Eight years ago, Claudio Borio, a senior economist at the Bank for International Settlements, co-authored a paper which warned that the world’s financial system was spinning out of control, due to excess in the complex credit world. At the time, the paper was largely ignored, if not derided by many senior policymakers. But now it looks prescient; so much so, in fact, that Borio and his co-author, Bill White (who also used to work at the BIS), are some of the few economists who have emerged from the recent financial crisis with their reputations intact.
八年前，國際清算銀行(BIS)資深經濟學家克勞迪奧?博里奧(Claudio Borio)與同事比爾?懷特(Bill White)合寫了一篇論文。文章警告稱：復雜信貸領域的種種出格行為，正在令世界金融體系走向失控。當時，那篇文章沒有引起太多重視，許多資深政策制定者甚至嗤之以鼻。但如今，這篇文章顯得如此富有遠見卓識，甚至可以說，該文作者博里奧和懷特屬于少數那幾個在金融危機后名譽安然無損的經濟學家。