财务风险外文翻译 公司财务风险中英文对照外文翻译文献

财务风险外文翻译公司财务风险中英文对照外文翻译文献中英文资料外文翻译外文资料FINANCIALRMBANKRUPTCYANDSYSTEMICRISKINFALL2008WHENTHEFEDERALRESERVEANDTHETREASURYINJECTED85BILLIONINTOTHEINSURANCEBEHEMOTHAMERICANINTERNATIONALGROUPAIG,THEMONEYLENTTOAIGWENTSTRAIGHTTOCOUNTERPARTIES,ANDVERYFEWFUNDSREMAINEDWITHTHEINSURERAMONGTHELARGESTRECIPIENTSWASGOLDMANSACHS,TOWHOMABOUT12BILLIONWASPAIDTOUNDOAIGSCREDITDEFAULTSWAPSCDSSTHEBAILOUTPLANFOCUSEDONREPAYINGTHEDEBTBYSLOWLYSELLINGOFFAIGSASSETS,WITHNOINTENTIONOFMAINTAININGJOBSORALLOWINGTHECDSMARKETTOCONTINUETOFUNCTIONASBEFORETHUS,THEGOVERNMENTSEFFORTTOAVOIDSYSTEMICRISKWITHAIGWASMAINLYABOUTENSURINGTHATRMSWITHWHICHAIGHADDONEBUSINESSDIDNOTFAILASARESULTTHECONCERNSAREOBVIOUSLYGREATESTVISAVISCDSS,OFWHICHAIGHADOVER400BILLIONCONTRACTSOUTSTANDINGINJUNE2008INCONTRAST,THEGOVERNMENTWASMUCHLESSENTHUSIASTICABOUTAIDINGGENERALMOTORS,PRESUMABLYBECAUSETHEYBELIEVEDITSFAILUREWOULDNOTCAUSEMAJORMACROECONOMICREPERCUSSIONSBYIMPOSINGLOSSESONRELATEDRMSTHISDECISIONISCONSISTENTWITHTHEVIEWINMACROECONOMICRESEARCHTHATFINANCIALRMBANKRUPTCIESPOSEAGREATERAMOUNTOFSYSTEMICRISKTHANNONFINANCIALFIRMBANKRUPTCIESFOREXAMPLE,BORDOANDHAUBRICH2009CONCLUDETHAT“MORESEVERENANCIALEVENTSAREASSOCIATEDWITHMORESEVERERECESSIONS”LIKEWISE,BERNANKE1983ARGUESTHEGREATDEPRESSIONWASSOSEVEREBECAUSEOFWEAKNESSINTHEBANKINGSYSTEMTHATAFFECTEDTHEAMOUNTOFCREDITAVAILABLEFORINVESTMENTBERNANKEETAL1999HYPOTHESIZEAFINANCIALACCELERATORMECHANISM,WHEREBYDISTRESSINONESECTOROFTHEECONOMYLEADSTOMOREPRECARIOUSBALANCESHEETSANDTIGHTERCREDITCONDITIONSTHISINTURNLEADSTOADROPININVESTMENT,WHICHISFOLLOWEDBYLESSLENDINGANDAWIDESPREADDOWNTURNWERESHOCKSTOTHEECONOMYALWAYSTOCOMEINTHEFORMOFDISTRESSATNONNANCIALRMS,THESEAUTHORSARGUETHATTHEBUSINESSDOWNTURNSWOULDNOTBESOSEVEREWEARGUEINSTEADTHATTHECONTAGIOUSIMPACTOFANONFINANCIALFIRMSBANKRUPTCYISEXPECTEDTOBEFARLARGERTHANTHATOFAFINANCIALRMLIKEAIG,ALTHOUGHNEITHERWOULDBECATASTROPHICTOTHEUSECONOMYTHROUGHCOUNTERPARTYRISKCHANNELSTHISISNOTTOSAYTHATANEPISODEOFWIDESPREADFINANCIALDISTRESSAMONGOURLARGESTBANKSWOULDNOTBEFOLLOWEDBYANESPECIALLYSEVERERECESSION,ONLYTHATSUCHFAILURESWOULDNOTCAUSEARECESSIONORAFFECTTHEDEPTHOFARECESSIONRATHERSUCHBANKRUPTCIESARESYMPTOMATICOFCOMMONFACTORSINPORTFOLIOSTHATLEADTOWEALTHLOSSESREGARDLESSOFWHETHERANYFIRMLESFORBANKRUPTCYPERVASIVENANCIALFRAGILITYMAYOCCURBECAUSETHEFAILUREOFONERMLEADSTOTHEFAILUREOFOTHERRMSWHICHCASCADESTHROUGHTHESYSTEMEG,DAVISANDLO,1999JARROWANDYU,2001ORSYSTEMICRISKMAYWREAKHAVOCWHENANUMBEROFNANCIALRMSFAILSIMULTANEOUSLY,ASINTHEGREATDEPRESSIONWHENMORETHAN9000BANKSFAILEDBENSTON,1986INTHEFORMERCASE,THEFAILUREOFONERM,SUCHASAIG,LEHMANBROTHERSORBEARSTEARNS,COULDLEADTOWIDESPREADFAILURETHROUGHNANCIALCONTRACTSSUCHASCDSSINTHELATTERCASE,THEFACTTHATSOMANYNANCIALINSTITUTIONSHAVEFAILEDMEANSTHATBOTHTHEMONEYSUPPLYANDTHEAMOUNTOFCREDITINTHEECONOMYCOULDFALLSOFARASTOCAUSEALARGEDROPINECONOMICACTIVITYFRIEDMANANDSCHWARTZ,1971WHILEAWEAKNANCIALSYSTEMCOULDCAUSEARECESSION,THERECESSIONWOULDNOTARISEBECAUSEONERMWASALLOWEDTOLEBANKRUPTCYFURTHER,SHOULDONEORTHEOTHERRMGOBANKRUPT,THENONNANCIALRMWOULDHAVETHEGREATERIMPACTONTHEECONOMYSUCHEXTREMEREALEFFECTSTHATAPPEARTOBETHERESULTOFNANCIALRMFRAGILITYHAVELEDTOALARGEEMPHASISONTHEPREVENTIONOFSYSTEMICRISKPROBLEMSBYREGULATORSFOREMOSTAMONGTHESEPOLICIESIS“TOOBIGTOFAIL”TBTF,THELOGICOFWHICHISTHATTHEFAILUREOFALARGENANCIALINSTITUTIONWILLHAVERAMIFICATIONSFOROTHERNANCIALINSTITUTIONSANDTHEREFORETHERISKTOTHEECONOMYWOULDBEENORMOUSTBTFWASBEHINDTHEFEDSDECISIONSTOORCHESTRATETHEMERGEROFBEARSTEARNSANDJPMORGANCHASEIN2008,ITSLEADERSHIPINTHERESTRUCTURINGOFBANKLOANSOWEDBYLONGTERMCAPITALMANAGEMENTLTCM,ANDITSDECISIONTOPROPUPAIGTBTFMAYBEJUSTIEDIFTHEOUTCOMEISPREVENTIONOFAMAJORDOWNSWINGINTHEECONOMYHOWEVER,IFTHESYSTEMICRISKSINTHESEEPISODESHAVEBEENEXAGGERATEDORTHESALUTARYEFFECTSOFTHESEACTIONSOVERESTIMATED,THENTHECOSTTOTHEEFCIENCYOFTHECAPITALALLOCATIONSYSTEMMAYFAROUTWEIGHANYPOTENTIALBENETSFROMATTEMPTINGTOAVOIDANOTHERGREATDEPRESSIONNODOUBT,NOREGULATORWANTSTOTAKETHECHANCEOFSTANDINGDOWNWHILEWATCHINGOVERANOTHERSYSTEMICRISKCRISIS,SOWEDONOTHAVETHEABILITYTOEXAMINEEMPIRICALLYWHATHAPPENSTOTHEECONOMYWHENREGULATORSBACKOFFTHEREAREVERYFEWINSTANCESINTHEMODERNHISTORYOFTHEUSWHEREREGULATORSALLOWEDTHEBANKRUPTCYOFAMAJORNANCIALRMMOSTRECENTLY,WECANPOINTTOTHEBANKRUPTCYOFLEHMAN,WHICHTHEFEDPOINTEDLYALLOWEDTOFAILHOWEVER,WITHONLYONEOBVIOUSCASEWHERETBTFWASABANDONED,WEHAVEONLYANINKLINGOFHOWTBTFPOLICYAFFECTSSYSTEMICRISKMOREOVER,ATTHESAMETIMETHATLEHMANFAILED,THEFEDWASINTERVENINGINTHECOMMERCIALPAPERMARKETANDAIDINGMONEYMARKETMUTUALFUNDSWHILEAIGWASDOWNGRADEDANDSUBSEQUENTLYBAILEDOUTINADDITION,THEFEDERALRESERVEANDTHETREASURYWERESCAREMONGERINGABOUTTHEPROSPECTSOFASECONDGREATDEPRESSIONTOMAKETHEPASSAGEOFTARPMORELIKELYTHUSWEWILLNEVERKNOWIFTHEMARKETDOWNTURNTHATFOLLOWEDTHELEHMANBANKRUPTCYREECTEDFEAROFCONTAGIONFROMLEHMANTOTHEREALECONOMYORFEAROFTHEDEPTHSOFEXISTINGPROBLEMSINTHEREALECONOMYTHATWEREHIGHLIGHTEDSODRAMATICALLYBYREGULATORSINTHISPAPERWEANALYZETHEMECHANISMSBYWHICHSUCHRISKCOULDCAUSEANECONOMYWIDECOLLAPSEWEFOCUSONTWOTYPESOFCONTAGIONTHATMIGHTLEADTOSYSTEMICRISKPROBLEMS1INFORMATIONCONTAGION,WHERETHEINF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