南开大学经济学院2008年考研复试英语原文及翻译

南开大学经济学院2008年考研复试英语原文及翻译

南开大学08年经济学院复试翻译——原文及翻译

Can bank regulators and central banks prevent future liquidity crises?

银行监管者和中央银行能否防止未来的流动性危机？

更多南开考研资讯：

POLICYMAKERS and academics are still grappling with the causes and

consequences of the credit crunch. One broad area of agreement is that ample

“liquidity” encouraged the lax lending that led to bad mortgage debts, and

a sudden dearth of it helped to precipitate the crisis. But what is

liquidity, why does it suddenly evaporate and what can central banks and

regulators do to ensure that its ebb and flow does not destabilise

economies? This and much else is the subject of a special issue of the Bank

of France's Financial Stability Review.*

政策制定者和学者们还在设法对付信贷危机的源头和后果。目前一个广泛的共识是，太 多的“流动性”造成贷款泛滥，贷款泛滥导致恶劣的楼宇抵押债务，并且，流动性的突 然短缺促使危机的突然加剧。那么“流动性”是什么？为什么它会突然消失？央行和银 行管理者怎么样才能保证它的消长不致于造成经济不稳定呢？这个以及其他很多问题都 是法国银行《财经稳定文摘》一个特辑的主题。

The essence of liquidity is the ability to raise ready money to meet

pressing spending needs. A firm is liquid if it has enough cash to pay its

suppliers and employees and finance its investment. This funding liquidity

is linked to a second facet, market liquidity—the ease with which assets

can be sold without losing their value. If financial markets were complete

and perfectly liquid, firms and households could always raise cash by

pledging their future earnings in return. Both funding and market liquidity

rely on a big enough pool of monetary liquidity to draw upon. This is a

third aspect of liquidity: the amount of central-bank money flowing around

the economy.

流动性的本质是一种能提供足够的金钱来应对支出性压力的能力。如果一个公司有足够 的现金去支付它的供应商和雇员，并且为投资注资，那么这个公司是流动性的。这种资 金流动性与第二个层面的市场流动性是结合在一起的-----有了它资产可以不被贬值的售 出。如果金融市场流动性充分而完美，那么公司和家庭可以持续不断的以它们未来的收 入作担保来筹集现金。资金和市场的流动性都依赖于有一个足够大流动性的货币储备能 提取。这是第三个层次的流动性：央行可以在整个经济实体中流动的货币的数量。

Commercial banks play a vital role in providing liquidity. They furnish ready cash to households and firms in exchange for pledges of future income,

such as mortgages and loans. Banks make their profits from bearing liquidity

risk (holding on to long-term pledges that cannot easily be sold), as well

as from credit risk (the danger that such promises may not be kept). The two

sources of risk are linked, since the greater the uncertainty about the

creditworthiness of borrowers, the harder it is to sell on their loans to a