国际顶刊 |《新政治经济学》第27卷（2022年）第1期
让每一个人自由地理解政治
让世界各地的学人成果互联互通
让政治学人的核心关切得到传播
让闪烁的政治学人共享这片充满思考和情怀的天空
政治学人始终在路上
本期国际化部为大家带来了New Political Economy（NPE，《新政治经济学》）2022年第27卷第1期文章编译。
编译属国际化部译者志愿提供，如有不妥欢迎指正；如对我们的工作有什么建议，欢迎到后台留言；如有转载请注明出处。学术公益是一条很长的路，我们诚邀您同行，欢迎留言您希望编译的政治学期刊，感谢您的支持。
PART 1
期刊简介
New Political Economy（NPE，《新政治经济学》）旨在为那些结合了十九世纪古典政治经济学的广阔视野和二十世纪社会科学的分析进展的工作创建一个交流平台。该刊试图代表不同学科的政治经济学学术领域，强调探索新方法和新手段的原创和创新工作，并解决具有历史和当代意义的核心研究领域和学术问题。这些问题包括：国内、比较和全球政治经济；空间、资源和环境；正义、不平等和发展；全球市场、机构和监管。该刊在《科睿唯安2021年期刊引用报告》（Clarivate JCR2021）中JIF=3.625，在96种国际关系类（International Relations-SSCI）期刊中排名第14（Q1）。
PART 2
期刊目录
Light at the End of the Panel: The Gaza Strip and the Interplay Between Geopolitical Conflict and Renewable Energy Transition
电池板末端的光：加沙地带地缘政治冲突与可再生能源转型的相互作用
Governing Fintech and Fintech as Governance: The Regulatory Sandbox, Riskwashing, and Disruptive Social Classification
作为治理对象和治理载体的金融科技：监管沙盒、风险清洗和破坏性的社会分类
The Power of Finance in the Age of Market Based Banking
基于市场的银行时代的金融力量
Towards an ‘Everyday’ Cultural Political Economy of English Football: Conceptualising the Futures of Wembley Stadium and the Grassroots Game
走向英国足球的“日常”文化政治经济学：对温布利体育场和基层比赛未来的概念化
The Eurozone’s Evolving Fiscal Ecosystem: Mitigating Fiscal Discipline by Governing Through Off-Balance-Sheet Fiscal Agencies
欧元区不断发展的财政生态系统：通过表外财政机构治理减轻财政约束的影响
Offshoring the Uncovered Liability Problem: Currency Hierarchies, State-Owned Settlement Banks and the Offshore Market for Renminbi
离岸无担保债务问题：货币等级、国有结算银行和人民币离岸市场
The Ineffectiveness of CSR: Understanding Garment Company Commitments to Living Wages in Global Supply Chains
企业社会责任的无效性：理解服装公司在全球供应链中对最低生活工资的承诺
The World Bank, Agricultural Credit, and the Rise of Neoliberalism in Global Development
世界银行、农业信贷与新自由主义在全球发展中的兴起
The Social Ecology of Adam Smith: Reconsidering the Intellectual Foundations of Political Economy
亚当·斯密的社会生态学：重新审视政治经济学的知识基础
Fossilised Capital: Price and Profit in the Energy Transition
将资本“石油化”：能源转型中的价格和利润
Large Banks, Market-based Banking, and the Financialisation of Danish Mortgage Markets
大型银行、以市场为基础的银行业和丹麦抵押贷款市场的金融化
PART 3
精选译文
01 电池板末端的光：加沙地带地缘政治冲突与可再生能源转型的相互作用
【题目】
Light at the End of the Panel: The Gaza Strip and the Interplay Between Geopolitical Conflict and Renewable Energy Transition
【作者】
Itay Fischhendler, Lior Herman and Lioz David
【摘要】
可再生能源转型是减缓气候变化的关键之一。虽然人们对这种转变的各种经济、制度、技术和社会文化障碍都给予了关注，但在地缘政治力量的影响下，尖锐的国家间冲突会如何影响可再生能源的部署尚不清楚。讨论这一问题的文献分为两派，一派认为冲突会阻碍可再生能源的扩散，另一派则对此持批评态度。学者们观点的分野令人惊讶，因为可再生能源经常被认为是许多冲突和冲突后地区解决集中电力系统功能失调的灵丹妙药。由于脆弱国家和地区缺乏可靠的数据，对这些相互竞争的假设进行系统评估是具有挑战性的。本研究首次使用遥感技术来研究在与以色列冲突的背景下，加沙地带可再生能源的时间和空间扩散情况。研究发现，尽管极度贫困加剧了冲突，但加沙地区已经成为可再生能源的领头羊。对可再生能源转型的不利因素和有利因素之间是否能达到平衡，取决于不同的变量，如：冲突对劳动力、商品和燃料自由流动的影响；冲突的强度；规模经济的作用；机会成本和替代能源生产成本。
Renewable energy transition is one of the keys to mitigating climate change. While attention has been given to various economic, institutional, technological, and sociocultural barriers to this transition, it is unclear how acute interstate conflict shadowed by geopolitical forces shapes the deployment of renewables. The literature is split between those who speculate that conflict conditions discourage renewable energy proliferation and their critics. This ambiguity is surprising, since renewable energy is often suggested as a panacea for many conflict and post-conflict areas with dysfunctional centralised electricity systems. A systematic assessment of these competing hypotheses is challenging because of the absence of reliable data in fragile states and areas. This study is the first to use remote sensing to examine the temporal and spatial diffusion of renewables in the Gaza Strip against the backdrop of conflict conditions with Israel. It finds that Gaza has become a renewable energy leader despite conflict conditions exacerbated by deep poverty. The balance between discouraging and encouraging factors rests on different variables: the impact of the conflict on the free movement of labour, goods, and fuel, the intensity of the conflict, the role of economies of scale, opportunity costs, and alternative energy production costs.
02 作为治理对象和治理载体的金融科技：监管沙盒、风险清洗和破坏性的社会分类
【题目】
Governing Fintech and Fintech as Governance: The Regulatory Sandbox, Riskwashing, and Disruptive Social Classification
【作者】
Eric Brown and Dóra Piroska
【摘要】
金融科技给金融和社会关系都带来了挑战，在这一背景下，本文评估了沙盒方法作为对上述挑战的监管方案的作用。通过将金融科技作为一种嵌入在解决方案和创新话语中的社会技术现象，我们发现监管沙盒接受了这些话语。沙盒的设计并没有遏制金融科技，而是推进了金融科技的风险清洗，即使它伪装成风险驯服出现。接下来，我们展示了金融科技的问题本质，即监管应该控制。首先，我们提出，通过其信息处理能力，金融科技加速了从银行金融向市场金融的过渡。第二，我们证明金融科技作为金融科技-金融化机制的一部分，具有催化和提取价值的治理效果。第三，我们将金融科技-金融化机制插入Fourcade和Healy关于数据驱动经济的社会分层效应的论点中，认为它也具有破坏社会的潜力。我们批评监管沙盒是这个过程的促进者，并建议在复杂的监管制度中增加否决者和否决点的数量和权力。
This article evaluates the sandbox approach as a regulatory answer to the challenges financial technology brings to finance and social relations. Taking fintech as a sociotechnological phenomenon embedded in discourses of solutionism and innovation, we show that the regulatory sandbox accepts these discourses. Instead of containing fintech, the sandbox is designed in a way that advances riskwashing of fintech even if it is disguised as risktaming. Next, we demonstrate fintech’s problematic nature that regulation should control. First, we propose that through its information processing capacity, fintech accelerates the transition from bank-based to market-based finance. Second, we demonstrate that fintech as part of a fintech-financialization apparatus has catallactic and value-extracting governance effects. Third, inserting the fintech-financialization apparatus into Fourcade and Healy’s argument on the social stratification effect of the data-driven economy, we argue that it also has a socially disruptive potential. We critique the regulatory sandbox for being a facilitator to this process and recommend increasing the number and power of veto players and veto points in complex regulatory regimes.
03 基于市场的银行时代的金融力量
【题目】
The Power of Finance in the Age of Market Based Banking
【作者】
Samuel Knafo
【摘要】
长期以来，人们一直认为市场化会削弱银行，这种说法反映在市场和银行金融的共同对立中。但正如最近的研究表明，一些银行在金融化的市场化环境中蓬勃发展。笔者认为，这些银行之所以能在金融化中占据主导地位，是源于20世纪60年代随着负债管理的兴起而开始的一场融资革命。这种做法使一些银行能够极大地利用其业务并扩大其资产负债表。新的融资做法也影响了美国银行的业务模式，推动了从贷款到交易的转变。正如文中所展示的，这场金融革命将权力从贷款人手中转移到了金融代理人身上，后者注重通过掠夺性战略获取资产。
It has long been assumed that marketisation would undermine banks, a claim reflected in the common opposition of market and bank-based finance. But as recent research shows, some banks have flourished in the marketized environment of financialisation. I argue the reason they have come to dominate financialisation stems from a revolution in funding that began in the 1960s with the rise of liability management.This practice enabled some banks to dramatically leverage their operations and expand their balance sheet. The new funding practice also impacted the business model of US banks fuelling a move from lending to trading. As I show, this revolution in finance shifted the power away from lenders and towards leveraging financial agents that focused on capturing assets through predatorial strategies.
04 走向英国足球的“日常”文化政治经济学：对温布利体育场和基层比赛未来的概念化
【题目】
Towards an ‘Everyday’ Cultural Political Economy of English Football: Conceptualising the Futures of Wembley Stadium and the Grassroots Game
【作者】
David M. Webber
【摘要】
2018年温布利体育场（Wembley Stadium）的拟议出售带来了一笔可能的意外之财，这笔钱可以投资于英格兰足球的基层中。这一拟议最终被撤回，但正如本文所述，该事件突显了英国足球的日常文化基础与体育运动和更广泛社会中所追求的政治经济话语、战略和轨迹之间的共同构成关系。本文发展了一种理论方法，并将其概念化为“日常”文化政治经济学，还考虑了在这场交易中其未来都处于危险之中的文化历史、物体、空间和实践（即温布利体育场和基层比赛），以及经济紧缩和财富分配扭曲对英国足球日常文化生产的物质影响。有人认为，温布利的出售计划不能充分说明和减轻这些政治和经济因素对基层足球“日常文化”的影响。在本文的结语部分，笔者呼吁采取一种策略，突出英国足球的文化基础，以及那些被当代足球存在的不平等权力关系重新塑造的日常实践。
The proposed sale of Wembley Stadium in 2018 raised the possibility of a windfall that could be reinvested into the grassroots tier of English football. This bid was ultimately withdrawn but, as this article demonstrates, the episode highlighted the co-constitutive relationship between the everyday cultural base of English football, and those political and economic discourses, strategies, and trajectories that have been pursued within the sport and wider society. Developing a theoretical approach conceptualised here as ‘everyday’ cultural political economy, this article considers the cultural histories, objects, spaces and practices whose futures were both at stake in this transaction – namely, Wembley and the grassroots game – and the material effects that austerity and a skewed distribution of wealth have had upon the everyday cultural production of English football. The proposed sale of Wembley, it is argued here, failed to sufficiently account for and mitigate the impact that these political and economic effects have had upon the ‘everyday culture’ of grassroots football. The concluding remarks of this article call for a strategy that foregrounds the cultural base of English football and those quotidian practices that have come to be recast by the unequal power relations extant to the contemporary game.
05 欧元区不断发展的财政生态系统：通过表外财政机构治理减轻财政约束的影响
【题目】
The Eurozone’s Evolving Fiscal Ecosystem: Mitigating Fiscal Discipline by Governing Through Off-Balance-Sheet Fiscal Agencies
【作者】
Andrei Guter-Sandu and Steffen Murau
【摘要】
最初的马斯特里赫特（Maastricht）制度设计欧元区财政部门的方式，是通过市场力量约束成员国的财政预算，减少公共债务的总体规模，禁止货币融资，并避免欧元区各国财政部互相纾困，从而保持成员国财政预算的平衡。在本文中，我们分析了这些“新自由主义”的财政治理规则是如何逐渐被一种我们称为“表外财政机构治理”（OBFAs）的替代方法所取代的。“表外财政机构治理”是一种特殊的工具，它在支持公共投资、为银行提供偿付能力保险、为其他国库提供最后的资本保险以及扩大安全资产存量等方面为国家财政提供补充。通过倡导“表外财政机构治理”，财政部可以用“或有”负债（contingent liabilities，即不出现在资产负债表上的担保）来替代资产负债表上的“实有”负债（actual liabilities），这可能与欧盟的新自由主义财政规则相冲突。国家、超国家财政和“表外财政机构治理”共同形成了一个“财政生态系统”。在这个生态系统中，新自由主义财政规则被重新强调，但在实践中却越来越受到削弱。这种新的欧元区财政治理模式不仅体现在2010年以来实施的多项政策中，如“复苏和弹性基金”（the Recovery and Resilience Facility），而且也代表了许多欧元区改革提议的主要战略。
The original Maastricht regime designed the Eurozone’s fiscal segment in a way that sought to keep member states’ treasury budgets balanced by disciplining them through market forces, reducing the overall volume of public indebtedness, prohibiting monetary financing, and avoiding that Eurozone treasuries bail each other out. In this article, we analyse how these ‘neoliberal’ rules for fiscal governance have been gradually superseded by an alternative approach that we call ‘governing through off-balance-sheet fiscal agencies’ (OBFAs). OBFAs are special purpose vehicles that complement treasuries in supporting public investment, offering solvency insurance for banks, providing capital insurance of last resort for other treasuries, and expanding the stock of safe assets. By sponsoring OBFAs, treasuries can substitute ‘actual’ liabilities on their balance sheets, which are potentially in conflict with the EU’s neoliberal fiscal rules, with ‘contingent’ liabilities – guarantees that do not appear on-balance-sheet. Together, national and supra-national treasuries and OBFAs form a ‘fiscal ecosystem’ in which neoliberal fiscal rules get reemphasised but in practice are increasingly mitigated. This new mode of Eurozone fiscal governance is reflected not only in multiple policies implemented since 2010 – the Recovery and Resilience Facility for example – but also represents the main strategy in many Eurozone reform proposals.
06 离岸无担保债务问题：货币等级、国有结算银行和人民币离岸市场
【题目】
Offshoring the Uncovered Liability Problem: Currency Hierarchies, State-Owned Settlement Banks and the Offshore Market for Renminbi
【作者】
Damian Tobin
【摘要】
历史上，无担保债务的存在对外国银行和主导货币有利。本文以中国利用国际金融架构的漏洞为其外汇需求提供资金为例，考察了在离岸市场使用国有结算银行作为一种专门的“无本金交割”金融资产的中介手段，是否可以替代发展中经济体通常缺乏的制度和技术先决条件。研究结果表明，虽然离岸货币市场可以在不依赖货币交付的贸易发票等领域减少对美元的依赖，但相比之下，增加人民币离岸持有量更具挑战性。原因在于，国家结算银行的治理、地理和信贷的限制加强了无担保债务问题所施加的约束。研究结果区分了人民币离岸使用与其他离岸市场的历史演变，并强调了将贸易基础设施问题与国际金融体系结构问题分离的不可行性。
The existence of an uncovered liability has historically benefited foreign banks and lead currencies. Using the case of China’s efforts to fund its foreign exchange needs by exploiting loopholes in the international financial architecture, the paper examines whether using state-owned settlement banks as a means of intermediating a specialised ‘nondeliverable’ financial asset in offshore markets can substitute the institutional and technical prerequisites that developing economies typically lack. The findings show that while offshore money markets can reduce US dollar dependency in areas such as trade invoicing that do not depend on currency delivery, increasing the offshore holdings of RMB is more challenging. The reasons for this are to be found in the way the governance, geographic and credit generating limitations of state settlement banks reinforce the constraints imposed by the uncovered liability problem. The findings distinguish the historical evolution of the RMB’s offshore use from other offshore markets and reinforce the impossibility of separating issues related to trade infrastructures from those related to the structure of the international financial system.
07 企业社会责任的无效性：理解服装公司在全球供应链中对最低生活工资的承诺
【题目】
The Ineffectiveness of CSR: Understanding Garment Company Commitments to Living Wages in Global Supply Chains
【作者】
Genevieve LeBaron, Remi Edwards, Tom Hunt, Charline Sempéré and Penelope Kyritsis
【摘要】
面对来自公民社会、工会和消费者要求改善生产其产品的工人的劳动所得标准的压力，全球服装供应链的掌舵者们已经承诺在其供应链中支付生活工资。利用关于企业社会责任（CSR）的批判性政治经济学文献的见解，我们调查了服装公司履行这些承诺的行动。我们通过分析在2018-2019年共同整理的对20家龙头服装公司的调查原始数据，以及服装公司和多方利益相关者倡议的公开信息来实现上述研究目标。基于这些数据，我们认为，几乎没有证据表明企业在实现其在供应链中支付最低生活工资的承诺方面取得了有意义的进展，这挑战了有关企业社会责任会给工人带来好处的普遍假设。我们认为，面对越来越多的证明企业社会责任无效的证据，包括我们自己的证据，有必要对企业从企业社会责任承诺中获得的利益进行新的政治经济学研究。这些企业的社会责任承诺会转移人们对其核心商业模式，以及全球供应链中不均衡的价值分配的注意力。
In the face of pressure from civil society, unions and consumers to improve labour standards for the workers producing their goods, companies at the helm of global garment supply chains have made commitments to pay living wages within their supply chains. Harnessing insights from the critical political economy literature on corporate social responsibility (CSR), we investigate the actions of garment companies to meet these commitments. We do so through analysis of original data from a survey of 20 leading garment companies, which we co-developed in 2018– 2019, as well as publicly available information for garment companies and relevant multi-stakeholder initiatives. Based on this data, we argue there is very little evidence to suggest companies have made meaningful progress towards achieving commitments to pay living wages in their supply chains, challenging widespread assumptions about CSR’s benefits to workers. We argue that in the face of mounting evidence of CSR ineffectiveness, including our own, there is a need for new political economy research into the benefits that companies derive from CSR commitments that deflect attention from their core business models and the uneven value distribution within global supply chains.
08 世界银行、农业信贷与新自由主义在全球发展中的兴起
【题目】
The World Bank, Agricultural Credit, and the Rise of Neoliberalism in Global Development
【作者】
Nick Bernards
【摘要】
本文考察了世界银行在1960年至1990年间农业信贷规划的发展。笔者将展示这些项目如何构成新自由主义发展治理最初被阐明、谈判和争论的关键领域。农业信贷是世行在20世纪70年代“打击贫困”（“Assault on Poverty”）时期的一个重点。这个时代的农业规划反映了对通过市场化和商业化来发展农业的强烈重视，但也非常清楚地表明，在信贷与农业市场的关系中，人们对信贷的作用存在着明显的矛盾。进入20世纪80年代，农业信贷项目越来越多地包含与利率市场化、国有农业贷款机构的商业化，以及更广泛金融部门的市场化相关的隐含或明确的条件。但是，通过这些项目将农业信贷市场化和商业化的努力，不仅反映了意识形态的转变，也反映了日常运营的挑战，而且即使按照它们自己的条件，它们基本上也都以失败告终。因此，纵观农业信贷项目的演变，我们可以看到，新自由主义的立场在一定程度上是通过对经营问题的试错调整而形成的。同时，即使在结构调整时代，市场化金融体系的推广在实践中也令人担忧。
This article examines the development of the World Bank’s agricultural credit programming between 1960 and 1990. I show how these projects constituted key sites where neoliberal development governance was initially articulated, negotiated, and contested. Agricultural credit was a key point of emphasis for the Bank during its ‘Assault on Poverty’ era in the 1970s. Agricultural programming in this era reflected a strong emphasis on agricultural development through marketisation and commercialisation, yet also very clearly demonstrated clear points of ambivalence around the role of credit in relation to agricultural markets. Agricultural credit projects increasingly included implicit or explicit conditionalities linked to the marketisation of interest rates, the commercialisation of state-owned agricultural lenders, and the marketisation of wider financial sectors into the 1980s. But these efforts to marketize and commercialise agricultural credit through these projects often reflected mundane operational challenges as much as ideological shifts, and themselves largely failed even on their own terms. Looking at the evolution of agricultural credit projects thus shows how broadly neoliberal positions were arrived at in part through trial and error adjustments to operational concerns, as well as how fraught the promotion of market-based financial systems was in practice even in the structural adjustment era.
09 亚当·斯密的社会生态学：重新审视政治经济学的知识基础
【题目】
The Social Ecology of Adam Smith: Reconsidering the Intellectual Foundations of Political Economy
【作者】
Leo Steeds
【摘要】
近250年来，亚当·斯密的《国富论》的出版被广泛认为是现代（政治）经济分析的一个萌芽时刻。在政治经济学领域，该书不仅被认为是自由主义理论传统的开端，而且还被认为是更广泛地从事政治经济学的基础性论述。然而，对这部著作的既定解读，或许是在无意中，复制了对其本质和内容范围的假设（这些假设来自于后来的经济思想），而模糊了支撑其主要结论的关键的环境思想。虽然长期以来被正统的解读所忽视，但实际上斯密坚持认为，政治经济学分析的关键是仔细考虑社会与非人类环境之间不断发展的物质性关系。笔者认为，这种方法可以合理地被视为一种“社会生态学”。重新评估这些理论基础，一方面揭示了斯密留给后来自由主义政治经济学的过于乐观的生态学假设。另一方面，鉴于今天的生态危机，这些理论促使我们重新考虑更广泛的政治经济分析的重要性，即对人类社会和地球之间关系的物质化理解。
Nearly 250 years on, the publication of Adam Smith’s The Wealth of Nations is widely understood as a germinal moment for modern (political) economic analysis. Within political economy, the text continues to be cited not only as the inauguration of a specifically liberal theoretical tradition, but also as a foundational statement of what it means to be doing political economy more broadly. Yet established readings of the work have reproduced, perhaps unwittingly, assumptions about the nature and remit of its content drawn from subsequent economic thought, obscuring crucial environmental ideas that underpinned its main conclusions. Though long overlooked within orthodox readings, Smith in fact insisted that essential to political economic analysis was a careful consideration of the materiality of evolving relationships between societies and the nonhuman environment – an approach that, I suggest, can justifiably be viewed as a kind of ‘social ecology’. Reassessing these theoretical foundations reveals, on the one hand, over-optimistic ecological assumptions that he bequeathed to subsequent liberal political economy. On the other, in light of today’s ecological crisis, it prompts us to reconsider the importance, for political economic analysis more broadly, of a materialised understanding of the relationship between human societies and the earth.
10 将资本“石油化”：能源转型中的价格和利润
【题目】
Fossilised Capital: Price and Profit in the Energy Transition
【作者】
Brett Christophers
【摘要】
长期以来，使可再生能源达到与化石燃料具有价格竞争力的地位被视为反碳能源转型的一个关键挑战。化石燃料和可再生能源生产的相对盈利能力虽较少被谈及，但这对资本主义全球经济的未来投资轨迹更重要。欧洲三大石油和天然气巨头—英国石油公司、壳牌公司和道达尔公司，最近承诺在未来几十年内减少碳氢化合物的生产，并增加可再生能源的发电量，同时三者正从制度层面上横跨这两个能源世界及其各自的经济动向。本文分析了这些公司的公告以及现有的投资和利润状况，以评估他们自己的企业能源转型的前景，从而评估更广泛的全球能源转型。
Getting renewable energies to a position of price competitiveness with fossil fuels has long been seen as a key challenge to the counter-carbon energy transition. Less discussed, but more significant to future investment trajectories in the capitalist global economy, is the relative profitability of fossil-fuel and renewable-energy production. Having recently pledged over the next few decades to decrease hydrocarbon production and increase renewable-energy generation, Europe’s three oil and gas majors – BP, Shell and Total – now institutionally straddle the two energy worlds and their respective economic dynamics. This article takes stock of the companies’ announcements and of the existing investment and profit landscape to assess the prospects for their own corporate energy transitions and thus for the global energy transition more broadly.
11 大型银行、以市场为基础的银行业和丹麦抵押贷款市场的金融化
【题目】
Large Banks, Market-based Banking, and the Financialisation of Danish Mortgage Markets
【作者】
Patrick Gallagher
【摘要】
本文提出三个论点：首先，丹麦以市场为基础的银行业的起源可以追溯到一小部分大型商业银行转向抵押贷款业务。其次，丹麦的案例表明，住房和抵押贷款市场自由化的政治策略对以市场为基础的银行业的崛起具有核心作用。最后，以市场为基础的银行业形式形成的国家多样性对丹麦的金融稳定至关重要。从历史上看，丹麦抵押贷款模式的特点是合作社抵押贷款协会专注于提供稳定、公平的住房融资渠道。然而，正如我们将看到的，1986年的金融危机标志着丹麦金融业的一个转折点，从那时起，一小部分的大型商业银行变得越来越有影响力。实证部分概述了丹麦金融转型的三个阶段。20世纪80年代，一场金融危机催生了一种新型的大型商业银行。上世纪90年代，大型银行将传统的抵押贷款银行挤出市场，转而涉足抵押贷款业务。最后，在21世纪的头十年，大型银行通过以市场为基础的新银行形式，为大规模的房地产泡沫提供了信贷。
This paper puts forward three arguments; firstly, the origions of Danish market-based banking can be traced to the shift by a small group of large commercial banks into the mortgage lending business. Secondly, the Danish case demonstrates the centrality of housing and the politics of mortgage market liberalisation to the rise of market-based banking. And finally, that national diversity in the form of market-based banking mattered for Danish financial stability. Historically, the Danish mortgage model was characterised by cooperative mortgage associations focused on the provision of stable equitable access to housing finance. However, as we shall see, the 1986 financial crisis marked a turning point for Danish finance, and from that point on, a small group of the large commercial bank became increasingly influential. The empirical sections outline three stages to the transformation of Danish finance. In the 1980s, a financial crisis led to the creation of a new type of large commercial bank. In the 1990s, the large banks diversified into the mortgage business crowding out the traditional mortgage banks. Finally, in the 2000s, the large banks provide credit for a massive housing bubble through new forms of market-based banking.
翻 译：冯天卓
校 对：郝若雯
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编辑：焦 磊
一审：李璐雅
二审：郭见田