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ID:348713
大小:52.50 KB
页数:12页
时间:2017-07-26
《监测和控制银行风险对控制债务风险是否有利【外文翻译】》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、外文翻译原文:MonitoringandControllingBankRisk:DoesRiskyDebtHelp?ABSTRACTWeexaminewhethermandatingbankstoissuesubordinateddebtwouldenhancemarketmonitoringandcontrolrisktaking.Toevaluatewhethersubordinateddebtenhancesriskmonitoring,weextractthecredit-spreadcurveforeachbankingfirminour
2、sampleandexaminewhetherchangesincreditspreadsreflectchangesinbankriskvariables,aftercontrollingforchangesinmarketandliquidityvariables.Wedonotfindstrongandconsistentevidencethattheydo.Toevaluatewhethersubordinateddebtcontrolsrisktaking,weexaminewhetherthefirstissueofsubordinat
3、eddebtchangestherisk-takingbehaviorofabank.Wefindthatitdoesnot.POLICYMAKERSAREACTIVELYCONSIDERINGrequiringbankstoissuesubordinatednotesanddebentures(SND).AmandatorySNDrequirementappearstobeanimportantpartofthemarket-orientedreforms,containedintheconsultativepaperissuedbytheBas
4、elCommitteeonBankingSupervision(1999).TheU.S.ShadowRegulatoryCommitteehascomeoutstronglyinfavorofmandatorySNDasamechanismforrealizingenhancedmarketdisciplineofbanks.More-over,theGramm-Leach-BlileyActof1999mandatedajointFederalReserveandU.S.TreasurystudyofbankSNDrequirements.Th
5、islegislationalsorequiresalllargebankingfirmstohaveatleastoneissueofSNDoutstandingatalltimes.ProponentsofmandatorySNDregulationsuggestthatSNDwillenhancemarketdisciplineandcurbexcessiverisktakingintwoways:throughriskmonitoringandthroughpreventativeinfluence.Thebenefitsofriskmoni
6、toringarerealizedifinvestorsaccuratelyunderstandchangesinafirm'sriskconditionandincorporatetheirassessmentpromptlyintothepricesofriskydebtissuedbythefirm.Iftheydo,thenchangesincreditspreadswillprovideusefulinformationtoregulatorsandassistinsupervision.Moreover,bankswouldfacein
7、creasedcostsoffundingshouldtheyadoptriskierstrategies.Asaresult,bankswithSNDmaybelesslikelytoadoptriskystrategiesinthefirstplace.Thisisthepreventativeinfluenceroleofriskydebt.ThepurposeofthispaperistoexaminewhetherSNDissuedbybanksandbankholdingcompanies(BHCs)(togetherreferredt
8、oasbankingfirms)enhancesriskmonitoringandpreventativeinfluenc
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