积极应对信贷风险【外文翻译】

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1、外文翻译CopingwithcreditriskMaterialSource:http://econpapers.repec.org/scripts/search/search.asp?ft=credit+risk&pg=2Author:HarrisSchlesingerAbstractPurpose–Thispaperaimstoproposeanewmethodforcreditriskallocationamongeconomicagents.Design/methodology/approach–Thepaperconsidersapoolofbankloanssubjecttoa

2、creditriskanddevelopsamethodfordecomposingthecreditriskintoidiosyncraticandsystematiccomponents.　Thesystematiccomponentaccountsfortheaggregatestatisticaldifferencebetweencreditdefaultsinagivenperiodandthelong-runaverageofthesedefaults.Findings–Thepapershowshowfinancialcontractsmightberedesignedtoa

3、llowforbankstomanagetheidiosyncraticcomponentfortheirownaccounts,whileallowingthesystematiccomponenttobehandledseparately.Thesystematiccomponentcanberetained,passedofftothecapitalmarkets,orsharedwiththeborrower.Inthelattercase,thepaperintroducesatypeoffloatinginterestrate,inwhichtherateissetinarrea

4、rs,basedonacompositeindexforthesystematicrisk.Thisincreasestheefficiencyofrisksharingbetweenborrowers,lendersandthecapitalmarket.Practicalimplications–Thepaperhasseveralpracticalimplicationsthatareofvalueforfinancialengineers,loanmarketparticipants,financialregulators,andalleconomicagentsconcerned

5、withcreditrisk.Itcouldleadtoanewclassofstructurednotesbeingtradedinthemarket.Originality/value–Thepaperalsoillustratesthepotentialbenefitsofriskdecomposition.Ofcourse,aswithanyinnovation,theimplementationofthestructuredcontractswouldraisepracticalissuesnotaddressedhere.Thepaperalsomakesseveralimpl

6、ications:marketriskisignored;thelevelofdefaultisconstantandidenticalamongborrowers.Theseimplicationscouldbeliftedinfutureresearchonthistheme.KeywordsCreditrating,Riskanalysis,Banking,Contracts,CapitalmarketsPapertypeResearchpaperCreditriskispervasivethroughoutfinancialmarkets[1].Traditionally,vari

7、ousfinancialinstitutionshaveassumedtheburdenofcreditrisk.Banksbearthecreditrisk　attachedtobankloansandforwardcontracts.Creditinsurancecompanieshaveprovidedcoverageforthecommercialcreditriskfacedbysuppliersofconsu