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1、TheFirst-WorldDebtCrisisof2007–2010inGlobalPerspectiveTheFirst-WorldDebtCrisisof2007–2010inGlobalPerspectiveRobertWadeWedonotyetknowhowbadthecurrentcreditcrisiswillget.Butwedoknowthatpoliciesinrichnations,dominatedbytheUnitedStates,wereoftentheoppositeofcorrective.Astheauthorwritesi
2、nthisincisivereviewoftheeventsthatledtothecrisis,whileboomtimesrolledon,thecostofcreditfell,generatingpro-cyclicalmomentumthatmademattersworse.Anewregulatoryapparatusisneeded,heargues,onethatismoreaggressivethaniscurrentlybeingdiscussed.“IwouldplacetheU.S.currentaccount[deficit]fardo
3、wnthelistofimbalancestoworryabout.”—AlanGreenspan,chairmanoftheU.S.FederalReservefrom1987to2006ROM2001TO2007THEWORLDECONOMYGREWFASTERTHANINANYOTHERsix-yearperiodoverthepastthirtyyears.Mostdevelopingcoun-Ftriessharedintheboom,evenincludingsub-SaharanAfrica.Inthesecondhalfof2007,thebo
4、omturnedinto,ifnotbust,thenaperiodofuncertaintyandinstability.Therearestilloptimists,asofROBERTWADEisprofessorofpoliticaleconomyattheLondonSchoolofEconomicsandwinneroftheLeontiefPrizeforAdvancingtheFrontiersofEconomicThought,2008.Challenge,vol.51,no.4,July/August2008,pp.23–54.©2008M
5、.E.Sharpe,Inc.Allrightsreserved.ISSN0577–5132/2008$9.50+0.00.DOI:10.2753/0577–5132510402Challenge/July–August200823Wademid-May2008,whosaythatthecrisisisjustablip,likeachampionathlete’smusclestrainthatwillbefixedwithabitofrestandphysicaltherapy.TheyemphasizethattheU.S.economyhasnotyet
6、hadaquar-terofofficiallynegativegrowth;theU.S.governmenthaslaunchedastrongKeynesianmonetaryandfiscalstimulus;equitiesarerallying,andinvestorsarebuyingnewbonds;themacroeconomicimpactsonLatinAmerica,Africa,SouthAsia,andEastAsiahavebeenmild;fastgrowthinEastAsiaisdrivenmorebydomesticandre
7、gionaldemandthanbyU.S.demand;andcontinuedgrowthindevelopingcountrieswillmitigatetheU.S.downturn.Theiroptimismreflectstheirconvic-tionthatfinancialregulatorsshouldbesatisfiedwithpledgesofmoretransparencyandbetterbehavior,sotheyshouldnotintroducenewregulatoryconstraints.Butmanyanalystswi
8、thoutvestedinterest
