系统性风险通常描述的是宏观审慎风险，主要来自金融市场参与者说服彼此相信荒谬事情的能力。

Often it describes macro-prudential risk, which arises mainly from the ability of financial market participants to persuade each other of absurd things.

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例如，公众和金融市场参与者的期待也必须认真对待，因为这种途径并不会完全消除金融风险。

For example, the expectations of the public and of financial market participants would have to be managed carefully, as such an approach would never eliminate financial crises entirely.

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金融市场具有极强的灵活性，但市场参与者需要确定“市场存在规则”，并且仲裁人愿意实行这些规则。

Financial markets have an enormous capacity for flexibility, but market participants need to be sure that there are rules, and a referee willing to impose them.

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Governments establish regulators who set down rules for participants in financial markets and these rules may be perceived as onerous and costly to people in the financial community, but ultimately it's their salvation and it's what makes everything possible.

政府设立监管机构,监管机构为金融市场的参与者,制定法规条令,这些规则对金融界,有着极其严格的约束,但这些规则最终使得金融界运作良好,免遭灭顶之灾

耶鲁公开课 - 金融市场课程节选