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1、外文翻译原文RiskManagementSystems,SystemicRiskandtheCreditCrisisMaterialSource:wanfangdataknowledgeplatformAuthor:FrankMilneIamindebtedtoDavidLaidlerandFinnPoschmannforsuggestingandcommentingonthispaper.IamalsoindebtedtoJohnCreanfordiscussionsontheseissuesover
2、manyyears;andhisdetailedcommentsonearlierdrafts.IhavebenefitedfromcommentsfromtheparticipantsofthediscussionataC.D.Howeconference;andfromcommentsbyDouglasGale,PrasannaGaiandJamesThompson.TheStudyinBriefTherecentcreditmarketcrisisreflectssystem-wideproble
3、msinthetradingandhedgingofcreditrisks.ItstartedintheUSmortgagemarket,butisspreadingmoregenerallyintoothercreditmarkets.Perceivedcounter-partyrisksbetweenfinancialinstitutionshaverisen,impairingtheoperationofcreditmarkets.Itisaninternational,systemicprobl
4、em,becomingmoreseriousratherthanlessastimehaspassed.TheinteractionbetweenthefinancialandrealsectorsmayactasamultipliermechanismincreasingtheriskanddepthofarecessioninWesterneconomies.Short-runpolicyresponseswouldseecentralbanksandfinancialregulatorsmakin
5、gdifficulttrade-offsinensuringtheavailabilityofliquidityandthecontinuedfunctioningofcreditmarketsononehand,whileavoidingreinforcingthemoralhazardissuesthatareamongtherootsofthecurrentcrisis.Amidallthis,Canadaisasmallplayer,integratedintotheUSeconomy.Cana
6、dashouldacttoamelioratetheimpactofthefinancialcrisisandaccompanyingrealdownturn.ThiswillrequirecarefulcoordinationandcooperationwithUSandinternationalregulators.Inthelongrun,aseriousanalysisofthecurrentcrisisisneeded,andproperreviewofthecurrentfinancials
7、ystem’sstrengthsandweaknesses.Newregulationandriskmanagementpracticesmayberequired.Giventheamountofuncertainty8overtheseriousnessoflossesandtheimpactontherealeconomy,itremainsearlyfordrawingstrongpolicyconclusions.OverviewTherecentinternationaldebtcrisis
8、,whichemergedintheUSinthelasthalfof2007,quicklyspreadtoGermany,theUK,CanadaandAustralia,withsymptomsinothercountries.Notwithstandingwidespreadmediacommentary,therootsofthecrisisarenotentirelyclear,norareitsremedies.Thestre
