Unit 8Financial Innovation and Derivative MarketsWord文件下载.docx
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(我们都知道竞争是发展和创新的原由,竞争推动着整个社会的发展,在金融领域,正是金融机构之间的竞争,才促进了新的金融产品的创新和整个金融市场的发展。
)
金融创新
Competitionamongfinancialinstitutionshasbroughtforthandfosteredthedevelopmentofnewproductsandmarkets.金融机构之间的竞争引起并孕育了新产品和新市场的发展。
Bringforth:
meanstoproducesth.ormakeitappear.产生,或使出现
Foster:
1.tohelpaskill,feeling,ideaetcdevelopoveraperiodoftime[=
encourage,promote]:
2.totakesomeoneelse'
schildintoyourfamilyforaperiodoftimebutwithoutbecomingtheirlegalparent在一段时间内照顾别人的孩子,而不变为他的法律上的父母。
Thecouplewantedtoadoptablackchildtheyhadbeenfostering.
Adopt:
totakesomeoneelse'
schildintoyourhomeandlegallybecomeitsparent收养别人的孩子,并成为起法律上的父母
Regulationsthatimpedethefreeflowofcapitalandcompetitionamongfinancialinstitutions(particularlyinterestrateceilings)havefosteredthedevelopmentoffinancialproductsandtradingstrategiestogetaroundtheserestrictions.那些阻止资本自由流动和金融机构间竞争(尤其是利率上限)的立法促进了金融产品发展并且促进避开这些限制的交易战略的发展
Regulation:
anofficialruleororder条理,规定,立法。
Regulator:
管理者,调控者。
Impedetomakeitdifficultforsomeoneorsomethingtomoveforwardormakeprogress:
阻碍
getaround:
toavoidorsolveaparticularproblemordifficultsituation.逃避,回避,采用计谋防止.
Twopresidenttriedtogetaroundthesensitiveproblemsintheirconversation.
Finally,theglobalpatternoffinancialwealthhastransformedfinancialmarketsfromlocalmarketsintogloballyinternationalizedfinancialmarkets.最后,金融资产的全球分配模式已经把金融市场由地方市场转变为全球的国际化金融市场。
Throughtechnologicaladvancesandthereductionintradeandcapitalbarriers,surplusfundsinonecountrycanbeshiftedmoreeasilytothosewhoneedfundsinanothercountry.
Barrier:
arule,problemetcthatpreventspeoplefromdoingsomething,orlimitswhattheycando阻碍物。
tradebarriers贸易壁垒:
theremovaloftradebarriers(=somethingsuchasataxthatmakestradebetweencountriesdifficult)
capitalbarriers资本壁垒
surplusfunds:
盈余资金
shift:
tomovefromoneplaceorpositiontoanother转移
参考译文:
由于技术进步和贸易、资本壁垒的减少,一国的盈余资金可以更容易地转移到另一国那些需要资金的人手中。
Asaresult,therehasarisenaneedforfinancialproductsandtradingstrategiestoprotectmoreefficientlyagainsttheadversemovementsofforeigncurrencies.因此,对于金融产品和更有效地防止汇率不利变动的交易战略的需求日益上升。
adverse:
notgoodorfavourable不利的Theexpeditionwasabandonedbecauseofadverseweatherconditions
theadversemovements:
不利变动
CategorizationsofFinancialInnovation
Sincethe1960s,therehasbeenasurgeinsignificantfinancialinnovations.Observersoffinancialmarketshavecategorizedtheseinnovationsindifferentways.Herearejustthreewayssuggestedtoclassifytheseinnovations.
TheEconomicCouncilofCanadaclassifiesfinancialinnovationsintothefollowingthreebroadcategories:
·
Market-broadeninginstruments,whichincreasetheliquidityofmarketsandtheavailabilityoffundsbyattractingnewinvestorsandofferingnewopportunitiesforborrowers;
·
Risk-managementinstruments,whichreallocatefinancialriskstothosewhoarelessaversetothemorwhohaveoffsettingexposure,andwhoarepresumablybetterableshoulderthem;
Arbitraginginstrumentsandprocesses,whichenableinvestorsandborrowerstotakeadvantageofdifferencesincostsandreturnsbetweenmarkets,andwhichreflectdifferencesintheperceptionofrisks,aswellasininformation,taxation,andregulations.
CategorizationsofFinancialInnovation金融创新的分类
Sincethe1960s,therehasbeenasurgeinsignificantfinancialinnovations.从20世纪60年代开始,形成了一次重要的金融创新浪潮。
Surge:
v..tosuddenlymoveveryquicklyinaparticulardirection朝着某个特定的方向快速移动。
n.asuddenincreaseinamountornumber。
急剧增加,或者涌现。
Observersoffinancialmarketshavecategorizedtheseinnovationsindifferentways.金融市场的研究者以不同的方法对这些金融创新加以分类。
Herearejustthreewayssuggestedtoclassifytheseinnovations.这里介绍三种对这些创新进行分类的方法。
加拿大经济委员会把金融创新划分为以下三大类:
扩展市场的工具,这种创新工具增加了市场的流动性和资金的可获得性,通过吸收新的投资者和对借款人提供新的机会
Risk-managementinstruments,whichreallocatefinancialriskstothosewhoarelessaversetothemorwhohaveoffsettingexposure,andwhoarepresumablybetterableshoulderthem;
风险管理工具,这类创新工具将金融风险重新分配到有风险偏好、有对冲敞口和能更好地承担风险的人那里。
Reallocate:
重新分配
Allocate:
分配
averse.Adj.beaversetodosth.=beunwillingtodosth.不愿意去做某事,讨厌做某事。
Beaversetosb/sth=dislikesb/sth
Benotaversetodosth=bewillingtodosth
Benotaversetosb/sth=likesb/sthwhoarenotaversetorisk=wholikerisk.喜欢风险,有风险偏好的投资者。
Riskaversion:
风险偏好。
广义地讲,就是投资者在追求其价值增值过程中所愿意接受的风险数量。
(收益和风险通常是相关联的,风险大收益高,风险小收益少。
要想获得高收益往往要承担高风险。
投资者在追求其价值增值过程中所愿意接受的风险数量越多,我们说他的风险偏好度也越高。
Offset:
抵消,对冲
Exposure:
敞口,风险
Shoulder:
承担
Arbitraginginstrumentsandprocesses,whichenableinvestorsandborrowerstotakeadvantageofdifferencesincostsandreturnsbetweenmarkets,andwhichreflectdifferencesintheperceptionofrisks,aswellasininformation,taxation,andregulations.套利工具和过程,这类创新使投资者和借款人利用不同市场的成本收益差别(进行套利交易),这些差别反映了不同市场对于风险的感知、及信息、税收、管制情况。
(在投资银行一章,我们介绍过)Arbitrage:
Thesimultaneouspurchaseandsellingofasecurityinordertoprofitfromadifferentialintheprice.Thisusuallytakesplaceondifferentexchangesormarketplaces.同时买入及卖出证券,意图从差价中获利,在一般于不同的交易所或市场进行买卖
AnotherclassificationsystemoffinancialinnovationsbasedonmorespecificfunctionshasbeensuggestedbytheBankforInternationalSettlements:
price-risk-transferringinnovations,credit-risk-transferringinstruments,liquidity-generatinginnovations,credit-generatinginstrumentsandequity-generatinginstruments.Price-risk-transferringinnovationsarethosethatprovidemarketparticipantswithmoreefficientmeansfordealingwithpriceorexchange-rateriskreallocatingtheriskofdefaultisthefunctionofcredit-risk-transferringinstruments.Liquidity-generatinginnovationsdothreethings:
(1)theyincreasetheliquidityofthemarket,
(2)theyallowborrowerstodrawuponnewsourcesoffunds,(3)theyallowmarketparticipantstocircumventcapitalconstraintsimposedbyregulations.Instrumentstoincreasetheamountofdebtfundsavailabletoborrowersandtoincreasethecapitalbaseoffinancialandnon-financialinstitutionsarethefunctionsofcredit-generatingandequity-generatinginnovations,respectively.
国际清算银行提出了另一种按更加特定的经济功能划分金融创新的体系:
price-risk-transferringinnovations,credit-risk-transferringinstruments,liquidity-generatinginnovations,credit-generatinginstrumentsandequity-generatinginstruments.转移价格风险创新、转移信用风险创新、创造流动性的创新、信用和权益工具的创新。
Price-risk-transferringinnovationsarethosethatprovidemarketparticipantswithmoreefficientmeansfordealingwithpriceorexchange-raterisk。
价格风险转移创新是那些给市场参与者提供更有效的处理价格和汇率风险的方法的创新。
(互换)
reallocatingtheriskofdefaultisthefunctionofcredit-risk-transferringinstruments.重新分配违约风险是信用风险转移创新工具的功能。
Liquidity-generatinginnovationsdothreethings:
流动性创新有三项功能:
(1)theyincreasetheliquidityofthemarket.增加了市场的流动性;
(2)Theyallowborrowerstodrawuponnewsourcesoffunds,为借款者提供了新的资金来源;
drawupon/on:
touseinformation,experience,knowledgeetcforaparticularpurpose:
利用
(3)theyallowmarketparticipantstocircumventcapitalconstraintsimposedbyregulations.
Circumvent:
toavoidaproblemorrulethatrestrictsyou,especiallyinacleverordishonestway=getaround逃避,避开
circumventcapitalconstraints:
逃避资本管制
③为市场参与者逃避立法当局实施的资本管制创造了条件。
Instrumentstoincreasetheamountofdebtfundsavailabletoborrowersandtoincreasethecapitalbaseoffinancialandnon-financialinstitutionsarethefunctionsofcredit-generatingandequity-generatinginnovations,respectively.信用和权益创新工具的创新功能分别为市场参与者增加可供使用的债务资金数量和为金融和非金融机构增加了资本金。
debtfunds债务资金
debtfundsavailabletoborrowers提供给借款者的债务资金
thecapitalbase:
资本金(基础)。
资本金(基础):
ThecapitalacquiredduringanIPO,ortheadditionalofferingsofacompany,plusanyretainedearnings.公司首次公开上市或后续股票发行获取的资金,加上保留盈利(留存收益)。
。
Finally,ProfessorStephenRosssuggeststwoclassesoffinancialinnovation:
(l)newfinancialproducts(financialassetsandderivativeinstruments)bettersuitedtothecircumstanceofthetime(e.g.,toinflation)andtothemarketsinwhichtheytrade;
and
(2)strategiesthatprimarilyusethesefinancialproducts.
Finally,ProfessorStephenRosssuggeststwoclassesof