全球化和危机【外文翻译】

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1、外文题目：GLOBALIZATIONANDTHECRISIS出处：2009-merage.uci.edu作者：JNocera原文：GLOBALIZATIONANDTHECRISISFundamentally,Iseethecrisisastheresultofflawedregulationandperverseincentivesinfinancialmarkets.Regulatorsboughtintotheargumentsoftheregulatedthatfinancialinstitutionscouldsafelyoperatewithathi

2、nnercapitalcushion.Theyacceptedthepremisethatcapitaladequacycouldbegaugedonthebasisofthebanks!ˉinternalmodelsand,wherethesewereabsent,ratingsofsecuritiesprovidedbycommercialcreditratingagencies,notwithstandingtheincentivesfortheproprietorsoftheformertotweaktheirmodelstominimizeestim

3、atedrisksandcapitalrequirementsandthetendencyforthelatter,asinvestmentadvisorsaswellasissuersofratings,tofallpreytoconflictsofinterest.Theregimethatresultedwascapitalpooranddangerouslyprocyclical.Regulatorsneglectedliquidity,assumingawayproblemsinwholesalemoneymarkets.Bankswereallow

4、edtohiderisksinconduitsandstructuredinvestmentvehiclesandwindowdresstheirbalancesheets.Agencyproblemsflourishedateachstageoftheoriginate-and-distributeprocess.Mortgagebrokershadnofiduciaryresponsibilitytohomeowners.Banksnotkeepingaparticipationinthecomplexderivativesecuritiestheyori

5、ginatedfeltnoresponsibilitytoinvestors.Thestructureofcompensationencouragedbankexecutivestorollthedice,disregardingtheimplicationsoftheiractionsforthesurvivalofthefirm.Andtheregulatorsavertedtheireyes.Ifyouwantmysummaryofthecrisis,thereyouhaveit,inoneparagraph.Ofcourse,thissummarygo

6、esonlyaninchbelowthesurface.Thedeeperquestionishowtheseindefensiblecircumstanceswereallowedtoarise.HereIwouldciteapowerfulideologyofderegulationstretchingbacktoatleasttheReagan-Thatcheryears.Iwouldciteexcessiveconfidenceinquantitativemethodsofriskmanagement,ValueatRisk,andofassetpri

7、cing,theBlack-Sholesmodel.Iamnotacquittingtheacademy,inotherwords;wetoofellpreytoapowerfulcollectivepsychology.Iwouldcitetheintensificationofcompetition,withtheGlass-SteagallrestrictionsstartingtocrumbleevenbeforepassageoftheGramm-Bliley-LeachActin1999,encouragingbankstotakeonadditi

8、onalleverageintheir