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ID:462861
大小:62.00 KB
页数:10页
时间:2017-08-05
《金融风险管理的现状和未来【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在应用文档-天天文库。
1、外文翻译ThePresentandFutureOfFinancialRiskManagementMaterialSource:http://papers.ssrn.com/sol3/results.cfm?RequestTimeoutAuthor:CarolAlexanderTheroleofriskmanagementinfinancialfirmshasevolvedfarbeyondthesimpleinsuranceofidentifiedrisks,toadisciplinethatcentresoncomplexeconometri
2、candfinancialmodelsofuncertainty.FinancialriskmanagementhasbeendefinedbytheBaselCommittee(2001)asasequenceoffourprocesses:theidentificationofeventsintooneormorebroadcategoriesofmarket,credit,operationaland‘other’risksandintospecificsub-categories;theassessmentofrisksusingdat
3、aandariskmodel;themonitoringandreportingoftheriskassessmentsonatimelybasis;andthecontroloftheserisksbyseniormanagement.Ofthetrendsinfinancialmarketsthathavehadasignificantimpactonriskmanagementpracticestoday,deregulationhasbeenamaindrivingforce.Sincethe1970sthederegulationof
4、capitalflowshasledtoincreasedglobalization;deregulationofindustrieshasenabledtherapidexpansionofnewcompaniessuchasEnron(BodilyandBruner,2002;Bratton,2003);andwiththederegulationoffinancialoperationsnewriskshavebeenacquired–withsomebanksofferinginsuranceproductsandinsuranceco
5、mpanieswritingmarketandcreditderivatives(BroomeandMarkham,2000).Over-the-counterderivativemarketsrapidlyovercameallothersinnotionalsizebutcapitalization,ontheglobalscale,decreasedduringthisperiodandbytheearly1980ssomeindividualbanks,ifnotnationalbankingindustries,hadbecomehi
6、ghlyvulnerable.Asaresultthesupervisionandregulationofbanksandotherfinancialfirmshasincreased.Inparticular,capitaladequacyrequirementshavebeenextendedtocovermoretypesofrisks.1ThefirstBaselAccordin1988coveredonlycreditrisksinthebankingbook;theBasel1Amendmentin1996extendedthist
7、omarketrisksinthetradingbook;andnowthenewBasel2AccordthatwillbeadoptedbyallG10–andmanyother–countriesin2007refinescreditriskassessmentstobecomemorerisksensitiveandextendsthecalculationofriskcapitaltoincludeoperationalrisks.AlsoinBasel2,minimumsolvencyratioswillnowbeappliedto
8、assetmanagementandbrokeragesubsidiaries,andwellastotraditionalbankingoperat
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