汉斯-维尔纳·辛恩(Hans-Werner Sinn),德国慕尼黑大学经济与公共财政学教授,慕尼黑经济研究所(IFO)所长,德国联邦经济部经济顾问委员会成员,其发表的众多专著与论文在德国甚具影响力,2007 年出版的《德国还能被拯救吗?》成为对德国“2010 议程”改革计划中最具影响力的公共政策分析书籍。其《赌场式的资本主义》(2009)被《德国商报》(Handelsblatt )列为历来50 本最好的经济读物之一。近年来,辛恩在国内外重要媒体,如《金融时报》、《人民日报》、财经网等发表经济评论。《金融时报》(德国版)和“德国经济学会”共同将辛恩列为最具公众影响力的两位德国经济学家之一。辛恩也在“最常被学术论文引用的德国经济学家”问卷调查中位列第二名。英国《独立报》将辛恩选入“改变世界”的十大重要人物之一。2013 年,辛恩被《法兰克福汇报》列为最具政治影响力的经济学家。
In Casino Capitalism, Hans-Werner Sinn examines the causes of the banking crisis, points out the flaws in the economic rescue packages, and presents a master plan for the reform of financial markets. Sinn argues that the crisis came about because limited liability induced both Wall Street and Main Street to gamble with real estate properties. He meticulously describes the process of lending to American homeowners and criticizes both the process of securitizing and selling mortgage claims to the world, as well as the poor job rating agencies did in providing transparency. He argues that the American Dream has ended because the world now realizes that this dream was built on loans that are never likely to be repaid. Sinn also asserts that the banking crisis has not yet been resolved, because the necessary write-offs of toxic assets have largely been swept under the carpet. Comparing actual worldwide write-offs with those estimated by the IMF estimates, he concludes that substantial parts, if not most, of the true losses have yet to be revealed and that the banking systems of many countries are on the brink of insolvency. In view of this, he directs sharp criticism at the various economic rescue packages, arguing that the plans assume that banks have a liquidity problem while, in fact, they suffer from a solvency crisis. Sinn points out that the conflict between the goals of rescuing banks in the short term and inducing more prudent behaviour in the long term requires the government to help the banks, but not their shareholders, by becoming a temporary co-owner. In addition, he calls for higher equity requirements, a worldwide return to more cautious accounting methods, a ban on extremely speculative short selling, and strict regulations on conduits, hedge funds and credit default swaps.This authoritative account provides an invaluable overview for academics, students, policymakers, politicians, and all those with an interest in the unprecedented 2008 banking crisis.
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