资源描述：
《The Objectives of International Financial Regulation【外文翻译】》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、外文题目：TheObjectivesofInternationalFinancialRegulation出处：GlobalFinancialRegulation：TheEssentialGuide作者：HowardDavies,DavidGreen原文：Atthebeginningofthetwenty-firstcenturyfinancialmarketsaremoreinternationalthaneverbefore.CapitalmarketswerehighlyintegratedbeforetheFirstWordWar,withmassiveflo
2、wsoffundsfromdevelopedtodevelopingcountries,butthedegreeofintegrationfellsharplyduringthenextfiftyyearsandcapitalmovementswereoftenhighlycontrolled.Now,however,globalizedcapitalmarketsareback,butwithadifference:capitaltransactionsseemtobemostlyarich-richaffair,approcessofdiversificatio
3、nfinanceratherthandevelopmentfinance.Itisnottruetosay,assomedo,thatweliveinaborderlessworld,butfinancecertainlyflowsmoreeasilyacrossbordersthandogoodsorservices.Thechannelsoffinancialintermediationhavealsochanged.Whichonlytwentyyearsagomostbusinessflowedthroughthebalancesheetsofbanksor
4、insurancecompanies,orthroughalimitedrangeofinvestmentfundsusuallydealinginproductstradedonregulatedmarkets,theexplosiveincreaseinwealthheldprivately(partlyasaresultofgreaterdispersionofincome)hasledtothecreationofawiderangeofotherinvestmentvehicles,ofwhichhedgefundsandprivateequityaret
5、hemostprominent,fundedbyhighnetworthinvestorsandorganizedonaninformal,largelyunregulatedbasis.Nowinstrumentshaveemergedwhichmakeitpossibletotransferriskofallkindsonafarlargerscaleandinmorecomplexways,notsolelythroughstandardizedexchange-tradedderivatives,butthroughanalmostinfiniterange
6、ofbespoke,over-the--counterarrangements:CDOs,syntheticCDOsandthelike.Insomecasesbanksholdtheminoff-balancesheetvehicles.Whiletheseinstrumentsmakeitpossibletolayoffriskoveravastlygreaterrangeofriskbearers,whichprobablyincreasesthesystem’sresilience,theyalsomeanthatwhenriskscrystallizeth
7、eymaywellhaveanimpactinhithertounfamiliarplaces,anywhereintheglobe.Theymaymakeiteasiertoridethroughsmallcrises,butlargeoneswillhavemanymoredimensionsofwhichwecurrentlyhavenoknowledge.Thismatters,becausethelasttenyearsorsoduringwhichthesemarketshaveevolvedhavealsobeenremarkablybenigni
