Nobel Prize winner Paul Scholes:
The global financial crisis is expected to continue for one year
Recently, at the third Nobel laureate General Assembly held in Lindau, Germany, the 1997 Nobel Laureate in Economics Myron;? Scholes exclusive interview with Xinhua News Agency correspondent, tells him of the current global spread the main points of the financial market crisis.
Scholes said that the current financial crisis is far from over. "According to my estimation, it will continue for 9 months to a year." Scholes told reporters that the easing of the financial crisis means that "the bank can Realizing the liquidity of more and more assets, but in the current market crisis, banks' RMBS (personal mortgage-backed securities), CMBS (commercial mortgage-backed securities) and many other bonds and securities are still difficult Cash in, so that the bank's liquidity funds will always face problems."
Scholes said that the causes of the current crisis are multifaceted, such as bank risk control mechanisms, the compensation mechanism of financial institution managers, etc., which require substantial reforms. He added: "This also requires government action." Scholes also specifically criticized the Basel New Capital Accord by the Bank for International Settlements. He said, "The New Capital Accord emphasizes the adequacy ratio of its own capital, but the current crisis in the bank comes from the liquidity of assets, and the new agreement fails to prevent risks."
Scholes also told reporters that China's banks, stock markets, etc. will be affected by the global financial crisis. In such a "difficult moment", he suggested that investors should keep the investment portfolio simple, and individuals can choose to save in the future. "After all, it is difficult for anyone to beat the market at this time."
Scholes developed a "shareholding formula" and won the Nobel Prize in Economics in 1997 with Robert Merton. This pricing method lays the foundation for the development of the modern derivative product market.
The 3rd Nobel Prize in Economics was held from August 20th to 23rd, with 15 Nobel Prize winners in economics and peace, and 299 outstanding economists from 58 countries and regions. meeting. (
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