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

goldenpath

02:04  The growth if shadow banking system, a collection of non-traditional banking institution that provides the traditional bank function of credit growth, is getting out of control and government and the central bank were not prepared nor have the tools/regulations to control such thing.

03:36 talked about the collapse of Bear Sterns and Lehman Brothers, government was willing to lend a hand but soon realized that the the extension of credit was inadequate so government appointed some other financial institutions to take over the falling companies.

02:24 the fall of Lehman Brothers triggered a domino effect and quickly affected the whole economy. Author believes that the cause of such devastated crisis like what happened in 2008 was the lack of regulations. The banking laws that were used  were drafted long time ago and simply could not keep up with the rapidly evolved financial systems. At the end, author believed that while an accurate prediction when the next financial crisis will happen is unrealistic, it is important for the regulatory and law to be updated so they can keep situation under control when things getting crazy again.

02:02  talked about how the bank run- the heart attack that can quickly kill a bank-works and and some the suggestions on what can be done to prevent this from happening.

01:44  various of suggestions on how to prevent the 'bank run' were discussed.

wensd1111

1 A 00:47
2 A 02:30
3 A 02:34
4 A 01:43
5 A 01:29
6 A 01:42
7 A 01:31
8 A 01:43
9 A 06:25

xuexue22cn

杀G给猴看 发表于 2013-7-18 21:41
WORD LIST
【SPEED】
1.        ad hoc  英[,æd'hɔk]  adj. 特别的；临时；专设  adv. 特别 ...

这次特别好，我自己一共读了6遍，我想写多一点不光是时间，谢谢你很喜欢这次的材料，对我太有用了。
TIME 1 3:05
1.过去和现在的变化引出概念 “shadow banking system.”
regulated banks，自己经常在报告里想不起这么形容
were the primary engines of credit growth
accelerating in the decades that followed
下面这两句话的表达实在是太地道了，我爱死了！
The public made short-term loans to banks in the form of demand deposits, which were then used to make new loans
Credit growth shifted from the traditional banking system to what has been termed the “shadow banking system.”

2.影子银行系统的表现以及规模

这段话的几个表现的表达太好了

Securitizationtrusts supplemented traditional bank balance sheets.

Asset-backedcommercial paper conduits and structured investment vehicles transformedshort-term liabilities into long-term assets. And lightly regulated andunregulated affiliates of broker-dealers facilitated the functioning of thesystem through derivatives and trading activities.

3问题概括 lackedmany of the necessary tools for regulators to resolve insolvent institutionsand provide liquidity to solvent ones

time 2: 2:08
Bear Stearns事件：

Bear Stearns was an enormous provider of credit,particularly to the real estate market. It financed itself in the repurchasemarket and was party to billions of dollars of derivative contracts.unprecedented crisis — the potential failure of a systemically significant institution with no real vehicle for providing it liquidity or forcing an orderly liquidation 这段话是摘自原文，自己实在大概知道意思，但说不出来，只好先模仿复制，读了几遍这段。
事件的影响：caused a disastrous domino effect and goverment response
These measures, which allowed the conservator toassume derivative contracts, showed the efficacy of resolution authority whenavailable for systemically important institutions, and losses were minimizedwith minimal collateral damage

time2的文章中好的表达主要是大家会发现和诺变化的形容词修饰各种失败和方法的，很喜欢，很多是用的时候想不到的，举几个例子
files for bankruptcy,
ugly and inefficient process 形容雷曼的，第一次见到这么形容的，cool，
insolvent financial institutions

unprecedented crisis — thepotential failure of a systemically significant institution with no realvehicle for providing it liquidity or forcing an orderly liquidation. 这句话形容太好了！

time 3 5:34
The government’s response was necessarily ad hoc,because resolution mechanisms were either unavailable or potentiallydisastrous.what will prevent? Granting resolution authority to facilitate an orderlywind-down of failed, systemically important nonbank institutions is the singlemost important regulatory change

这段同样很多的词语是用于表达政策和监管的，还是举几个例子：
unsuited existing insolvency regimes
ripple effects  
prevent arepeat of
facilitate an orderly wind-down of failed

Time 4 4:06
time 5:5:08
ob 12:34

cleotina

7.25
3.20
shadow bank holds about 3 trillion dollor, with is as much as regular bank systems does. And it should be under proper supervisor

2'40
still about the regulator of the shadow bank, And a new system is needed.

2'20

1'58

2'15

2'20

11'58
an analysis of China's capital market

the Shadow banking is useful in this market

杀G给猴看

xuexue22cn 发表于 2013-7-25 13:05
这次特别好，我自己一共读了6遍，我想写多一点不光是时间，谢谢你很喜欢这次的材料，对我太有用了。
TIME  ...

哇！若川姐姐的笔记写得好赞！之前我自己只是看看意思，都没怎么注意文法的，以后也要注意学习啦！
&我得加油补笔记，这两天在外面跑得比较忙，notes已经在article 1停滞不前了……TT

change17251

补作业来袭·~~~~~~

2,57  the growth of credit shifted from regulated banking system to the shadow banking system. the central banking system, which used to be the lender of last resort to solvent financial institutions, had not adapted to the growth of shadow banking system in 2008, then explaining how these happened.
3.24  how the government deal with the Bear Stearns crisis effectively.
2,41 Lehman's failure demonstrated in spectacular fashion how unsuited existing insolvency regimes were for institutions of systemic importance, and the failure caused spread bad effects. the crisis in the future is difficult to predict and prevent.
2,18 when a firm suffer cancer, its assets become less valuable than expected,to avoid this, the bank need to have more deposits than regulation required. but more capital is not helpful if a firm suffer heart attacks.
2,4 The IOUs in shadow bank has the same problems with deposits, when in trouble,a lots of assets would be sold at the same time,then the price fall, thus causing more sales. this was what happened to L & B. one idea to restrict is to place legal limits on which firms could use short-term IOUs

obstacle： 8,05
回忆得再看看了写。。。。

JennyF

2'52 loans-deposit-new loans- how traditional bank work; --> shadow bank: deposits- the money market funds. the great depression is partly due to the government& regulators are not adaptable to the shadow banking system.

2'59 once a company files bankruptcy, the company dont have credit to lend money from bank, however, the company still can get the recreate the assets to get money elsewhere. for example: the xx company- files bankruptcy, still can lend money from fed, when its out of control, fed appointed jp morgan chase as a receiver-liquidator

2'25 when the crisis came, the fed don't have a resolution or something make the situation disastrous. another crisis in the future is un-avoidable. but the government should figure out the resolution or regulators to deal with depression.

2'01 manage the risk and interest is the essence of banking. the bank should be the only institution to do deposit. there should be a law the regulate the limitation of the amount

2'02 if the lehman brothers took less risks, the company would not went that way. dilemma: insurance may cause companies make stupid choices. so- tax on short term funding- encourage long term funding. it took almost 70 yrs to make to banking to the traditional one, don't hesitate.

9'29 the situation of shadow banking system in china
        -> shadow bank do middle things- hold assets& issue liabilities, and they less liquid.
        -> the products- the packaged assets are high risks and high yields
        -> however, it is the banks to distribute those products. some banks take insurance to mmp products- the smaller and big enough banks are don't worry
        -> china's shadow banking still has not reform.

750750

2min47s
3min16s
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8min20s
啊，经管类越障一长就完全弄不清楚在讲啥

Extremo

[speed]

1.1:05

The origins of the financial crisis still be the subject of the intense debate for the generations.-- call for a policy to deal with the nonbank credit provider.

2.3:50

The causes of financial crisis -- shadow bank and derivative contracts.

3.2:20

FR’s actions seem to be ineffective to a large extent during the financial crisis.

4.3:04

Call for a institution to deal with the special crisis from the nonbank institutions.

5.2:22

Causes of the FR--shadow bank.

6.2:35

Call for a measurement to deal with shadow bank.  Several professionals hold different points of view.

[obstacle]

9:28

The status quo of Chinese shadow banking、microcredit institutions--call for the removal of interest rate controls.

铁板神猴

铁板鱿鱼 发表于 2013-7-19 10:21
只占座，不阅读