减少美国金融系统的系统性风险[文献翻译]

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1、原文：TheReductionofSystematicRiskInTheUnitedStatesFinancialSystemGoingforward,thecentralproblemforfinancialregulation(definedastheprescriptionofrules,asdistinctfromsupervisionorriskassessment)istoreducesystemicrisk.Systemicriskistheriskthatthefailureofonesignificantfinancialinstituti

2、oncancauseorsignificantlycontributetothefailureofothersignificantfinancialinstitutionsasaresultoftheirlinkagestoeachother.Systemicriskcanalsobedefinedtoincludethepossibilitythatoneexogenousshockmaysimultaneouslycauseorcontributetothefailureofmultiplesignificantfinancialinstitutions

3、.ThisArticlefocusesontheformerdefinitionbecauseproperregulationcouldhavethegreatestpotentialtoreducesystemicriskinthisarea.Therearefourprincipallinkagesthatcanresultinachainreactionoffailures.First,thereareinterbankdeposits,whetherfromloansorfromcorrespondentaccountsusedtoprocesspa

4、yments.TheseaccountswerethemajorconcernwhenContinentalIllinoisBankalmostfailedinthemid-1980s.Continentalheldsizabledepositsofotherbanks;inmanycases,theamountofthedepositssubstantiallyexceededthecapitalofthedepositorbanks.Thesebanksgenerallyheldsuchsizabledepositsbecausetheyclearedp

5、ayments,suchaschecksorwiretransfers,throughContinental.IfContinentalhadfailed,thosebankswouldhavefailedaswell.Section308oftheFDICImprovementActof1991givestheFederalReserveBoardpowerstodealwiththisproblem.TheActpermitstheBoardtolimitthecreditextendedbyaninsureddepositoryinstitutiont

6、oanotherdepositoryinstitution.Limitationofinterbankdepositsmaybefeasiblewithrespecttoplacementsbyonebankwithanotherbecausetheamountofcreditextendedisfixedforagiventerm.Indeed,itappearsthatthechain-reactionriskarisingfrombilateralcreditexposuresfromovernightFederalReservefundstransa

7、ctionsisquitelow:Losseswouldnotexceedonepercentoftotalcommercialbankingassetsaslongaslossratesarekepttohistoricallyobservedlevels.Exposuresaremoredifficulttoidentifywithrespecttointerbankclearingaccountswheretheamountofcreditextendedisafunctionofpaymenttraffic.Forexample,BankAmaybe

8、creditedbyitscorrespondent