Hero or villain? The financial system in the 21st century
回顾了金融在社会经济发展中作用的文献与数据，指出发展良好的金融体系能提升繁荣，但过大且监管不善的金融体系弊大于利，并探讨了金融化如何将现代金融从“英雄”变为“恶棍”，以及可能的政策改革。
Abstract The paper reviews the literature and data on the role of finance in socioeconomic development. The evidence suggests that a well‐developed financial system can certainly enhance people's prosperity, but an excessively large and poorly regulated financial system can do more harm than good. We start by making the important distinction between traditional finance (retail banking, insurance, etc.) and modern finance (financial “innovation” and asset trading). We then document that the financialization trend of the past four decades has largely transformed modern finance from “hero” into “villain.” We discuss the driving forces behind this, as well as some policy reform proposals that could in principle make modern finance a hero once again.