名校考研复试英语笔试

《名校考研复试英语笔试》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Thegreatunknown不确定性之重Canpolicymakersfillthegapsintheirknowledgeaboutthefinancialsystem?政策制定者能弥补对金融系统认知的不足吗？Economicsfocus经济聚焦Jan13th2011

2、fromPRINTEDITION•      Tweet•      INTHEdepthsoftheGreatDepression,PresidentsHooverandRoosevelthadtoseteconomicpolicyonthebasisofinformationthatde

3、cision-makerstodaywouldconsiderpathetic.Alongwithmanufacturingoutput,factoryemploymentanddepartment-storesales,theycountedthenumberoffreightwagonstransportedbyrail.AsaresultAmericasubsequentlydevelopednationalaccounts,whichtrytomeasuretheeconomybetter,usingconceptssuchasgrossdomesti

4、cproduct.在大萧条最为严重的时候，胡佛总统和罗斯福总统不得不靠着仅有的，当今政策制定者都觉得可怜的一点点信息来制定经济政策。除了计算工业产出，工厂就业率和百货商场销售额外，他们还计算铁路运输的货车数量。结果，美国后来开发出一系列的国民经济核算指标，用国内生产总值等概念来更准确地衡量经济状况。Theworldhassinceinventedavastarrayoffinancialandeconomicstatisticsandtheprocessingpowertocrunchthem.Yetpolicymakersaretodayinasimilar

5、positionwithregardtothefinancialsystem.New“macroprudential”bodieshavebeentaskedwithmaintainingfinancialstability,suchastheEuropeanSystemicRiskBoard(whichhasitsinauguralmeetingnextweek)andAmerica’sFinancialStabilityOversightCouncil.Butthecrisisexposedvastgapsinknowledge.Fromconduitsa

6、ndsubprime-relatedsecuritiestotheregulatory-capital-enhancementswapswrittenbyAIG,therewasabewilderinglistoffinancialexoticathatplayedasignificantroleinthemeltdown.自那以后世界各地出现了一系列繁繁总总的金融和经济统计指标，和研究这些指标的处理能力。然尔就金融系统而言，政策制定者今天的处境和过去差不多。新型的“宏观审慎”机构，像欧洲系统风险委员会（下周正式成立）和美国金融稳定监管委员会，正为维持金融系统

7、的稳定而努力。然而金融危机显示出对市场的认知还存在很大的缺陷。从管道投资和次级债相关证券到AIG承销的为改善法定准备金的掉期合约，各种新奇的，令人眼花缭乱的的金融产品无疑和这场大灾难息息相关。TheInternationalMonetaryFund(IMF)andtheFinancialStabilityBoard(FSB),aglobalclubofregulators,havepickedsomepriorities.Threethingsareatthetopofthewish-list.First,system-widemeasuresofborrow

8、ingand“maturitymismatch”,wherebanksuseshort-termfundingtobuylong-termassets.Asinthepast,theseweretherootcausesofthefinancialcrisis.Theworld’stenbiggestbanksmorethandoubledthesizeoftheirbalancesheetsbetween2003and2007.Astheymadeloansfasterthantheygatheredcustomerdeposits,banksplugged

9、thegapbyshort-termb