Coursera - Economics of Money and Banking Part Two

The last three or four decades have seen a remarkable evolution in the institutions that comprise the modern monetary system. The financial crisis of 2007-2009 is a wakeup call that we need a similar evolution in the analytical apparatus and theories that we use to understand that system. Produced and sponsored by the Institute for New Economic Thinking, this course is an attempt to begin the process of new economic thinking by reviving and updating some forgotten traditions in monetary thought that have become newly relevant. Three features of the new system are central. Most important, the intertwining of previously separate capital markets and money markets has produced a system with new dynamics as well as new vulnerabilities. The financial crisis revealed those vulnerabilities for all to see. The result was two years of desperate innovation by central banking authorities as they tried first this, and then that, in an effort to stem the collapse. Second, the global character of the

在过去的三十至四十年间，构成现代货币体系的机构经历了显著的演变。2007-2009年的金融危机成为了一次警钟，提醒我们需要在分析工具和理论方面进行类似的变革，以理解该体系。由新经济思维研究所出品并赞助的这门课程，旨在通过复兴和更新一些在货币思想中逐渐被遗忘但如今又焕发新生的传统，开始新的经济思维的过程。新体系的三个特征至关重要。最为重要的是，原本分离的资本市场和货币市场的交织产生了一个既有新动态又存在新脆弱性的系统。金融危机揭示了这些脆弱性，使之公之于众。结果，中央银行当局在两年间进行了绝望的创新尝试，他们试图采取这一措施，又尝试那项措施，以期遏制体系的崩溃。其次，全球化的特征……