[雙語(yǔ)翻譯]外文翻譯--利率自由化或經(jīng)濟(jì)控制中國(guó)銀行系統(tǒng)的案例分析（節(jié)選）

1、2100 英文單詞， 英文單詞，11500 英文字符， 英文字符，3450 漢字 漢字文獻(xiàn)出處： 文獻(xiàn)出處：Mihaiyiannaki S, Riosmorales R. Interest Rates Liberalization or Economy Control: The Case of the Chinese Banking System[J]. Journal of Transnational Management, 201

2、5, 20(2):87-106.Interest Rates Liberalization or Economy Control: The Case of the Chinese Banking SystemSIMONA MIHAI-YIANNAKI；RUTH RIOS-MORALESThe Chinese Central Bank decided on June 8 and July 6, 2012, on the duplicati

3、on and consecutive cut of the deposit and loan interest rates, together with the simultaneous loosening of the interest rate floating range of their financial institutions. Unquestionably, these measures resulted in a d

4、rastic change of the operating strategies of the whole banking system, for both nationalized and the private commercial banks. The article follows up on the causes and effects of these decisions in the Chinese banking ar

5、ena, predicting a higher possible level of bad loans and followed by a higher systemic risk due to the three major banks’ reactions and copy-cat decisions in fixing interest rates. The research methodology uses the GARC

6、H (1,1) model and the VaR to identify the way the interests are adjusted and study if this decision indicated a real liberalization or rather a controlled interest rate change by the authorities. Eventually, the Chinese

7、interest rate liberalization brought good and bad news to the economy, while the essence remains in how such liberalization is handled and what is intended for the entire economy.KEYWORDS：central bank, China, commercial

8、 banking, economic models, emerging economy, GARCH model, interest rates liberalization, risk management, VaRINTRODUCTIONThe term structure of interest rates, determining the relationship between yields on a bond and

9、time to maturity, but also access to credit and monetary policies, plays a fundamental role in economics and finance, including derivatives pricing, hedging, and risk management (Hong, Lin, & Wang, 2013). The BOC (B

10、ank of China) was the third of four prodigious and nationalized commercial banks of China listed on the Chinese mainland and Hong Kong Stock Exchange since 2006. The development of BOC was under the influence of both g

11、overnment policies and the financial market, factors which led to a number of calculated acts, the nature of which was imperative to successfully adapt not only to financial development and government policies, but als

12、o to increase profitability and to attain a potential risk decrease to become more profitable and competitive worldwide.Richard Harris (2014) an Investment fund executive in Hong Kong, mentioned that the Chinese govern

13、ment’s world-record US$4 trillion of foreign reserves could back local government borrowing, but this is not cash with which to pay off irresponsible debt accumulation. This research investigates Chinese interest rate

14、liberalization, especially the way interest rates adjustment affected the development of BOC, through the analysis of BOC’s returns, risks, and stock price and consequently It appears there was not a direct influence of

15、 interest rate on BOC profitability because the funding gap and duration gap controlled by managers could change the profitability of banks in general, while the results of the research confirm this also. Because the inf

16、luence of the interest rate on stock price was based on a variety of external factors, there was an ordinary correlation between interest rate and stock price. The volatility and value-at-risk of BOC were both smaller th

17、an those of the other two banks. It indicated that the investment risk of BOC was lower than others and that BOC looks safer than the other two banks.How to Identify and Measure the Interest Rate Risks of BOC?The results

18、 of VaR clearly proved the fact that, by using a VaR model that is based on the historical data and GARCH(1,1) it reflected the similar characteristics, which showed that both methods used to calculate the volatility of

19、stock price are effective. Risks of investing state-owned commercial banks are generally less than that of the investing private commercial banks. The reason is that the state-owned banks are more cautious on loans compa

20、red to private banks and only lend to large projects fostered by state policies or large state-owned enterprises, thus the risk of bad loans is small.Comparing BOC’s VaR with that of the other two banks, the reasons of m

21、inimum average volume of BOC include low volatility of stock price and low profitability. Besides, the higher the confidence level the greater the range of probability, and then the higher the probability of larger losse

22、s that banks will suffer. In addition, the rise of interest rates also causes the increase of the ratio of bank bad debts. However, the bad debts extent of BOC was lower than private banks because it was under control of

23、 government.RecommendationsThe suggestions include two main aspects, which include the increase of its earnings and the control and reduction of risks in line with the analyzed elements, as follows:1. Increased earning

24、s may include the increasing of income and the reduction of expenditures. However, both employ different strategies:(1) Reduction of the costs and losses from the capital pool BOC uses capital pool to manage all the sub

25、sidiary banks’ capital uniformly in long-term duration. The BOC subsidiary bank must save deposit money from customers into the capital pool to get capital interest deposit interest (part of subsidiary bank incomes) an

26、d take out money from it to provide loans to customers and also they need to pay capital pool loan interest (part of subsidiary bank expenses). The net interest incomes spreads of subsidiary banks equal to‘‘ loan intere