Nothing makes individuals more willing to take risks than the sight of other people getting rich. 没有什么能比眼看着别人发财致富而让个人更愿意承担风险了。 But bitcoin is also different from ICOs. 但是,比特币也不同于
Finance and Economics 财经 Buttonwood: When the cycle turns 梧桐树专栏:周期轮回 The next financial crisis may be triggered by central banks. 下一场金融危机或被央行触发。 As with London buses, don't worry if you miss a finan
Debt is used to finance the purchase of assets, and the greater availability of credit pushes asset prices higher. 债务被用来资助资产购买,而且债务的可得性的增大也把资产价格推得更高。 From time to time, however, lend
Finance and Economics 财经 Free exchange: Manias, panics and ICOs 自由交流:疯狂,恐慌和ICO Crypto-coin mania illustrates the crazy and not-so-crazy sides of bubbles. 加密货币狂热诠释了泡沫的疯狂一面和不那么疯狂的一
This looks like irrationality in action, bound to end in tears. 这看上去想是行动方面的不理性,注定要在泪水中收场。 Why, then, should the party continue? 那么,为什么这场盛宴应当继续下去呢? Manias are as old
Human quirks also play a role. 人类的怪癖也起到一定的作用。 Robert Shiller, who helped create the subfield now known as behavioural finance (and won a Nobel prize), reckons that ideas about markets spread like an epidemic. 曾为如今以
Mr Thaler, an American born in New Jersey in 1945, spent most of his early career at Cornell University before moving to the University of Chicago in 1995. 赛勒,这位1945年出生在新泽西州的美国人,在1995年转投芝加哥大学之前,
The importance of context also arose in Mr Thaler's work on mental accounting. 背景的重要性还出现在了赛勒有关心理演算(mental accounting)的研究中。 In thinking about money, people tend to compartmentalise, grouping certain
Making enrolment in pension plans the default for new employees 例如,把加入养老金计划列为新员工的默认选项 (ie, they must decide to opt out rather than opt in) dramatically increases the share of employees saving through such pro
Finance and Economics 财经 Free Exchange: Many happy returns 自由交流:丰厚回报 A new data trove helps reshape how the economy is understood. 新的数据宝藏有助于重塑经济体被如何理解。 Data-gathering is the least sexy par
Theirs is the first such data set to gather all of that information for so many countries over so long a period. 他们的成果是收集这么多国家在这么长的时间内的所有这种信息的第一批这样的数据集。 As such, the author
Finance and Economics 财经 Free exchange: Reasonable doubt 自由交流:合理的怀疑 Richard Thaler wins the Nobel prize for economic sciences 理查德赛勒赢得诺贝尔经济学奖 The credit-card bill arrives. 信用卡账单到了。 Yo
WHEN the financial crisis hammered Portugal's economy, hundreds of thousands of its people left, 当金融危机席卷葡萄牙经济时,数十万葡萄牙人离开了, taking advantage of the European Union's rules on free movement to find work
They appoint three board members between them, matching the government's quota. 他们从中指定3名董事会成员,与政府配额相匹配。 A final three, also chosen by the government, must be from outside politics. For a 4G project to get F
In 1946 Gyorgy Faludy, a Hungarian poet, received 300 bn pengo for a new edition of his works. 1946年,匈牙利诗人Gyorgy Faludy收到了作品再版稿费3000亿辨戈。 The sum would have been worth $60bn before the second world war. 二战前这
To make the numbers easier to grasp, they have provided an alternative way to express them. 为了让大家更好理解这些数据,他们提供了另一种表述方式。 They calculate how long it would take for prices to double, if inflation per
Finland shredded its tax agreement with Portugal in June. 6月,芬兰撕毁了与葡萄牙的税收协定。 If Portugal does not accept a draft deal letting Finland tax most pensions drawn by its retirees there by November, it will start doing so
Few think that a liquidity crisis is the firm's only problem. Even when its credit was good, its projects had a nasty habit of busting their budgets. 少数人认为清偿危机是公司唯一的问题。即便公司信用良好,其项目也会习惯
BANKS often face conflicts of interest when it comes to advising their customers. 当提及为客户提供咨询建议的时候,银行经常面临利益冲突。 The regulators who are supposed to stop the abuses that can result are not always up t
CAN a big financial firm's credit rating fall from AAA one monthgood enough for pension funds and life insurersto junk the next without causing a crash? 一个大型金融公司的信用评级在一个月内从AAA对养老基金和寿险公司而言足
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