淺談金融危機(jī)(外文翻譯)

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中文： 4300字
英文： 14000字符


在過去一年半的時間里，全球金融系統(tǒng)承受著巨大的壓力，這種壓力目前正在全球經(jīng)濟(jì)體系內(nèi)廣泛蔓延。這場危機(jī)的主要原因是美國樓市出現(xiàn)了拐點(diǎn)，導(dǎo)致了次級貸款的違約率上升，從而使許多金融機(jī)構(gòu)蒙受了巨額損失，也動搖了信貸市場投資者的信心。然而，雖然次貸危機(jī)是本次金融危機(jī)的導(dǎo)火索，但是美國抵押貸款市場只是繁榮的全球信貸市場的一部分，信貸市場的擴(kuò)張已經(jīng)遠(yuǎn)遠(yuǎn)超越了抵押貸款的范疇，涉及到其它各種形式的信貸，它們包括承銷標(biāo)準(zhǔn)的普遍下降、投資者和評級機(jī)構(gòu)對貸款監(jiān)管的缺失、市場對復(fù)雜且不透明的信貸工具的過度依賴（事實(shí)證明這些工具在壓力下是極為脆弱的）以及對承受風(fēng)險給予過低的回報。
一、金融危機(jī)是什么？
金融危機(jī)又稱金融風(fēng)暴，是指一個國家或幾個國家與地區(qū)的全部或大部分金融指標(biāo)(如：短期利率、貨幣資產(chǎn)、證券、房地產(chǎn)、土地(價格)、商業(yè)破產(chǎn)數(shù)和金融機(jī)構(gòu)倒閉數(shù))的急劇、短暫和超周期的惡化。金融危機(jī)可以分為貨幣危機(jī)、債務(wù)危機(jī)、銀行危機(jī)等類型。此次的金融危機(jī)是系統(tǒng)性金融危機(jī)，次貸也只是美國這棵金融大樹上的一個分枝，它的斷裂沒有得到及時處理，導(dǎo)致整棵大樹幾乎全面倒塌，整棵大樹的倒塌又導(dǎo)致全球性的金融災(zāi)難。
二、金融危機(jī)的根源？
雷曼兄弟申請破產(chǎn)保護(hù)、美林“委身”美銀、AIG告急等一系列突如其來的“變故”使得世界各國都為美國金融危機(jī)而震驚。加上之前垮下的貝爾斯登，曾經(jīng)的華爾街五大投行已經(jīng)去之有三。華爾街對金融衍生產(chǎn)品的“濫用”及美國的貨幣政策終于導(dǎo)致了這次金融危機(jī)的爆發(fā)。更為糟糕的是這場源自美國的金融危機(jī)正在向?qū)嶓w經(jīng)濟(jì)蔓延，而且極有可能演變成全球性的經(jīng)濟(jì)危機(jī) ......


For almost a year and a half the global financial system has been under extraordinary stress--stress that has now decisively spilled over to the global economy more broadly. The proximate cause of the crisis was the turn of the housing cycle in the United States and the associated rise in delinquencies on subprime mortgages, which imposed substantial losses on many financial institutions and shook investor confidence in credit markets. However, although the subprime debacle triggered the crisis, the developments in the U.S. mortgage market were only one aspect of a much larger and more encompassing credit boom whose impact transcended the mortgage market to affect many other forms of credit. Aspects of this broader credit boom included widespread declines in underwriting standards, breakdowns in lending oversight by investors and rating agencies, increased reliance on complex and opaque credit instruments that proved fragile under stress, and unusually low compensation for risk-taking.
※First, what is the financial crisis
Financial crisis, also known as the financial turmoil, means a country or several countries and regions all or most of the financial indicators (such as: short-term interest rates, monetary assets, securities, real estate, land (prices), the number of commercial bankruptcy and financial institutions closed down number) of a sharp, short and ultra-cycle deterioration. Financial crisis can be divided into currency crises, debt crises, banking crises, such as the type. The financial crisis is ......