英语翻译次贷危机如今已演变成一场全球性的金融危机.然而,“华尔街没有新事物”,综观20世纪以来全球范 围内发生的几次重大

英语翻译
次贷危机如今已演变成一场全球性的金融危机.然而,“华尔街没有新事物”,综观20世纪以来全球范 围内发生的几次重大金融危机,1929年美国大萧条、1990年日本银行危机、北欧银行危机……均可见此次金融危机的影子.几次危机的共同点,都是廉价的资金成本加上金融法规的开放,导致投资风气大盛,刺激股市和房地产价格飙涨.而这次全球性的金融危机更可说是在过度的财务包装和杠杆运作下,承做高复杂度和低透明性的衍生性金融商品,造成评价困难,可说是此次金融危机较之前复杂的原因.
目前市场普遍的共识,在于建立一套完整、全面、有效规范金融机构的措施.尤其在衍生性金融商品部分,如何建立一套透明公正的评价系统,或是通过在交易所的方式进行挂牌交易,应是未来可能的发展方向.
由前几次危机事件可以观察到,当金融危机无法通过市场机制来解决时,由政府出面主导的解决措施,如政策性的挹注市场资金、成立特别资产管理公司取得并保 护资产价格,或发起银行资本再造方案等,是最后的解药.另外,当政府处理的态度越明确,或是应变速度越快时,越能缩小市场震荡的阵痛期,同时社会成本的负 担也会愈小.
目前美国的拯救措施与过往几次危机的处理有相似之处,如美联储透过代理银行JPMorganChase收购 BearStearns（北欧、日本经验）；以入股AIG方式提供贷款（日本经验）；或是放宽银行拆借的担保品的范围（北欧经验）；另外,近期可能直接收 购问题银行的贷款或不良债权,以恢复市场信心和流动性.

Subprime mortgage crisis has evolved into a global financial crisis. However, "Wall Street is no new thing", since the 20th century took place worldwide for several major financial crisis, the great depression of 1929, the United States, Japan Bank crisis in 1990, the Nordic banking crises ... All you can see the shadow of this financial crisis. Several crises have in common, are cheap capital costs plus the financial regulations of the opening, leading investment climate, stimulate rising stock market and real estate prices. The global financial crisis, more can be said to be in excessive financial packaging and lever operation, the bearing made of high complexity and lower transparency of derivatives, result evaluation difficult, this financial crisis compared to previous complex reasons.
Currently markets general consensus, to create a complete, comprehensive, effective measures for financial institutions. Especially in the derivatives segment, how to establish a transparent and impartial evaluation of the system, or through exchange of stock transactions, should be the future direction of development.
By previous crisis events can be observed that, when the financial crisis cannot be solved through market mechanisms, the Government-led solutions, such as the policy of "Note market funds, set up a special asset management companies acquire and protect asset prices, or initiate bank capital reconstruction programmes, is the final cure. In addition, when the Government's attitude is clear or respond faster, the more narrow the market turbulence in the throes of the period, while the burden of social costs will be smaller.
Current United States rescue measures and past several crisis have similarities, such as the fed through the agent bank JPMorganChase acquisitions BearStearns (Nordic, Japan experience); to provide loans for purchasing shares of AIG (Japan); or relax Bank loan collateral (Nordic experience); In addition, in the near future may direct acquisition of bank loans or bad claims to restore market confidence and liquidity.