Britain's Liability-Driven Investment Episode Was a Canary No One Elsewhere Bothered to Think About
本文分析了2022年秋季英国负债驱动投资危机的原因，并总结了其对养老金微观监管、影子银行金融稳定政策、央行资产负债表制度及货币政策的教训，这些教训在随后美瑞银行危机中被忽视。
Britain's liability-driven investment crisis in fall 2022 had lessons for other major financial centers that, as evidenced by the US and Swiss banking crises only a few months later, were largely ignored. They are still relevant. In this article, I first discuss what drove the British crisis before identifying lessons for the microregulation of pension funds; for financial stability policy on shadow banking and beyond; for central banking balance sheet regimes, including lending of last resort and market making of last resort; and for monetary policy when fiscal policy makers sit on their hands.