOM: medium none;"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';"><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: 'Times New Roman'; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"><p class="MsoNormal" style="MARGIN: 0cm 0cm 0pt;"><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">结合这些生动的实例，卢菁女士以纽约储备银行为视角，深入浅出地介绍了美联储独特的组织架构和运行体制，美国金融服务业和金融监管的发展历程。若非经由内部人士，普通读者确实很难对美联储一窥究竟。在这个意义上，虽然出版社考虑市场营销的需要，将这本书作为励志书籍进行包装，避开大红大紫的《货币战争》，但与其说该书是反映旅美华人不懈奋斗的心路历程，还不如将其看作一本相当不错的金融常识普及读物，毫无疑问《货币战争》起不到任何这样的作用。于是就不难理解，为什么央行副行长吴晓灵、助理行长易纲，著名经济学家钱颖一、张维迎、张春和魏尚进都纷纷对该书从学术角度给予很高评价了。</span><span lang="EN-US"> <br/> <br/> </span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">值得一提的是，卢菁女士不仅在正文部分对许多问题进行了有力的澄清，还专门设了一个附录撇清长期围绕美联储的一些误区。其中就包括相当一部分读者关心的会员银行在美联储持股的问题。实际上，拥有美联储的股份并不代表就对美联储有控制权，仅能保证每年有</span><span lang="EN-US">6%</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">的红利。虽然美联储通过持有巨额美国政府债券，并为金融机构提供清算服务，每年可以获得极其丰厚的利润。但美联储要向国会和财政部上交绝大多数盈利，甚至还要被用来弥补社会保障基金的亏空，</span><span lang="EN-US">2000</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">年就被国会以这一名义拿走了</span><span lang="EN-US">35</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">亿美元。在美国竞争性的金融监管体系中，美联储这种自负盈亏的特性还发挥了重要作用。美联储负责监管州注册的联储会员银行和银行控股公司，其对辖内银行进行的监管被看作是一种特殊的免费服务。这不仅提高了美联储的公信力，还减轻了银行接受监管的成本。而财政部货币监察署（</span><span lang="EN-US">OCC</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">）负责监管联邦注册银行，其</span><span lang="EN-US">95%</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">以上的收入是向辖内银行征收检查费，使</span><span lang="EN-US">OCC</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">监管的公正性受到怀疑。</span><span lang="EN-US">OCC</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">属于政府行政机关，还容易受到政治周期的影响。</span><span lang="EN-US"> <br/> <br/> </span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">今年全球金融业的最大事件是美国的次级房贷抵押债券危机，关于次贷危机的起源卢菁女士在书中同样有所涉及。具有讽刺意味的是，次贷危机一方面是风险控制失范的结果，另一方面却也肇始于加强银行风险控制的巴塞尔第一协议。房贷抵押债券属于信用衍生产品（</span><span lang="EN-US">credit derivatives</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">）中的一类，是资产证券化的一种形式。巴塞尔第一协议所规定的银行贷款，必须具有</span><span lang="EN-US">8%</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">的资本准备金，在商业银行，尤其是大银行看来，这增加了银行贷款的成本，几乎等同于</span><span lang="EN-US">8%</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">的罚金。如果信贷评级很高，信用风险甚微，贷款利率就不会很高，此时拿出</span><span lang="EN-US">8%</span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">的资本准备金，去防范不相匹配的风险，简直是自断财路的行为。规避监管是金融创新的动力之一。在这种情况下，信用衍生产品就被创制出来：将贷款囊括起来，重新打包后切割，每块具有不同性质的信用风险，再将各块信用风险销售给不同风险偏好程度的投资者。通过这种方式，原先的贷款仍留在资产负债表上，但信用风险被转嫁了出去。在美联储同意摩根银行的信用衍生产品打折配置资本准备金后，这项金融创新由于能规避巴塞尔第一协议的监管，因而便被迅速推广开来。</span><span lang="EN-US"> <br/> <br/> </span><span style="FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: 'Times New Roman';">总之，如果对美联储感兴趣，想正经学一点金融，请扔掉《货币战争》，捧起《我在美联储监管银行》吧！</span></p></span></span><br/></span><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ''; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"></span></div></span></div><span lang="EN-US" style="FONT-SIZE: 10.5pt; FONT-FAMILY: ''; mso-bidi-font-size: 12.0pt; mso-fareast-font-family: 宋体; mso-font-kerning: 1.0pt; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA;"></span>
[此贴子已经被作者于2007-12-10 18:54:40编辑过] <p>有这本书的电子版吗?</p><p></p>
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