- UID
- 777502
- 在线时间
- 小时
- 注册时间
- 2012-7-5
- 最后登录
- 1970-1-1
- 主题
- 帖子
- 性别
- 保密
|
20120804 <第四期5-10经管> Is Banking Unusually Corrupt, and If So, Why? Posner
refute [r?'fju?t] vt. 反驳 imprudent [?m'pru?d(?)nt] adj. 轻率的 downright ['da?nra?t] adj. 显明的 One has the impression—no more than that, but it is difficult even to imagine what “evidence” is obtainable that could confirm or refute the impression—that imprudent, unethical, unlawful, and downright criminal behavior is more common in large financial institutions (“banks,” as defined in the next paragraph) than in other, and otherwise comparable, business firms.
account for 对…负有责任 If the impression is correct, what might account for it?
creditworthiness ['kredit,w?:θinis] n. 好信誉 intermediation ['?nt?,mi?d?'e???n] n.中间人 I think the answer lies in the nature of banking, understood broadly as financial intermediation: if A has money he’d like to save and B needs money, then rather than A lending directly to B A might lend to C to lend to B, because C—a bank—is a specialist in assessing creditworthiness.
deposit insurance [保险] 存款保险 Government deposit insurance can reduce the risk of runs and by thus making depositors’ capital more secure reduce the interest rate the bank has to pay them.
correlated adj. 有相互关系的 government intervention政府干预;政府干涉 But risk and return are positively correlated; by reducing risk, government intervention in the banking industry reduces expected return. amplify ['æmpl?fa?] vt. 扩大 It may also decide to offset the cost of its reserves (cash on which it receives no return), and amplify the spread between its cost of borrowed capital and its return on investment, by making riskier investments with its borrowed funds than mortgage loans, municipal and corporate bonds, Treasury notes, and other conventional bank investments: it may decide to speculate.
firm-specific adj. 公司特有的 Second, not only a bank’s financial capital but also its human capital is short term; very little financial human capital seems to be firm-specific, judging by the rate at which bankers move from firm to firm.
ferociously [f?'r?u??sli] adv.激烈地 scrupulous ['skru?pj?l?s] adj. 细心的;小心谨慎的;一丝不苟的 Any firm that has short-term capital is under great pressure to compete ferociously, as it is in constant danger of losing its capital to fiercer, less scrupulous competitors, who can offer its investors and its key employees higher returns.
utility [ju?'t?l?t?] n.效用 Such a business model attracts people who have a taste for risk and attach a very high utility to money.
gullibility [,g?li'biliti] n. 轻信 sharp practice卑鄙交易;不择手段的赢利行为 The complexity of modern finance, the greed and gullibility of individual financial consumers, and the difficulty that so many ordinary people have in understanding credit facilitate financial fraud, and financial sharp practices that fall short of fraud, enabling financial fraudsters to skirt criminal sanctions.
ineffectuality ['ini,fekt?u'æl?ti] 无效果;徒劳无益;不起作用 ostensibly [?s'tens?bli] adv. 表面上 Its ineffectuality is on display in the Libor scandal. Libor (an abbreviation for “London interbank offered rate”) is ostensibly a reliable estimate of the interest rate that leading world banks charge each other for three-month or one-year loans.
hypothetical [,ha?p?'θet?k(?)l] adj. 假设的 With the financial crash of 2008 and ensuing reduction in loan activity, banks had fewer and fewer occasions to borrow from each other, so the daily Libor rate became increasingly hypothetical.
solvency ['s?lv?ns?] n. 偿付能力 And since Libor is an index of bank solvency, it was in the interest of the participating banks to “estimate” Libor rates lower than actual transaction rates; and apparently that’s what they did.
laxity ['læks?t?] n. 松驰;放纵 The regulators were aware of this monkey business, but apparently did nothing, continuing a pattern of bank-regulatory laxity of many years’ standing.
revolving door旋转门;十字形旋转门 lest [lest] conj. 唯恐,以免;担心 zeal [zi?l] n. 热情;热心;热诚 One is the revolving door: some regulators look forward to a post-governmental career in the regulated industry and fear lest the industry punish them for regulatory zeal by refusing to give them a good job.
complacency [k?m'ple?s(?)ns?] n. 自满 But the most interesting is the complacency about capitalism typified by the attitude of Alan Greenspan, the long-serving chairman of the Federal Reserve Board, and by other conservative economists.
deregulation [d?'r?gj?,le??n] n. 违反规定 precipitate [pr?'s?p?te?t] vt. 促成 Competition often is an adequate substitute for regulation; that was the insight behind the deregulation movement that began in the late 1970s. But it is not an adequate substitute for banking regulation, because of the macroeconomic risks that a collapse of the banking industry can precipitate.
|
|