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HW5LY$f] 标  题: 08年经济学院复试翻译——原文及翻译t"Gn7oO'kfX
发信站: 我爱南开站 (2008年04月01日18:30:16 星期二)
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Can bank regulators and central banks prevent future liquidity crises?
M'K g!U1X%I 银行监管者和中央银行能否防止未来的流动性危机？-E&?} B S_Sw
-K~`0jor8V2M7W
POLICYMAKERS and academics are still grappling with the causes and
#e*y1k
E0C%Sji consequences of the credit crunch. One broad area of agreement is that ample
-p:N` Nf!E;_ p,fE “liquidity” encouraged the lax lending that led to bad mortgage debts, and bR\,N!ccv0}(_
a sudden dearth of it helped to precipitate the crisis. But what is 7@ a {J3_
liquidity, why does it suddenly evaporate and what can central banks and
x/{lY+C regulators do to ensure that its ebb and flow does not destabilise aZ7NYay
economies? This and much else is the subject of a special issue of the Bank Zc
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of France's Financial Stability Review.* f;sR"PB(|h
政策制定者和学者们还在设法对付信贷危机的源头和后果。目前一个广泛的共识是，太
J4} m[&h}2y J 多的“流动性”造成贷款泛滥，贷款泛滥导致恶劣的楼宇抵押债务，并且，流动性的突
5^3c a*@.WVv0K 然短缺促使危机的突然加剧。那么“流动性”是什么？为什么它会突然消失？央行和银
)w Ff*~9I w8e 行管理者怎么样才能保证它的消长不致于造成经济不稳定呢？这个以及其他很多问题都
ON9?rh;Ve2T 是法国银行《财经稳定文摘》一个特辑的主题。
@2X*I!X8he
v7H@W A&Q.P The essence of liquidity is the ability to raise ready money to meet g fG(~9z9o
pressing spending needs. A firm is liquid if it has enough cash to pay its
j(Tq^ W!z o
L{:\"G @5{ suppliers and employees and finance its investment. This funding liquidity
*VgZOV.sng5P is linked to a second facet, market liquidity—the ease with which assets c,?|l]c"x B
can be sold without losing their value. If financial markets were complete
8JEJ(l[F)|(}HnO0O and perfectly liquid, firms and households could always raise cash by
N0{D*I#]uiY pledging their future earnings in return. Both funding and market liquidity ]^2t2Ma D$vV*_W$S
rely on a big enough pool of monetary liquidity to draw upon. This is a
|f$[:kG5Uv third aspect of liquidity: the amount of central-bank money flowing around
g8f;[;Q_WMJ the economy.
p)tt-h:p Ug \$a 流动性的本质是一种能提供足够的金钱来应对支出性压力的能力。如果一个公司有足够
bF5HHq{bPxb 的现金去支付它的供应商和雇员，并且为投资注资，那么这个公司是流动性的。这种资
w+u.^n+Ejn+q 金流动性与第二个层面的市场流动性是结合在一起的-----有了它资产可以不被贬值的售
3P X5Tn n b;iC'O 出。如果金融市场流动性充分而完美，那么公司和家庭可以持续不断的以它们未来的收
2h#v M0jlD 入作担保来筹集现金。资金和市场的流动性都依赖于有一个足够大流动性的货币储备能
u[9r E9m;_2Q'~#} 提取。这是第三个层次的流动性：央行可以在整个经济实体中流动的货币的数量。$A;{,]}
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Commercial banks play a vital role in providing liquidity. They furnish
5In-e2i9ov |bd8d ready cash to households and firms in exchange for pledges of future income,
Kte7Wi?^q(\(m such as mortgages and loans. Banks make their profits from bearing liquidity
Dh#mt-f7l#VY)]W risk (holding on to long-term pledges that cannot easily be sold), as well 2D*d;U!Y2SZ
as from credit risk (the danger that such promises may not be kept). The two
qxhN"i;Q5V zc w sources of risk are linked, since the greater the uncertainty about the
4``t y?FWT creditworthiness of borrowers, the harder it is to sell on their loans to a
2F @ _ A
f,Ys third party. Banks can minimise their credit risk by vetting borrowers
;Y? q].? carefully. It is trickier to limit liquidity risk, which depends on the
.iEPsw)i:aK willingness of others to trade in markets.
a o!Hf:kxl N)e 商业银行在提供流动性上扮演这十分重要的角色。它们以家庭和公司未来的收入为担保%ZLEi/Q!S!eME
来为它们提供现金，例如按揭和贷款。银行通过承担流动性的风险（需长期持有不容易
yDt#MNmRE 卖出的抵押品）以及信用危机（还款承诺可能无法实现的危险）来获得利润。这两种来wUy0nBlO
源的风险是相互关联的，因为借贷者的信用不稳定性越大，就越难让第三方接受他们的
lK4^eoU,|`*~ 贷款。银行可以通过核查借贷者的状况来让信用风险最小化。限制流动性的风险可能就
PJEtx qs 更需要技巧，因为这种风险取决于其他人有多意愿在市场上进行交易。9Hx
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Banks are not the only source of liquidity of course. Large firms can raise t+dS3y3f NRs&Iil
funds by selling bonds or shares directly to savers in the capital markets.
-nd\*RI1M2Kr Banks themselves have sold on bundles of their loans as securities. For a \*q
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while, indeed, the securitisation boom made the old textbook role of banks X7? q_6I/d`
seem somewhat redundant. But one of the lessons of the credit crunch is that ?km.bB
banks are still important underwriters of liquidity when markets dry up. D4N;wvp5NVN
When investors began to turn their nose up at securities linked to souring ~ P[FZ.q$|
subprime mortgages and other risky loans, banks ended up financing them.
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{ 银行并不是流动性的唯一来源。大的企业可以通过直接出售债券和股票给资本市场的出hiq+v'M:S
资者来融资。银行自己也把它们大量贷款以证券的形式让其具有价值。的确，在一段时4m*P9U%]NdHWD
间，证券化的热潮让银行在教科书中的原始作用变得多余。但是信用危机的一个教训就)SKx"M8k8u RS0Oj
是，在市场干涸的时候，银行仍然是流动性的重要承销者。当投资者开始把注意力转移
A8xo,La8|#N1I 到与不合格的次级按揭以及其他的风险贷款挂钩的证券上时，银行便不再为投资者提供#m-cXS @!W s(zc6iq
资金。/ul%EaT nsx
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That has been one of the main causes of the convulsions in interbank lending -G+RoV.g;\rBl
markets, a usually humdrum corner of the financial system which once again (` v?~G#^
is showing signs of strain. In normal times, banks share their cash reserves
J&pN,XFL9vY y with each other through short-term loans at interest rates that should
1OdR8{ M/h closely track the policy rates set by central banks. Since the crisis broke,
.^v;y"X1j7p1~ interbank lending rates have sometimes been unusually high compared with 8\C2l*Pv
policy rates. Again this week they were signalling that banks may be 'iE4FC$Y(Uq
hoarding liquidity—either because they are worried about their rivals' Ur(\ }
liV
exposure to dodgy loans, or because they do not want to be caught out in the
l
C;s/xO(`;~h scramble for cash."O Xv$ADu(bC;~'G
那就是银行同业拆放市场出现混乱的重要原因之一，银行同业拆放基本是在处在金融体
8Im|/^+de
P.U 系中平静一角的，现在金融体系也一再发出紧缩信号。一般情况下，银行间彼此会通过"w(|.zE'a,?.kx#?p
短期贷款来平衡准备金的储备，而它们之间短期贷款的利率是紧跟央行的基准利率的。
!R)\,T/hva 自从危机爆发以来，银行同业拆放利率有时候不同寻常的比基准利率高出很多。这个星
ueAU|(c"cA!X:j&L? 期，他们再次传达出讯号，银行可能在临时限制流动性----可能是因为它们可能担心同
C7U-@ CPh$` 业竞争者牵涉进入危险贷款，或者不想被发现他们正在争夺现金。+~-N,iEG

:^)p5k~ qGe4T Throughout the crisis central banks have sought to iron out these kinks. At
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_ first they offered emergency lending facilities, but banks were reluctant to
lp%D9[7D K9}VT4Rv tap them, because of the stigma attached. To counter the strains in money C-]7}7QS3|6z
markets, central banks in America and Britain decided to ease the terms of uX,]uESr
their lending to all commercial banks. Interbank borrowing costs eased over
%WMk#x)E#VYQnV"K
X the new year after the European Central Bank (ECB) and the Federal Reserve
2a.~xK
g.?pu injected $660 billion between them into money markets. If interbank spreads
#ibL9HOSDYP continue to widen, the ECB, the Fed and other central banks may have to
J9^$ZbTHc intervene once again.
2Y4RyB[k!v;MC 在这次危机的整个过程中，央行曾寻求消除这些缺陷。起初，它们曾经提供紧急借贷措
S
B,j~;nK(w 施，但是银行并不愿意去选择它们，因为它们觉得这是耻辱。为了对抗货币市场的紧!j_M
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缺，美国和英国的央行都决定放宽条件向所有商业银行借款。银行同业借钱的成本开c-`pY3aUz9pR2U
支，在新年之后欧洲央行和美联储向货币市场注资6千6百亿之后，开始缓解。如果银行
Q4rn!R)B 同业拆放利率差继续拉大，欧洲央行和美联储可能会再次干预。O }6H8G G

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U3T-F Prevention or cure? 预防还是根治？4@3N4Y/}0Ny


Y&b,~&M)p'qO Given these recurrent tensions in the market, how might future liquidity V4kdh:DB
shocks be prevented or, at least, coped with? The proposals in the Bank of
&? E6Nq(YD2T1D France's symposium have two broad thrusts. The first says that central banks
:|ec;`S8T9yp should get their hands dirtier during liquidity crises. Andrew Crockett, a
{8mwIgl[ former head of the Bank for International Settlements, thinks central banks
NG*y?_m7l should broaden the range of collateral they accept when they supply cash to
v;mO+k T#M.{ commercial banks. This would make it easier to soothe funding pressures in :F#gE'o { m@Q{
money markets. It would also improve market liquidity for assets eligible as
3S;{!JC:xS3\}w4l security for central-bank money, to the benefit of overall financial
;zhs*| q stability.g5@OtK'h:m
由于市场再度出现紧张状况，应该如何避免，或者至少是应该如何应对未来流动性带来5b&P^FK9\5S&j
的冲击呢？法国银行研讨会提出的方案中有两大核心。第一点说，央行应该更深的插手 kM&w
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干预流动性危机。西雅图国际银行的前任领导Andrew Crockett认为，央行在给商业银行,{3Zp6O T%M-m
z&_|
提供现金的时候，应该扩大他们可以接受的担保的范围。这样可以更容易的缓解货币市'J VS(E3a1g
场的资金压力。这也可以为以央行货币担保的合格资产加强市场流动性，以此来稳定金
G` O/\3n1s/^4Lm 融全局。
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The second, more orthodox, proposal is for tougher regulation of banks' oCG(Mz1HoA
liquidity. Holding low-yielding liquid assets is costly for commercial Bc h@E
X9D4`
banks. They are reluctant to forgo profitable lending just to protect

`F'ok\{w@&z themselves against the remote chances of a liquidity shock—especially when, Hp w^b2DG
in a crisis, the central bank is likely to step in with extra cash. For
)h8S1|MTk~OjX these reasons banks should be encouraged to consider more seriously the } ZC.Mf8dM9_
liquidity of their loans as well as their default risk.9Qp5h `1w+SN
第二点，更加传统，这份方案提出对银行流动性采取更严格的规管。对于商业银行来1y!I-]T-H
说，持有回报率低的流动性资产成本非常大。它们并不太愿意仅仅为了保护他们自己免
9sb1C^X 受可能极小的流动性危机，而放弃有利可图的贷款，特别是在危机中，央行可能出手注,\FJo&~
入更多资金。因为这些原因，因此它鼓励银行应该更慎重的考虑它们的贷款的流动性，!D,b']G}T
以及违约风险。
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(nuA{h| There is something complementary about these two proposals. The bigger the ke+m$r:w"{\(B
role that central banks have in offering liquidity support, the less
-p@Iq5e/|8ozvy'u commercial banks need to worry about their liquidity risk—which is why h_9l&o7j6G*o{D
tougher regulation of liquidity is required. The worry is that an overly /{+e+{0n~9_A
liberal collateral regime could displace private markets and their 6qc1VK"QN
discipline; the ECB, for instance, which accepts a broad range of
i N+v1}7C#r collateral, is believed to have taken some undesirable securities that could +_p-{f6K:[)\:e$c}
not easily be funded elsewhere. The offer of liquidity insurance may
,o3i7q'x-Jw)Yq influence the price of the affected private-sector assets; it would also
Xv| P5mBU7g discourage private rescuers from holding liquidity by making fire-sales less w#t:@R-i'q Xw
likely. Why, finally, should the state offer broad liquidity insurance: H Y:F_&pK,g
isn't that what commercial banks are for?8H8d9g\6nTLS
对于这两个安放有一些需要补充。央行提供对流动性支持的作用越大，商业银行就越少R%_'[W;hz9P
需要担心它们的流动性风险-----这就是为什么需要对流动性的规管应该更严格。但是让
7l)r&NRh!x 人担忧的是，整个自由化的担保体系会替代私有市场和它们的原则；例如，接受更广泛%U{"B5e R*G~{
担保的欧洲央行，相信也接受了不少不受欢迎也不易从他处获得注资的证券。为流动性#E*uRX0J%RG d0s
提供安全保障，可能会影响到那些受到影响的私有资产的价格；它也通过降低贱卖资产
Jj-dP"R2fJ 的可能性来阻止私有救市者限制流动性。最后，那为什么国家要提供更广泛的流动性保| q E-G.@b
障呢：难道这不正是商业银行该做的吗？
c)A_5aD Y~ \

$H Bj:}?pX [[i] 本帖最后由 控制面板 于 2008-4-1 22:18 编辑 [/i]]

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这么好的帖子，顶！

:P 顶！

好贴！顶！今年我考得也是南开。专业课差了，每上上。在我心中南开始最优秀的。博士我再来！

好难啊

不是很难啊  不过我不考南开  有谁考复旦吗

谢谢

谢谢拉＠

好人啊  辛苦辛苦

辛苦！  顶一下

太感谢咯