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1、毕设附件外文文献原文及译文文献出处作者:MarcusD期刊:Economics&Management,2016年,第5卷,第3期,PP:55-65.原文ThestudyofcommercialbanksdeleveragingMarcusDAbstractAttheendof2007,theoutbreakofthesubprimecrisisintheUnitedStatesandtheworldeconomyhaveproducedhugeimpact,itsoutbreakearlytrigge
2、rissubprimemortgageloansintheUnitedStates.Inordertoimprovetheliquidity,risktransfer,housingmortgagelenderscreditratingsbycreditratingagencies,throughtheinvestmentbankassetsecuritization,anddifferentlevelsofthesubprimeloanportfoliocreditpackageformthesub
3、ordinateddebt,atlast,throughthesocialsecurityfund,investmentBanks,commercialBanks,hedgefunds,insurancecompanies,etc.Notpracticalreturnexpectationswillbeexcessivecapitallimitedinvestmentvehicleisintroduced,causedunprecedentedbubble.Duetoexcessiveleverage
4、pseudowealthdistortseconomicrelations.Thestockmarketvolatilityandfinallyresultedtheglobalfinancialstorm.Keywords:CommercialBanks;Leverage;Deleveraging;Riskmanagement1IntroductionDuringthecrisis,thebankingsystemofrapiddeleveragingweakensthefunctionofthec
5、reditintermediary,ledtothecreditcrunch,amplifyingtheeffectsofthecrisis.Thefinancialcrisistriggeredanationalwidereflectiononthecurrentregulatorycapitalframework.Crisisshowsthatthemajornationalcommercialbankcapitallevelsandthereareseriousqualityproblems,m
6、ainlyincludes:oneisthebalancesheetsoffinancialinstitutionshighdegreeofleverage.Aggravatethefragilityofthefinancialsystem.Second,somecommercialBanksuseeconomiccapitalmodelofcomplexarbitrage,makestheamountofcapitalBanksreduce,weakenthebank'sabilitytoresis
7、trisk,thefinancialcrisis,accordingtosomeinternationallargefinancialinstitutionsfacingitsowncapitalstrengthisnotenoughtooffsetthehugelosses.Third,inthefaceofcrisis,coretier1capital(commonstockandretainedearnings)otherthanthecapitalformationdidnothavethee
8、ffectofabsorptionloss.Bankshavetothroughtheexternalfinancingorrelyonthegovernmentcapitalinjectionwaytocompensatefortheloss.Afterthefinancialcrisis,theBaselcommitteeinternationalbankingregulatoryorganizationsfromvariousperspective