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1、外文文献翻译原文及译文（译文4700多字）文献出处：VarottoS.SystemicRiskandBankSize[J]・JournalofInternationalMoney&Finance,2018,Vol.82:45-70.原文SystemicriskandbanksizeSimoneVarottoAbstractInthispaperweanalysefirmlevelsystemicriskforUSandEuropeanbanksfrom2004to2012.Weobservethatcommonsystemicriskindicatorsareprimarilydrivenb
2、yfirmsizewhichimpliesanoverridingconcernfortutoo-big-to-faiF,institutions.However,smallerbanksmaystillposeconsiderablesystemicthreats,asexemplifiedbytheNorthernRockdebaclein2007・Byintroducingasimplestandardisation,weobtainnewriskmeasuresthatoftenprovetobesuperiorpredictorsoffinancialdistressduringt
3、he2007-2009subprimecrisis.WeconcludethatthenewmeasurescouldbeavaluableadditiontotheexistingindicatorsemployedinBaselIIItoidentifysystemicallyimportantbanks・Keywords:Systemicrisk,Financialcrisis,Bankregulation,Too-big-to-fail1.IntroductionAsaresultofthesub-primecrisisof2007-2009andthesovereigndebtcr
4、isisthatfollowed,systemicriskinthefinanceindustryhasbecomeahottopicinacademicandpolicycircles.Thisisbecauseofthesubstantialdamageafinancialcrisismaycausetotherealeconomy(see,forexample,CaprioandKlingebiel,1996;Hoggarthetal.,2002)andthefactthatfinancialinstitutionsdonotinternalizethecostsofsuchnegat
5、iveexternality.Asaconsequence,addressingsystemicriskisattheheartofnewfinancialregulationsuchastheDodd-FrankActintheUSandthenewBaselIIIagreement.AcapitalsurchargeisrequiredbyBaselIIIondomesticandglobalsystemicallyimportantbanks(BCBS,2012,2013).Ontheotherhand,theDodd-FrankActexplicitlyemphasizesthene
6、edtoprovideenhancedregulationoffirmsandsectorsthatposesystemicrisk(Richardson,2011).APigouviantaxhasalsobeenproposedtoforcesystemicallyimportantfinancialinstitutions(SIFIs)tointernalisethecostsofcrisesandthusreducetheirseverity(seeMorrisandShin,2008;Acharyaetal・，2011,2017;Bosma,2016).However,thefir
7、ststeptowardsanysolutiontotheproblemofsystemicinstabilityisthederivationofaccuratesystemicriskindicatorsandthecorrectidentificationofSIFIs・Avarietyofsystemicriskmeasureshasbeenproposedsincethestartofthesub-
