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1、外文题目：GLOBALIZATIONANDTHECRISIS出处：2009-merage.uci.edu作者：JNocera原文：GLOBALIZATIONANDTHECRISISFundamentally,Iseethecrisisastheresultofflawedregulationandperverseincentivesinfinancialmarkets.Regulatorsboughtintotheargumentsoftheregulatedthatfinancialinstitutionscouldsafel
2、yoperatewithathinnercapitalcushion.Theyacceptedthepremisethatcapitaladequacycouldbegaugedonthebasisofthebanks!ˉinternalmodelsand,wherethesewereabsent,ratingsofsecuritiesprovidedbycommercialcreditratingagencies,notwithstandingtheincentivesfortheproprietorsoftheformert
3、otweaktheirmodelstominimizeestimatedrisksandcapitalrequirementsandthetendencyforthelatter,asinvestmentadvisorsaswellasissuersofratings,tofallpreytoconflictsofinterest.Theregimethatresultedwascapitalpooranddangerouslyprocyclical.Regulatorsneglectedliquidity,assumingaw
4、ayproblemsinwholesalemoneymarkets.Bankswereallowedtohiderisksinconduitsandstructuredinvestmentvehiclesandwindowdresstheirbalancesheets.Agencyproblemsflourishedateachstageoftheoriginate-and-distributeprocess.Mortgagebrokershadnofiduciaryresponsibilitytohomeowners.Bank
5、snotkeepingaparticipationinthecomplexderivativesecuritiestheyoriginatedfeltnoresponsibilitytoinvestors.Thestructureofcompensationencouragedbankexecutivestorollthedice,disregardingtheimplicationsoftheiractionsforthesurvivalofthefirm.Andtheregulatorsavertedtheireyes.If
6、youwantmysummaryofthecrisis,thereyouhaveit,inoneparagraph.Ofcourse,thissummarygoesonlyaninchbelowthesurface.Thedeeperquestionishowtheseindefensiblecircumstanceswereallowedtoarise.HereIwouldciteapowerfulideologyofderegulationstretchingbacktoatleasttheReagan-Thatcherye
7、ars.Iwouldciteexcessiveconfidenceinquantitativemethodsofriskmanagement,ValueatRisk,andofassetpricing,theBlack-Sholesmodel.Iamnotacquittingtheacademy,inotherwords;wetoofellpreytoapowerfulcollectivepsychology.Iwouldcitetheintensificationofcompetition,withtheGlass-Steag
8、allrestrictionsstartingtocrumbleevenbeforepassageoftheGramm-Bliley-LeachActin1999,encouragingbankstotakeonadditionalleverageintheir
