监测和控制银行风险对控制债务风险是否有利【外文翻译】

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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