【每日阅读训练第四期——速度越障22系列】【22-04】经管 Shadow Banking

百合倒影

3:26
3:13
2:32
2:01
1:58
8:11
main idea: the shadow-banking in China
structure:
-the condition of shadow-banking in China
-something about WMPs used by China's banks
大概也许是这样的吧。。。今天各种看不懂>_< 金融神马的。。。
总之谢谢小杀童鞋~

qi7ip

3:06 看不太懂
3:35
law profibit the insolvent insitution from make derivative contracts
however,in the case of BS and others ,the conservors  are helping them to make derivative contracts to minimize the damage
2:09
Banks and financial companies tend to die in one of two ways
the banks will loss deposit of investors and government
but the shadow banks will asorb short-term funding resemble deposits
2:05
Deposits cause some trouble ,the ious also have some trouble
ious should be limited
1:39
deposit insurance is need for IOUs to enhance the stability
but deposit insurance will make institution ignore the potential risk
P support long-term funding,absence of insurance
C another approach:sound collateral
7:16
shadow bank is risky,it is a syptom rather than a disease
WMP! There it is 后面看不太懂了

Alined

1 2:15.8
The traditional bank system has shift to so-called "shadow banking system". The shadow bank brought not only beneficial changes, but also serious problems to credits..

2 2:14.4
The new bankruptcy policies are quite inefficiency and unfair. Some other measures are hoped to be taken to minimal the correlative losses.

3 1:55.7
The bankruptcy of Lehman is quite a lesson, but there's noting we could do for forbidding this kind of failure. Since it's difficult to predict or stop another economic crisis, nonbank institutions is the most important regulatory change that could be made.

warm up 1:22.5
A bank may be died because of a "cancer" or "heart attack". But the new form bank- so-called shadow bank - maybe not.

4 1:35.6
The shadow bank face the same problem with the ordinary banks about the IOUs and the problem is difficult to be solved. One solution is that set limit to the firms could use the short-term IOUs.

5 1:20.6
The limit above may lead firms to rely more on long-term debt instead of short-term debt. The insurance for IOUs may enhance the stability, though, it may cause a company to take risks. After all, it was a last-long and tricky issue.

Obstacle:
warm-up 1:01.5
obstacle 5:31.8
It's hard to micro business to lend money and raise funds. It's hard to balance the risky and safety.
Why the shadow banking system is exist.


...白学管理学了，简直都看不懂。啊好想死。昨天刚觉得文章见短今天就又长又看不懂...但仔细想想要是考场上全是经管是不是要去一头撞死...

墨夕

03: 29
03: 34
03: 17
04: 11
03: 34
13: 47
第一次跟队，好费劲啊。。。

flonacui

warm up 43''
Like the great depression, the economic cirsis has brought many attention from the people. Some commentators critisized the government for not having effective measure to regulate non-bank credit providers.
1 2'54''
The shadow banks become more widespread nowadays, because the public does not have efective tools to regulate these banks, the danger has surfaced.
2 3'07''
3 2'05
A resolution is needed to solve the crisis.
中间那个一会儿看

warm up 1'46'' Joe Zhang is in the shadow banking in China
越障 6'08''

虽然是金融专业 可是new yorker和the economists上的文章好难读 还是自己能力不行啊。。。

yhspark

发完看中国好声音

速度：
2'31
2'10
2'23
2'18
1'58
越障：
1'46
shadow bank is beginning in China
5'40
-problems in financial to small firms
-how shadow banks work
-problems and how to solve
不少单词不认识啊。。

Jonathanluck

2:28
2:44
2:06
1:46
1:40
越障6:56

AbbyShuai

Speed
2'49 function of traditional bank.....shadow banking system makes the shift from short term loan to long term loan..
2'44
2'15 suggestion for preventing such financial crisis from happening again
1'47 similarities and differences between normal deposits and  IOUS...risk...firms as evidence...constraints are needed in shadow banks
1'40 different people give different ways of solving the problems of shadow banking systems....
obstacle
7'36
China's shadow banking system...how it works and its characteristics and problems...WMP sold through bank disguised as normal deposits..influence on bank and on customers...problems

lillianyang

表示金融专业的孩子各种看不懂神马情况
恶补金融知识
作业：
2‘58
2’49
2‘07
1’14
1‘34
6’29

杀G给猴看

【Notes for Article 1】

(warm up) 公众会持续的讨论金融危机的缘起。一些评论认为政府对于危机的反应太specific。需要明确的是，由于缺乏有效的对非银行金融机构的监管工具，政府对危机的控制能力大大下降。

(Time 1)早期，受监管的银行是创造信用的主体，但上世纪80年代中期以后，影子银行（非传统意义上的银行性金融机构，详细介绍见二楼）越来越多的参与到创造信用中来。文章接着介绍了一些相关的变化，如经纪商们通过交易一些衍生工具促进了金融系统的运作等。这个不受监管的借贷市场非常巨大。【创造信用的主体发生变化】
虽然金融创新有好处，但是传统的监管工具无法处理因为这些金融创新而产生的危机。传统而言，央行可以充当金融机构的“最后贷款人”（last resort to solvent）；但现在，央行没有办法解救失去偿付能力的影子银行 并为有偿付能力的机构提供流动性，另外，影子银行的参与者们很大程度上是在系统内部相互交易，无论是监管层还是参与者都很难准确估计这个相互联系的程度。在这种情况下，联邦破产法成为了解决问题的主要机制，但它不大适合于那些参与回购协议和衍生工具合约的金融机构。【产生的问题：传统的救市办法失效，破产法也不适用】

(Time 2) 在正常情况下，当公司申请破产时，其债权人不可以在没有破产法庭的允许下行权。这样的规定使得破产公司的财产和债务可以合理分配。但由于近来国会将回购协议和衍生工具合约排除破产法保护之外，金融机构申请破产时就会陷入困境。雷曼兄弟就是个例子。贝尔斯登（Bear Stearns）也是由于大量使用回购协议、衍生品融资，缺乏提供流动性的工具而面临危机。按照原来的规定，美联储不能向贝尔斯登提供贷款，但贝尔斯登一旦破产后果将十分严重，于是政府不得不修改了法案。但修改法案还是无法解决问题，后来摩根大通收购了贝尔斯登。在2008下半年，随着金融危机的深化，对银行 政府采用传统办法，对例如房地美和房利美，则采取新办法接管，以将损失降到最小。【破产法不适用的原因，以及举例：贝尔斯登 等】

(Time 3) 雷曼、AIG、美林开始面临困境，政府缺乏解决方案的问题又浮现出来。因此，政府推行特定政策是必要的。举雷曼一例，没有监管部门或者银行能接管它，雷曼只能申请破产保护，而此举波及范围甚广，导致了一系列危机。
防止2008年悲剧重演的办法就是建立健全监管框架，使得它适用于当下。目前金融体系的发展已经远远超过了现有法案所能及的范围。
理想状态下，监管者最好可以预计并防止危机的产生，但必须承认的是，要做到这点非常困难。重要的是，当危机真正发生时，监管者要有办法解决，拯救这些重要的非银行金融机构，防止2008年危机再次发生。【举例：雷曼，引出观点：要防止类似危机，必须升级监管体系】

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LZ再啰嗦两句……此文年代比较久远，距今4年。个人认为虽然文章挺长，但其实只是说了一件事：当时因为缺乏监管机制，所以危机深入，所以要加强监管。不过可能由于文章所限，它并没有提出可能的监管思路。