切凯蒂

布兰迪斯大学（BrandeisUniversity）史蒂芬•切凯蒂（StephenCecchetti）提出的另一个有趣想法是，将部分信贷市场转移到合适的交易所中。

Another intriguing idea , from Stephen Cecchetti of Brandeis University , is to move parts of the credit market on to proper exchanges .

切凯蒂表示，更多地利用中央对手方应会减少而非扩大抵押品需求，因为在一个更集中的系统中，有更大的可能抵消衍生品合约，即消除交易方之间互相抵消的交易。

Mr Cecchetti says greater use of CCPs should reduce , not increase , demand because of the scope in a more centralised system for netting derivative contracts – eliminating trades between parties that cancel each other out .

切凯蒂表示，在各国监管部门迫使银行承担损失、进行资产减记并增资，从而化解银行体系的困境之后，全球经济才有望踏上可持续的增长道路。

Not until regulators get to grips with the banking system 's woes by forcing banks to recognise losses , take write-offs and raise capital can the path to sustainable growth begin , he said .

尽管评估工作仍在进行当中，但切凯蒂表示，他的感觉是，“巴塞尔委员会改革对经济增长的净影响可忽略不计”，且完全在正常的预测误差范围内。

The estimates are still a work in progress , but he said that his sense was that " the net impact of the Basel committee reforms on growth will be negligible " and well within normal forecast errors .

切凯蒂在概述年度报告时表示：各国央行能做的事十分有限，它们无法修补资产负债表，它们无法提高生产率，它们也无法让政策走上可持续的道路。

There are very clear limits to what central banks can do , Mr Cecchetti said , summing up the annual report . They cannot repair balance sheets . They cannot increase productivity . And they cannot put policy on a sustainable path .