金融学外文翻译---银行信贷标准

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1、原文BankCreditStandardsByMitchellBerlinBankersandthebusinesspressoftenspeakofcyclesinbankcreditstandards,periodsinwhichbanks’lendingstandardsaretoolax,followedbyperiodsinwhichstandardsaretoostringent.Inthisview,banklendingpoliciestendtoamplifyfluctuationsinGDP；easymoneydurin

2、gtheupturnsowstheseedsoftightmoneyepisodesinthedownturn.Butthispatternisalsoconsistentwithvariationsinbanklendingdrivenbychangesinborrowers’defaultriskoverthebusinesscycleorchangesinthedemandforloans,whichrisesandfallswithGDP.Tomakesenseoftheideaofalendingcycle,wemustuncov

3、erasystematicreasonforbankstomakeunprofitableloansinanupturnandtoforgotprofitableloansinadownturn.Iemphasizethatthetendencymustbesystematictodistinguishtheideaofacreditcyclefromthetruismthatloansmadenearthepeakofanexpansionaremorelikelytogobadsimplybecausebankers(justlikee

4、conomistsandotherbusinessmen)havedifficultiespredictingdownturns.Whatistheevidenceforanindependenteffectforchangingbanklendingstandards—thatis,asystematicreasonwhybanksmightbetoolaxortoostringent?Andwhatfactorsmightexplainthistypeofbehavior?Economistshaveproposedanumberofp

5、lausiblemodelsofabanklendingcycle,emphasizingchangesinbankcapital,competition,orherdingbehavior.Todate,onlythechannelrelatingchangesinbankcapitaltolendingstandardshasfirmempiricalsupport.Theavailableevidenceistooweaktogiveusmuchconfidenceinassigninganimportantroleforothert

6、heoriesofbanklendingstandards.WHATARECREDITSTANDARDS?Itishelpfultobealittlecleareraboutwhatwemeanbyachangeinbankcreditstandards.Let’sbeginwithastraightforwardprescriptionfrominvestmenttheory:Aprofitmaximizingbankshouldmakeanyloanwithapositivenetpresentvalue(NPV).TheNPVofal

7、oanisjustthesumofdiscountedfuturerepayments(principalplusinterest)ontheloanminustheloanamount.Futurerepaymentsmustbediscountedfortwodifferentreasons:First,$10inthebanknowisworthmorethan$10paidayearfromnow.Afterall,thebankcouldreceiveayear’sinterestbypurchasingTreasurybills

8、onthe$10paidbacktomorrow.Second,thebankrecognizesthattheborrowermaydefaultinthefuture,sot