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1、外文题目:TheObjectivesofInternationalFinancialRegulation出处:GlobalFinancialRegulation:TheEssentialGuide作者:HowardDavies,DavidGreen原文:Atthebeginningofthetwenty-firstcenturyfinancialmarketsaremoreinternationalthaneverbefore.CapitalmarketswerehighlyintegratedbeforetheFirstWordWar,withmassiveflo
2、wsoffundsfromdevelopedtodevelopingcountries,butthedegreeofintegrationfellsharplyduringthenextfiftyyearsandcapitalmovementswereoftenhighlycontrolled.Now,however,globalizedcapitalmarketsareback,butwithadifference:capitaltransactionsseemtobemostlyarich-richaffair,approcessofdiversificatio
3、nfinanceratherthandevelopmentfinance.Itisnottruetosay,assomedo,thatweliveinaborderlessworld,butfinancecertainlyflowsmoreeasilyacrossbordersthandogoodsorservices.Thechannelsoffinancialintermediationhavealsochanged.Whichonlytwentyyearsagomostbusinessflowedthroughthebalancesheetsofbanksor
4、insurancecompanies,orthroughalimitedrangeofinvestmentfundsusuallydealinginproductstradedonregulatedmarkets,theexplosiveincreaseinwealthheldprivately(partlyasaresultofgreaterdispersionofincome)hasledtothecreationofawiderangeofotherinvestmentvehicles,ofwhichhedgefundsandprivateequityaret
5、hemostprominent,fundedbyhighnetworthinvestorsandorganizedonaninformal,largelyunregulatedbasis.Nowinstrumentshaveemergedwhichmakeitpossibletotransferriskofallkindsonafarlargerscaleandinmorecomplexways,notsolelythroughstandardizedexchange-tradedderivatives,butthroughanalmostinfiniterange
6、ofbespoke,over-the--counterarrangements:CDOs,syntheticCDOsandthelike.Insomecasesbanksholdtheminoff-balancesheetvehicles.Whiletheseinstrumentsmakeitpossibletolayoffriskoveravastlygreaterrangeofriskbearers,whichprobablyincreasesthesystem’sresilience,theyalsomeanthatwhenriskscrystallizeth
7、eymaywellhaveanimpactinhithertounfamiliarplaces,anywhereintheglobe.Theymaymakeiteasiertoridethroughsmallcrises,butlargeoneswillhavemanymoredimensionsofwhichwecurrentlyhavenoknowledge.Thismatters,becausethelasttenyearsorsoduringwhichthesemarketshaveevolvedhavealsobeenremarkablybenigni