在現(xiàn)代金融體制中的系統(tǒng)性風(fēng)險(xiǎn)[文獻(xiàn)翻譯]

1、外文文獻(xiàn)翻譯譯文一、外文原文原文：原文：SystemicriskinmodernfinancialsystemsPurpose：Inrecentyearsthefinancialsystemhasbeenchangingrapidly.Atthesametimemacroeconomicvolatilityhasfallenindevelopedcountries.Thepurposeofthispaperistoexaminehowt

2、hesedevelopmentsmayhaveaffectedthenatureofsystemiccrises.Thepaperalsoaimstodiscusshowcentralbanksotherfinancialregulatsmightrespondtothesedevelopmentswithaclearermerigousoperationalframewkftheirsystemicfinancialstability

3、wk.Findings：Themodelssuggestthatfinancialinnovationintegrationcoupledwithgreatermacroeconomicstabilityhaveservedtomakesystemiccrisesindevelopedcountrieslesslikelythaninthepastbutpotentiallymesevere.Implementingapractical

4、framewkffinancialstabilitywkinresponsetothisraisesmanyfablechallenges.Practicalimplications：Ifindividualsareriskaversetherecentchangeintheprofileofcrisescouldlowerwelfarewouldsuggestthatpolicymakersshouldplaceahigherprem

5、iumonactionstomonitmitigatesystemicrisk.Theanalysisalsohighlightstheimptanceofdifferentiatingtheprobabilityofrisksfromtheirpotentialimpact.IntroductionSystemicrisksaretherisksoverabovethosenaturallypricedmanagedbyfinanci

6、alintermediariesthemselves.Theyposeathreattotheeffectivefunctioningofthefinancialsystemasawholetotheeconomymebroadly.AsHoggarthshowsystemicfinancialcriseshavemajeconomiccostswhichextendwellbeyondthelossesbnebythesharehol

7、dersoffailingfinancialinstitutions.Themaintenanceoffinancialstabilityistherefeakeyobjectivefcentralbanksotherfinancialregulats.Themodelcontainsthreetypesofagent:consumersintermediariesfirms.Consumersarewellendowedbutcano

8、nlyproduceusingarelativelyunproductivetechnologyoperatinginthe“traditional”sectoftheeconomy.Therefetheychannelfundsthroughintermediariestofirmsoperatinginthemeproductivesectoftheeconomy.Intermediariesarebestviewedasopera

9、tinginthemodernfinancialsystem:theycouldbeinterpretedastraditionalbanksbutthemodelisalsodesignedtoapplytotheactivitiesofhedgefundsprivateequityfirmsothernonbankfinancialinstitutions.Theybrowfromconsumersinvestinfirms.Fir

10、mshavenospecialroleinthesetup.Theysimplymanageinvestmentprojectsinexchangefanegligiblepayment–thiscouldbeviewedasfollowingfromperfectcompetitionamongstfirms.Thisimpliesthatintermediarieseffectivelyhavecompletecontrolover

11、investmentprojects.Theassumptionthatintermediarieshavefinancialcontroloverfirmsmayappearsomewhatextreme.Butitembedssomeoftherecentdevelopmentsinfinancialmarketsinasimpleway.InparticularasPlantinetal.(2005)stressthegreate

12、ruseofsophisticatedfinancialproductssuchascreditderivativesthedeepeningofresalemarketsfcapitalhavemadeiteasierfintermediariestotradetheirassets.Thisespeciallyappliestonontraditionalfinancialintermediaries.Intermediariesb

13、rowfromconsumersbyfmingstatecontingentequitytypecontractswiththem.Butthesecontractsaresubjecttolimitedcommitmentpotentialdefault.Thisfrictionimposesfinancialconstraintsonthecontracts:specificallytheamountthatintermediari

14、escanbrowisrestrictedbyamaximumloantovalueratiotheabilityofintermediariestoinsureagainstbadoutcomesfinvestmentprojectsislimited[1].Thisfrictionisfundamentaltothemodel:withoutitsystemicfinancialcriseswouldneveroccur.Itmea

15、nsthatifanadverseaggregateshockhitstheproductivesectintermediariesmaybefcedtosellassets(capital)tothetraditionalsectoftheeconomytoremainsolvent.InthespiritofShleiferVishny(1992)thisdistresssellingcausestheassetpricetofal