全球金融高管呼籲審慎應對泡沫風險

A group of leading financial executives have urged authorities around the world to bolster their crisis-busting arsenals amid fears that ultra-low interest rates have increased the risks of financial instability.

多名頂尖金融公司主管敦促全球各國政府加強危機防控方面的準備，他們擔心超低利率導致金融體系面臨的不穩定風險增加。

The heads of companies including HSBC, UBS and BlackRock will on Monday release a joint statement backing the use of macroprudential tools, but warn that rules, if too narrowly applied, could push risks into the more thinly regulated realm of shadow banks.

這些主管來自匯豐銀行(HSBC)、瑞銀(UBS)和貝萊德(BlackRock)等公司。週一，他們將發佈一份聯合聲明，支持使用宏觀審慎工具。不過他們警告說，如果相關規定的適用範圍過於狹窄，可能會迫使風險流入監管更寬鬆的影子銀行領域。

Macroprudential tools are used to guard against emerging dangers such as overvalued property assets, in theory reducing the need for authorities to raise interest rates to rein in investor exuberance. Among the most developed are counter-cyclical capital requirements on banks and caps on the amount of debt customers can borrow relative to their incomes.

宏觀審慎工具的目的，是用於防範不動產估值過高等正在出現的危險。理論上，有了這種工具，政府就不必通過提升利率約束投資者的投資熱情。在這些工具中，最成熟的工具包括對銀行的反週期資本要求，以及爲客戶相對收入所能借的債務設置上限。

Authorities in countries ranging from the UK and Switzerland to Israel and Hong Kong have been making greater use of these regulatory levers to curb rising asset values, especially in the housing market.

從英國和瑞士、再到以色列和香港，許多國家和地區的當局一直在擴大使用這種監管工具的範圍，限制不斷上升的資產價值（特別是樓市資產的價值）。

Some analysts are warning of exuberance building up in parts of the global markets following the long period of ultra-low rates that resulted from the Great Recession. This month, Janet Yellen, Federal Reserve chairwoman, said that share prices were “quite high” and that there was a risk of a sharp jump in longer-term bond yields, while arguing that overall financial risks were contained.

目前，部分分析師正就全球市場部分地區的投資熱情提出警告。這些不斷積累的投資熱情源自此前大衰退導致的長期超低利率。就在本月，美聯儲(Fed)主席珍妮特?耶倫(Janet Yellen)曾表示股價已經“相當高”，市場中存在較長期債券的收益率急劇上升的風險，不過她仍辯稱總體金融風險依然可控。

The statement from finance chiefs including Douglas Flint, HSBC chairman, Anshu Jain, Deutsche Bank co-chief executive, Michel Liès, head of Swiss Re, and Larry Fink, chairman and chief executive of BlackRock, is being co-ordinated by the World Economic Forum. It says the inclusion of macroprudential policies in policy makers’ tool kits “helps to address emerging market inefficiencies in the financial system, such as over-exuberance within asset classes, for example in real estate lending”.

發出這份聲明的金融高管包括匯豐銀行董事長範智廉(Douglas Flint)、德意志銀行(Deutsche Bank)聯席首席執行官安舒?賈恩(Anshu Jain)、瑞士再保險(Swiss Re)負責人李偉思(Michel Liès)、以及貝萊德董事長兼首席執行官拉里?芬克(Larry Fink)。該聲明的發出，是由世界經濟論壇(World Economic Forum)組織的。該聲明表示，決策者將宏觀審慎政策納入其政策工具箱，“有助於應對金融系統中正在出現的市場失效情況，比如某些資產類別（比如房地產借貸）過熱的情況。”

In the words of Mr Flint, the policies have the capacity to “lean against something that is making people feel good but is actually going to give them a hangover they will find difficult to cope with”.

金融界主管決定發佈聯合聲明支持監管的情況十分罕見，不過該聲明還提到幾條附加說明。該聲明表示，宏觀審慎政策必須用於整個金融系統，而不只是用於類似商業銀行這類處於傳統監管範圍之內的企業。