下载
加入VIP
  • 专属下载特权
  • 现金文档折扣购买
  • VIP免费专区
  • 千万文档免费下载

上传资料

关闭

关闭

关闭

封号提示

内容

首页 衍生金融工具外文翻译----金融衍生工具风险管理不善和AIG的案例

衍生金融工具外文翻译----金融衍生工具风险管理不善和AIG的案例.doc

衍生金融工具外文翻译----金融衍生工具风险管理不善和AIG的…

小小水马走
2017-09-30 0人阅读 举报 0 0 暂无简介

简介:本文档为《衍生金融工具外文翻译----金融衍生工具风险管理不善和AIG的案例doc》,可适用于综合领域

衍生金融工具外文翻译金融衍生工具风险管理不善和AIG的案例中文字毕业设计,论文译文题目名称:FinancialDerivatives,theMismanagementofRiskandCaseofAIG院系名称:国际教育学院班级:会计学号:学生姓名:指导教师:年月中原工学院××××学院论文外文译文金融衍生工具风险管理不善和AIG的案例JeffreyHobbs,phD摘要:在过去三年里全球性金融危机已是众所周知本文探讨了金融衍品在此期间的角色。尽管衍生品通常被视为诡异而难以理解的工具但与它所造成的破坏相关的更多的是经济问题而不是它自身的复杂性。本文对衍生品作出解释后又针对涉及到理性(代理成本)与非理性的基本经济问题给出了解释。文章又阐释了放松管制、非透明性因素、理性与非理性是如何互相作用而导致AIG崩溃的最后为如何减少衍生品的滥用和导致其滥用的一般性经济问题提出建议。年人们首次感受到开始广为人知的全球金融危机的震感。现如今金融危机的附带结果更严重的是人类在道德和判断方面的错误将为继续破坏经济创造金融危机条件。危机的直接原因很明显:历史上许多金融机构过度杠杆化再加上抵押贷款衍生证券的高投资和将市场低迷放大到破产地步。本文旨在发掘危机背后的潜在(间接)原因。尽管许多致使危机不断升级的金融工具还相对较新但它们的滥用若不是在数世纪前就是更早就已为成熟了几十年的一些基本经济原理所预言。因此任何对于发生在系统内业务具有先验知识的人来说都不会对此结果感到惊讶。我描述了如何通过放松管制(或者说规章失效演变伴随衍生品市场)和伴随性缺乏透明度老生常谈的经济问题恶化起来进而市场崩溃。这里的分析涉及经济思想的两个方面:一是关于非理性与人的行为另外是理性与代理成本的存在。所有这些经济问题(基于理性和非理性的)都在很大程度生归因于过去三十年金融世界的管制放松和不透明性这两点也是金融世界的主要特征。文章通过探究衍生品的作用希望读者不仅能更好的理解衍生品也能对导致金融危机反复发生的激励机制和失误策略有更深的了解。什么衍生品,为了通过使鲜为人知的金融术语比如“抵押贷款证券”和“信用违约掉期”这些深奥词款占据我们的集体意识来了解这个壮观的过程我们必须首先了解什么是衍生品。不纠缠于标准定义(“资产完全来源于和其价值完全基于另一种资产”)我将提供一个比较。对于典型的资产投资者的资产单纯随资产的最终价值而增闻和年巴林银行通过“流氓交易员”尼克利森而毁于一旦中发挥作用。这是一个类似的错误甚至比房地产泡沫期间的更大将被再次造成的保证。事后诸葛揭示了这些错误的愚蠢性但又很容易在一个又一个的市场繁荣期被遗忘。使普通的泡沫区别于全球金融危机这种事件的是风险承担在这种情况下随着一些金融公司的杠杆率在短短几年内就翻一番或者甚至增至三倍抵押贷款证券化的过程与史无前例高风险携手并进。著名经济学家约瑟夫斯蒂格利茨()总结了它的优秀的金融危机治疗中原工学院××××学院论文外文译文法和名为“自由落体”的经济激励措施的本质:美国自由市场和世界经济的沉没的话是“这些都是机会。真正的危险是我们抓不住他们。”我们知道事实上已经知道了一段时间不透明性、代理成本和人类的非理性的危险。只有通过采取措施阻止前两种危险(第三种可能是主动要失败的努力)我们才能避免金融灾难或者起码使其最小化。这些措施需要迅速采取因为我们的记忆是短暂的。在我们忘记不及以后在这里描述的问题将会又一次自动蔓延开来。来源:PublishedbytheCPCUSociety,,中原工学院××××学院论文外文译文FinancialDerivatives,theMismanagementofRiskandtheCaseofAIGJeffreyHobbs,phDIntroductionIn,thefirstrumblingsofwouldcometobeknownastheGlobalFinancialCrisiswerefeltTodaythefalloutofthecrisisand,moreimportant,thehumanerrorsinethicsandjudgmentthatmaketheconditionsforthecrisispossiblecontinuetoimperiloureconomyThedirectcausesofthecrisisareclear:historicallyexcessiveleverageonthepartofmanyfinancialinstitutions,coupledwithahighlevelofinvestmentinmortgagebackedderivativesecurities,magnifiedtheimpactofadownturninthemarkettothepointofinsolvencyThepurposeofthisarticleistoexploretheunderlying(ieindirect)causebehindthecrisisAlthoughmanyofthefinancialinstrumentsthatservedtoescalatethecrisisarerelativelynew,theirmisusewasforetoldbybasiceconomictheoriesdevelopeddecadesifnotcenturies,earlierThus,anyonewithpriorknowledgeofthetransactionstakingplacewithinthesystemshouldnothavebeensurprisedbytheoutcomeIdescribehow,throughderegulation(orthefailureofregulationstoevolveinstepwiththederivativesmarket)andanaccompanyinglackoftransparency,ageoldeconomicproblemsbecame,exacerbatedandthemarketsubsequentlycollapsedTheanalysispresentedhereinrelatestotwodimensionsofeconomicthought:onepertainingtoirrationalityandhumanbehaviorandtheotherpertainingtorationalityandtheexistenceofagencycostsBothofthesesetsofeconomicproblems(rationalitybasedandirrationalitybased)owelargelytotheclimateofderegulationandopaquenessthatcharacterizedthefinancialworldoverthepastthreedecadesByexploringtheroleofderivativesinthiscontext,itishopedthatreadersgainabetterunderstandingnotonlyofderivativesbutalsooftheincentivesandmistakesthatcausefinancialcrisestooccuroverandoveragainWhatisaDerivativeInordertounderstandthespectacularprocessthroughwhichabstrusetermslike中原工学院××××学院论文外文译文―mortgagebackedsecurity‖and―creditdefaultswap‖gofrombeinglittleknownbitsoffinancejargontoinhabitingourcollectiveconsciousnes,onemustfirstunderstandwhataderivativeisRatherthandwellonthestandarddefinition(―anassetthatiswhollyderivedfromandwhosevalueisthuswhollybaseduponanotherasset‖),IwillofferacomparisonFortypicalassets,theinvestor’sreturnincreasesmonotonicallywiththeasset’sendingvalueAstockthatcosttheinvestor$topurchaseyieldsareturnofpercentifthatstock’sending(sale)valueis$,andpercentifitsendingvalueis$Withalmostallderivatives,thisisnotthecaseConsiderthemostheavilytradedderivativeofall,thecalloptionAcalloptiongivestheownerthechoice,butnottheobligation,tobuyaspecificassetatapresetprice(it’sa―limitedtimeoffer,‖howeverusuallythischoicewillexpirewithinoneyear)Similartothelastexample,assumethereisacalloptionthatgrantsthechoicetobuyashareofstockfor$Ifonthedaytheoptionexpirestheunderlyingstockisworth$orless,thentheoptionisworthlessitoffersnopricingadvantageoversimplybuyingthestockinthestockmarketThus,tothecalloption’sownerthereisnodifferencebetweenthestock’sendingvaluebeing$anditbeing$Inbothcasestheownerpaidtohaveachoicethatheorsheendedupnotusing,resultinginapercentlossontheinvestmentBysettingtherulessothatallpossibleendingvaluesofthestockthatarebelow$resultina–percentreturn,andbecausetheownerhastherightonlytobuythestockitself(thuspayinganadditional$),optionstendtobeverycheaprelativetotheassetsonwhichtheyarewrittenTherefore,thesecontractsalsoofferthepotentialforspectacularupsidereturnTheseextremecharacteristicsofriskandprofithaveseriousimplicationsforthosewhotradeoptionsTheEconomicsofMismanagement:IrrationalityPatternsofhumanirrationalityhavelongbeenobservedbysociologists,psychologists,mathematicians,statisticians,biologistsandmembersofotherdisciplinesEconomics,thefieldonwhichmostbusinessdecisionmakingrests,haslongsoughttominimizetheimpactofirrationalityforthesakeofcleanliness,clarityanditsownscientificstatusBecauseoftheneedforsimple,understandablemodels,manyandsometimesallaspectsofhumanirrationalityareassumedawayTheuseof中原工学院××××学院论文外文译文thesemodelsinpracticecanproduceresultsthatarenothingshortofdisastrousDerivativesshouldbeusedprimarilyforhedgingpurposesWhenusedtohedge,Theyofferprotectionfromriskatagenerallylowercostthandootherinstruments(eginsurance)Theproblemisthathedgingdoesnotalignwellwithhumanpsychologyparticularlythetheoryof―AnimalSpirits‖In―upmarkets,‖whenhighreturnsarethenormandasenseofoptimismprevails,theprospectofhedgingtendstobeforgottenor,worse,isseenasdestructivetoprofitsThismindsetoftenleadscompaniestohedgeonlyafterthemarkethassufferedadownturn,thegeneralsenseofoptimismhasshiftedtooneofpessimism,andcatastrophiclosseshavebeenrealizedThispracticeistheequivalentof―performancechasing‖intheinvestingworldTheimpactofhumanemotionontradinghasbeenstudiedboththeoreticallyandempirically(seeTuthillandFrechette())However,ifthemodelsweuseinpracticetomeasureriskcontinuetoignorefactorslikeoverconfidenceandmobmentalityaka―herding,‖theneventhehedgesthatdogetputinplacewillbetoosmallForexample,mostmodelsassumethatassetreturnshaveGaussianor―normal‖distributionseventhoughithasbeenknownfordecadesthattheyhaveriskier,fattertaileddistributions(cfFama())Suchmodelscontinuouslyunderstatetheriskinheritinvariousmarkets,andhedgesbasedonthosemodelswilloftenbeinadequateUnfortunately,theproblemswithhedging,andbyextensionthepracticalapplicationofderivatives,donotendthereTheEconomicsofMismanagement:RationalityAlthoughthehousingbubblethatprecipitatedthefinancialcrisiswaslargelytheresultofirrationality(seeAkerlofandShiller()fornumerousexamples),thecrisisitselfwouldnothavebeennearlyasseverehadtherenotexistedacomponentofrationalityaswellEconomistshavelongbeenawareofexternalitiesandagencycostsDefinedbroadly,anagencycostoccurswhenonepartyacts―rationally‖thatis,inhisorherownbestinterestsandthatactionhasanadverseeffectonanotherpartyorpartiesQuiteoftenthecosttootherswillbefargreaterthanthebenefittothe中原工学院××××学院论文外文译文decisionmakerInseminalpapers,JensenandMeckling()showagencyconflictsthatarisebetweencorporatemanagers,stockholders,andbondholders,andAkerlofandRomer()provideboththetheoryforandempiricalexamplesof―looting,‖whichtheydefineasthetakingofotherpeople’smoneywhiletheguarantor(usuallythegovernmentand,byextension,itstaxpayers)islefttopaythecostSuchinstancesoflootingare,theauthorsnote,especiallycommoninclimatesof―pooraccounting,laxregulation,orlowpenaltiesforabuse‖Financialderivatives,thoughtheyproviderelativelycheapandprecisewaysforfirmstohedgerisk,unfortunatelyalsoprovidenewopportunitiesforagencyconflictMixedevidencehasbeengatheredonwhetherstockoptionsinducemanagerstoincreasetheirfirms’riskorengageinotherpracticesthataredetrimentaltoshareholders(forsomerecentworkseeGervais,HeatonandOdean(),PantzalisandPark()andBebchukandFried())Onethingthatiscertain,however,isthatagencycostshadaveryrealeffectintherecent,widespreadsecuritizationofmortgagesJohnsonandKwak()describethepracticeof―shoppingforratings,‖whichactuallyentailsthreeseparatetypesofagencyproblemsFirst,theratingsthatweregiventoabank’sportfolioofmortgagebackedsecuritiesoftendependedonthebank’sownmodelsThus,thebankshadmoreflexibilityindeterminingtheoutcomethaniftheratingshadbeendeterminedexternallySecond,theratingagencies’compensationwasoftenpaidbytheverybankswhosesecuritiestheywereratingThird,theexistenceofmultipleratingagencies,allincompetitionwithoneanother,ledtoa―racetothebottom‖wherebytheagencythatlowereditsstandardsthemostwouldgetrewardedwiththebanks’businessAdditionally,thereexistedagencyproblemswiththesecuritiesthemselvesAcreditdefaultswap(CDS),forexample,isaninstrumentthatpaysoutmoneyifaborrowerexperiencesdefaultorsomeothercreditproblemForthisreason,creditdefaultswapsareoftenregardedsimplyasinsuranceondebt(theperiodicpaymentsmadefromthebuyeroftheCDStothesellerareevencalled―premiums‖)Unliketraditionalinsuranceproducts,however,thebuyerofacreditdefaultswapneednotbe中原工学院××××学院论文外文译文thelenderofthatdebtnorhaveany―insurableinterest‖initatallTherefore,eventhoughCDSsweretreatedbyregulatorspurelyashedginginstruments,theycouldbeusedforspeculationaswell,meaningthattheinstitutionsthatinvestedinCDSswereallowedtosubsequentlyreducetheirriskbasedcapitalrequirementseventhoughtheoverallriskintheirportfolioshadinsomecasesincreasedAlloftheaboveareexamplesofaproblemthathaslongbeendocumentedthroughoutoureconomichistoryManagershaveanincentivetoexternalizeriskIntheabsenceofinformationandregulation,theincentiveincreasesTherecentpasthasbornewitnesstothis:newtypesoffinancialderivativessuchasCDSswerecreatedasthesecuritizationboompeakedThenewnessandcomplexityofthesederivativesrequiredextensiveoversightandregulation,buttheclimatewashostiletothoseneedsAsIdetaillater,thiswasnotthefirsttimethatacombinationof―animalspirits,‖agencycosts,deregulation,andalackoftransparencycausedafinancialmeltdownTounderstandthebasicproblemsthatunderliesuchcrisesimprovesourchancesofpreventingthemfromoccurringagaininthefuture,andofmitigatingthedamagewhentheydoAIGMuchhasbeenmadeofAmericanInternationalGroup,thefalleninsurancecompanywhichatitspeakheldmorethan$trillioninassetsWhatisstilluncleartomany,however,aretheconditionsandincentivesthatpreparedthegroundforAIG’scollapseAttheheartoftheissuewasderegulationor,again,alackofevolvingregulationInafamouscondemnation(seeStoutandKnowlton,),BenBernankestatedontheflooroftheUnitedStatesSenatethatAIG―exploitedahugegapintheregulatorysystem‖―Therewasnooversightofthefinancialproductsdivision,‖hecontinued―Thiswasahedgefund,basically,thatwasattachedtoalargeandstableinsurancecompany‖MuchofthislackofoversightarosefromthepassageoftheCommodityFuturesModernizationAct(CFMA)of,whichdeemedswapcontractsexemptfromregulationThismeantthattheCommodityFuturesTradingCommission(CFTC),themainregulatorybodyforthesetypesofinvestments,nolongerhadthe中原工学院××××学院论文外文译文powertoprohibitsuchtradesiftheyweretooriskyThenewlaw,whichrefusedtocategorizeCDSasinsurancecontracts,thusallowedsellerslikeAIGtobypassstateregulationsthatwouldhaverequiredthemtocarryadditionalreservesascollateralforpotentiallossesAsHazen()pointsout,ifcreditdefaultswapsarejustifiableprimarilybecauseoftheirinsurancecharacteristics,theyoughttothenberegulatedasinsuranceUnfortunately,theproblemswithAIG’ssituationdidnotendwiththeregulationsthathadbeenstrippedawayThecompanystillfacedsomeregulationfromtheOfficeofThriftSupervision(OTS),butthedirectorofOTS,JamesGilleran,washimselfaproponentofderegulationandstatedpubliclyhisdesiretoallowinsurerstooperateinarelativelyuninhibitedenvironmentAccordingtoAppelbaumandNakashima(),Gilleran,―cutaquarteroftheagency’s,employeesbetweenand,eventhoughthevalueofloansandotherassetsofthefirmsregulatedbyOTSincreasedbyhalfoverthesameperiodTheresultwasamismatchbetweenashorthandedagencyandaburgeoningthriftindustry‖Moreover,OTSwasoneofmultipleregulatorsthatAIGwasabletochoosefrom,creatingtheracetothebottomincentiveproblemdescribedearlierInshort,thefallofAIGwascausedprimarilybyitsnoninsurancedivisions,justasmanylargebanksweresimultaneouslyfailingnotbecauseoftheirtraditionalbankingactivitiesbutbecauseofseparatehighleveragetradestheyhadmadeThefailuretoproperlyregulatebothderivativesandthefirmsthattradedthemcausedwhatshouldhavebeensafe,stableorganizationstoshirktheirsocietalobligationsinordertochasetheboominghousingmarketanditsattendantprofitsMoreover,itcausedtheotherproblemsthatImentionedearlierlackoftransparency,irrationality,andagencycoststoworsenFirstwasthelackoftransparencyAccordingtoTimemagazine,thedivisionthatbroughtAIGdown(AmericanInternationalGroupFinancialProducts,akaAIGFP)earnedonlyaoneparagraphdescriptioninAIG’sninepageannualreportfrom(Fox,)Further,accordingtoForbes,AIGlisteditsinvestmentinCDS(creditdefaultswap)contractsonlyinafootnoteinitsreportThese中原工学院××××学院论文外文译文contractswerenotincludedatallinthefirm’stableofderivativestransactions(Lenzer,)EdwardLiddy,whobecamechiefexecutiveofficerofAIGinSeptember(afterthefederalbailout),notedatthetimethathisnewcompanywas―toocomplex,toounwieldy,andtooopaqueforitscomponentbusinessestobewellmanagedasoneentity‖Thisopaquenessisnaturalinrelativelyunregulatedmarkets,forbothirrationalandrationalreasonsThereis,first,thepossibilityof―overconfidence‖onthepartofmanagersespeciallyintimeswhenprofitaboundsAdditionally,theremaybepersonalorprofessionalincentivesagainstrevealingwhatonedoesn’tunderstandaboutthesecuritiesinwhichonescompanyisinvestedSecond,therewasacomponentofrationality(agencycosts)associatedwithAIGInsurershavelongbeenawareoftheconceptofadverseselectionAdverseselectionisespeciallyprevalentwhenthereis―informationasymmetry‖whenonepartytoatransactionknowsmoreabouttheunderlyingproductthandoestheotherNaturally,thisproblemtendstobeespeciallystronginunregulatedandnontransparentmarketsInthecaseofAIG,thecollateralizeddebtobligationsthatcomprisedthebulkoftheFinancialProductsdivisionwererifewithadverseselectionoblemsTheseproblemswerecompoundedbythesymbioticrelationship,prdocumentedearlierinthispaper,betweenthebanksthatissuedthesesecuritiesandtheagenciesresponsibleforratingtheirriskofdefaultThird,thereisthesubjectofirrationalityBytheendof,AIGhadatotalof$billioninunhedgedCDOsWhilesome,likefatheroftheefficientmarketshypothesisEugeneFama,laterexpressedshockthatacompanyspecializingininsurancehadfailedtohedgesuchasubstantialrisk,similarthingshavehappenedbeforeUsually,suchlapsesoccurinanenvironmentofoptimism,whenhedgingisseenasunnecessaryOthertimes,lossesoccurbecausethemodelsbeingusedforthepurposesofriskmanagementarefaultyTheprimaryargumentusedinfavorofsecuritization(definedasturningnonfinancialassetsintotradable,financialassets)wasdiversificationAlthoughdiversificationdoesyieldsomeriskreductionaslongasthebundledrisksarenotperfectlypositivelycorrelated,manyofthemodelsthatwereusedwerebasedonthemoreextremeassumptionthat中原工学院××××学院论文外文译文theriskswereuncorrelatedthatis,completelyindependentofoneanotherSuchanassumptionimpliesthattheinvestmentportfolioislessriskyandthuslessinneedofhedging,buttheassumptionisdangerouslyinaccurateMoreover,manymodelsassumedthatassetreturnswerenormallyorlognormallydistributed,whenintruthassetreturnshavelongbeenknowntohavefattailsakagreaterriskLast,manymodelswerebasedontheriskofassetreturnsobservedinthepast,butonlytherecentpastAmuchlongerviewisrequiredtoobtainareasonablemeasureofriskThefinalquestionthatisoftenaskedis:howdidthishappenTherelationshipbetweenderegulation,nontransparency,andagencycostsisfairlydirectandeasytounderstand,buthowcouldtheirrationalityaspecthavebeensolargeaswellHowcouldanyriskmanagerassumethatmortgagerisksareentirelyindependentofoneanother,thatassetreturnsarelessvolatilethanwehavelongknownthemtobe,orthatanaccuratepictureofriskcouldbetakenthroughthelensofonlyafiveyearperiod,particularlyafiveyearperiodinwhichhousingpricesdoubledTherearetwoprimaryreasonsforthis:thepowerofideas,andalackofunderstandingThesetworeasonsarenotunrelatedBothoftenstemfromaperceptionofnewness:althoughtherehadbeencountlesslandbustsbefore,thenewnessofmortgagebackedsecuritiesinfusedthosewhotradedthemwithinspiration,withafeelingthat―thistimeisdifferent‖ThenewnessofmortgagebackedsecuritiesalsoincreasedthelikelihoodofuninformedtradingAnd,last,thenewnessofthesesecuritiesgavesomeundeservedjustificationtothemodelsonwhichtheywerebased:evenifdataonlandvaluesgofarbackinhistory,landbasedderivativesarenewthustheargumenttouseamoreappealingtimeperiodwithwhichtoquantifytheriskoflandandhomevaluesfallingTheFutureThelawsconcerningthetradingofderivativessuchascreditdefaultswapshavealreadychangeddrasticallyToday,eachcreditdefaultswaptradeiscategorizedaseitheraninsurancehedgingtrade(―nonnaked‖)orasspeculation(―naked‖)Additionally,thestateofNewYorkrecentlyannouncedthatinsurancetradeswouldfallundertheregulatorysupervisionoftheNewYorkStateInsuranceDepartment,中原工学院××××学院论文外文译文andtheDepositoryTrustClearingCorporationisattemptingtoincreasetheleveloftransparencybyreleasingdataonCDStradingtothepublicLast,theInternationalSwapsandDerivativesAssociationisintheprocessofstandardizingcreditdefaultswapcontractsaswellasintroducingclearinghouses(whichincreasetransparencyandreducecounterpartyrisk)toboththeEuropeanandUnitedStatesmarketsDespitethesechanges,thereisstillsomedebateoverwhichformofregulationshouldbeimplementedTraditionally,insuranceandinsurancetypecontractshavebeensubjecttoregulationbythestatesOfcourse,creditdefaultswapswereanexceptiontothisrule,goingalmostcompletelyunregulatedduringthelastdecadeZolner(),however,arguesthatinthecaseofCDStransactions,federalregulationispreferabletostateregulationTheauthorcitesthecorruptingnatureofexternalpressures,thewillingnessoflocalregulatorstoexternalizecoststootherstates,andcompetitionbetweenstatestoweakenregulationandattractbusinessasfactorsthatcouldpotentiallymakestateregulationlessefficientthanfederalregulationforthecountryasawholeWhilethediscussionoverhowtoregulatewillcontinuetoberevisited,almosteveryoneacknowledgestheneedforfargreaterregulationthanexistedinthepastConclusionTheGlobalFinancialCrisisand,byextension,thecollapseofAIGhasgarneredtheattentionofacademics,thebusinesscommunity,themedia,andmanyotherinterestedpartiesInordertounderstandtheextentofthecrisis,onemustfirstunderstandthedifferentfactors(deregulation,nontransparency,agencycostsandirrationality)thatcausedit,andparticularlythewayinwhichthesefactorstendtoexacerbateoneanotherThecaseofAIGisinterestinginthatitdisplaysveryclearlytheinteractionofallfourofthesethingsHowever,AIGwasnotthefirstsuchexampleThesefourfactors,invariouscombinations,wereinstrumentalintheSavingsandLoancrisisofthelates,inthebankruptcyofthegovernmentofOrangeCounty,Calif,inthecorporatescandalsthatincludedEnronintheearlys,andinthedestructionofBaringsBankby―roguetrader‖NickLeesoninItisaguaranteethatsimilarmistakessomeevenlargerthanthosemade中原工学院××××学院论文外文译文duringthehousingbubblewillbemadeagainHindsightrevealsthefoolishnessofthesemistakes,butiseasilyforgottenduringthenextupwardsurgeinonemarketoranotherWhatmakesanordinarybubbledifferentfromaneventliketheGlobalFinancialCrisisisrisktaking,andinthiscasethestoryofmortgagesecuritizationwenthandinhandwithnearunprecedentedlevelsofrisk,astheleverageratiosofsomefinancialfirmsdoubledoreventripledinjustafewyearsThefamedeconomistJosephStiglitz()concludeshisexcellenttreatmentofthefinancialcrisisandthenatureofeconomicincentivestitledFreefall:America,FreeMarkets,andtheSinkingoftheWorldEconomywiththewords,―ThesearetheopportunitiesTherealdangeristhatwewillnotseizethem‖Weknow,andinfacthaveknownforsometime,thedangerofnontransparency,ofagencycosts,andofhumanirrationalityItisonlybytakingstepstopreventthefirsttwodangers(thethirdisprobablyalostcause)thatwecanavertoratleastminimizefuturefinancialcatastrophesThesestepsneedtobetakenquickly,becauseourmemoriesareshortAndnotlongafterweforget,therangeofproblemsdescribedhereinwillassertthemselvesalloveragainSource:PublishedbytheCPCUSociety,,中原工学院××××学院论文外文译文指导教师评语

用户评价(0)

关闭

新课改视野下建构高中语文教学实验成果报告(32KB)

抱歉,积分不足下载失败,请稍后再试!

提示

试读已结束,如需要继续阅读或者下载,敬请购买!

文档小程序码

使用微信“扫一扫”扫码寻找文档

1

打开微信

2

扫描小程序码

3

发布寻找信息

4

等待寻找结果

我知道了
评分:

/27

衍生金融工具外文翻译----金融衍生工具风险管理不善和AIG的案例

VIP

在线
客服

免费
邮箱

爱问共享资料服务号

扫描关注领取更多福利