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1、外文題目：TheObjectivesofInternationalFinancialRegulation出處：GlobalFinancialRegulation：TheEssentialGuide作者：HowardDaviesDavidGreen原文：Atthebeginningofthetwentyfirstcenturyfinancialmarketsaremeinternationalthaneverbefe.Capitalmar
2、ketswerehighlyintegratedbefetheFirstWdWarwithmassiveflowsoffundsfromdevelopedtodevelopingcountriesbutthedegreeofintegrationfellsharplyduringthenextfiftyyearscapitalmovementswereoftenhighlycontrolled.Nowhoweverglobalizedc
3、apitalmarketsarebackbutwithadifference:capitaltransactionsseemtobemostlyarichrichaffairapprocessofdiversificationfinanceratherthandevelopmentfinance.Itisnottruetosayassomedothatweliveinabderlesswldbutfinancecertainlyflow
4、smeeasilyacrossbdersthandogoodsservices.Thechannelsoffinancialintermediationhavealsochanged.Whichonlytwentyyearsagomostbusinessflowedthroughthebalancesheetsofbanksinsurancecompaniesthroughalimitedrangeofinvestmentfundsus
5、uallydealinginproductstradedonregulatedmarketstheexplosiveincreaseinwealthheldprivately(partlyasaresultofgreaterdispersionofincome)hasledtothecreationofawiderangeofotherinvestmentvehiclesofwhichhedgefundsprivateequityare
6、themostprominentfundedbyhighwthinvestsganizedonaninfmallargelyunregulatedbasis.Nowinstrumentshaveemergedwhichmakeitpossibletotransferriskofallkindsonafarlargerscaleinmecomplexwaysnotsolelythroughstardizedexchangetradedde
7、rivativesbutthroughanalmostinfiniterangeofbespokeoverthecounterarrangements:CDOssyntheticCDOsthelike.Insomecasesbanksholdtheminoffbalancesheetvehicles.Whiletheseinstrumentsmakeitpossibletolayoffriskoveravastlygreaterrang
8、eofriskbearerswhichprobablyincreasesthesystem’sresiliencetheyalsomeanthatwhenriskscrystallizetheymaywellhaveanarchitectureintherealeconomybutnoalignmentbetweenthetwo.Theebbflowofthisdebateisfamiliar.Aftereveryfinancialcr
9、isistherearecallsfregulationtoberatchetedup.Afewyearslateraregulationbeingstoemergeasthecostsbecomeevidentthebenefitsarelessso.Atpresentthependulumisswingingviolently.Regulatedfirmsmarketsthinktheyareovercontrolledwhilem
10、anypoliticiansbycontrastthinkthereistoomuchscopetoavoidregulationtoomuchevidenceofinvestdetrimentunjustifiedenrichmentonthepartoffinancialsectprofessionals.TherecentsubprimemtgagecrisisintheUnitedStateswhichspreadtoother
11、marketswasatestcasefthesearguments.Thereisnodoubtthatregulationimposeshighcostsonfinancialinstitutionsmarketscostswhichareultimatelypassedthroughtotheenduser.Itisalsoclearthat‘excessive’regulationcandamagethefunctioningo
12、ffinancialmarketsreducetheireconomicutility.Inanysystemofregulationthereisbalancetobestruckbetweensafetysoundnessontheonehrisktakingontheother.Theincidenceofbankinsurancecompanyfailuremightbesignificantlyreducedbytighter
13、capitalrequirementsbutthereturnsavailabletodepositspolicyholderswillbecrespondinglyreduced.Thetermsonwhichinvestmentscanbeofferedtothepubliccanberestrictedbuttheopptunitytodiversifyintomeprofitableassetsisalsocresponding
14、lyconstrained.Inrecentyearshedgefundshaveasaclassoutperfmedregulatedcollectiveinvestmentschemesyetretailinvestshavetypicallynotbeenabletoaccessthemdirectly.Theglobalcommitteeswhosestructureisrootedinanoldfashionedbreakdo
15、wnoffinancialactivityintothethree‘sects’ofbankinginsurancesecuritiesneedradicalrefmiftheyaretokeeppacewiththerapidevolutionoffinancialmarkets.Themarketturmoilofthesummerof2007iginatingintheUSsubprimemtgagemarketdemonstra
16、tedvividlythatthetechnologyofcredittransferhaddevelopedtothepointwhereitisoftenhardtodeterminewhererisksnowlieitisquiteimpossibleftheregulatofasinglesecttodoso.Thescaleoffinancialmarketactivitieshasescalateddramaticallyi
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