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[经济学人] [2007.08.16] Bankers' mistrust

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发表于 2010-4-29 04:01 | 显示全部楼层 |阅读模式
A liquidity squeeze


Bankers' mistrust
银行间互不信任
Aug 16th 2007
From The Economist print edition


Central banks struggle to prevent money markets from drying up
中央银行想方设法防止货币市场干涸

LED by Alan Greenspan, the former chairman of the Federal Reserve, most central bankers think arm's-length lending and derivatives have made the financial system work better. But everyone has been tripped up by the rapid way difficulties with American subprime mortgages, on the outer reaches of the debt markets, have infected interbank lending, supposedly one of the safest and most liquid areas of financial markets. Central banks have spent most of this week shoring up the interbank market. By August 16th the effort had spread right across Asia.
在前联储会主席格林斯潘领导下,多数中央银行认为公平的借款及金融衍生物使得金融系统的运作更好。但是,在迅猛的美国次级贷款所造成的困境中,虽然仅仅是信贷市场的外围,每个银行都受到冲击,以致影响到银行间拆贷,这一金融市场中认为是最安全,流动性最大的领域。
中央银行这个星期多数精力都用在拯救银行间拆贷上了。到8月16日,整个亚洲的中央银行都在进行努力了。

The interbank market lubricates the financial system by moving cash to where it is most needed. The price that banks charge each other for short-term lending is closely aligned with the interest rate set by the central bank, the ultimate font of cash.
银行间拆贷通过使货币流向最需要的地方,润滑着整个金融市场。
每家银行向其他银行收取的短期拆贷价格与中央银行这一资金源泉所定的利率相联系的。



On August 9th and 10th the rates commercial banks charge each other for overnight borrowing spiked on both sides of the Atlantic. In America the rate hit almost 6% (see chart), well above the Fed's target of 5.25%. In the euro area, money market rates peaked briefly at 4.7% sharply above the benchmark of 4%. On any normal business day the spreads would be only a few hundredths of a percentage point.
8月9号,10号,在大西洋两岸的商业银行收取其他银行拆贷的费用骤然上升。在美国,拆贷利率达到6%(见图),远远超出联储会所定的5.25%。在欧元地区,货币市场的利率有很短时间达到4.7%,大大超出4%的基准。在一般正常情况下,这种差别仅为万分之几。

The European Central Bank (ECB) was quickest to respond, with the first of a series of unscheduled “fine-tuning” operations. It provided 95 billion euro($131 billion) of extra funds to the money market on August 9th. This was more than it supplied on the day after the terror attacks of September 2001. On August 10th the ECB supplied 61 billion euro. Central banks from Canada to Japan and Australia followed. America's Federal Reserve acted too, injecting $24 billion on August 9th and $38 billion the following day. Although these measures looked less dramatic than the ECB's move, they were much larger than normal for the Fed.

欧洲中央银行(ECB)是动作最快的,进行了几次在时间表外的“微调”动作。8月9号,它向货币市场注入了950亿欧元(1310亿美金)。这超出了其在2001年9月受到恐怖分子攻击后当日向市场投放的货币。在8月10日,ECB又注入了610亿欧元。从加拿大到日本,及澳大利亚的中央银行也接连跟进。美国联储会也开始行动,在8月9日向市场注入240亿美金,10日投放了380亿美金。虽然这些方法看起来没有ECB的动作那么迅猛,但是这大大超出通常联储会推出的数量。

The ECB's extravagance sparked fears that it knew about a nasty problem in European banking. There are likelier explanations. Higher reserve requirements in the euro zone mean that its central bank has to inject more cash than the Fed to achieve the same effect, says Julian Callow at Barclays Capital. By acting first and forcefully, the ECB may have eased the need for other central banks to step in. With fresh euro reserves as collateral, banks found it easier to borrow in overseas markets. Moreover, the Fed's operation on August 10th was also slightly unorthodox, as the collateral for cash loans was entirely in mortgage-backed securities, albeit ones guaranteed by federal agencies.
ECB的超乎寻常的大手笔引起市场担心在ECB知道在欧洲银行界有很危险的问题存在。这里有些可能的解释。欧元区有较高的银行保证金,这意味着ECB需要比美国联储会注入更多的货币才能达到同样的效果,巴克莱资产的Julian Callow如是说。作为第一个进行强有力行动者,ECB或许可以免去其他中央银行介入的急需。通过这些新鲜欧元储备作为保证金,银行可以更容易的向海外市场贷款。此外,美国联储会在8月10日的行动也有些不同寻常,那些现金贷款的抵押物是房贷型债券,而且这些已经由联邦机构担保过了。

The immediate cause of the spike in the interbank market appeared to be an announcement by BNP Paribas, a French bank, that it was suspending withdrawals from funds invested in illiquid (and thus hard-to-value) credit securities. But banks were already on edge after IKB Deutsche Industriebank, a German lender, had to be rescued because of its reckless exposure to American mortgages.
Lenders who cannot distinguish good borrowers from bad become less willing to lend to anyone. Even cash-rich banks will hoard their money if they fear that the interbank market will seize up and cut them off from sources of future supply.
这次,造成银行间贷款市场利率直线上升的直接原因,是由于法国巴黎银行(BNP Paribas)宣布暂停让那些投资于流动性不大的信用债券(很难估价)的基金中的投资人撤资。
德意志工业银行(IKB Deutsche Industriebank)由于冒险购买美国房贷出现问题,被营救后其他银行的信心已经到了崩溃边缘。那些出借人由于不能分辨贷款人的好坏,变得不愿意将钱出借。即使是有很多现金的银行也是守着那些钱,如果他们担心银行间市场会停顿,并切断今后的向他们提供款项。

The injection of fresh cash by central banks eventually succeeded in pushing money-market rates back down. The ECB's fine-tuning lasted four days, with each injection of loans smaller than the last.
中央银行注入的新鲜货币实际上成功的使货币市场的利率下降。ECB的微调持续了四天,每次注入的款项都比前一次少。

Some have criticised the central banks for their “bailout”. But this was nothing of the sort, because the central banks loaned the extra money at prevailing policy rates for short periods (short enough, as it happens, not to be inflationary). Others argue that the loans should have been at punitive rates, to deter banks from coming to the central bank cap in hand. Yet it would have made no sense to punish the entire banking network for a lack of confidence.
一些人批评中央银行这种“挽救”。但是这不是原来意义了。中央银行贷款是添加的货币,收取当前利率的短期(短到不能造成通胀)。其他人则说这些贷款应该收取惩罚性利率,以阻止这些银行有事就到中央银行作揖。但是为了缺少信心而惩罚整个银行系统却是毫无意义的。

Ready supplies of liquidity are reassuring in the short-term. But do they address the real problem? One drawback of a system that disperses risk is that nobody knows who has lost how much. Another is the way that bad news comes to light in dribs and drabs, rather than in one cathartic revelation. Even now, there are lingering traces of mistrust in longer-term interbank lending rates, which still look unduly high compared with overnight lending.
准备好随时提供流动性是短期保证。
但是这那个真正解决问题吗?将风险分散的系统的一个缺陷是没有人知道谁遭到损失,并且损失多大。另外是坏消息是一点点出来的,而不是一股脑都显现出来。即使现在,在长期银行间拆贷率中仍然或多或少可以看见这些不信任的影子,使得这些长期拆贷率大大高于隔夜拆贷率。

Markets are jumping at every shadow. Only when the imagined bad news has been flushed out will interbank markets return to obscurity.
市场在阴影笼罩下不会很稳定。只有当可预见的坏消息都出尽时,银行间拆贷市场才能走出黑暗。



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发表于 2010-4-29 04:06 | 显示全部楼层
有一些问题,一部分是由于粗心造成的,比如font,atlantic,有一些是由于金融知识的不足,就我个人的水平,指出一些来,大家共勉。

But everyone has been tripped up by the rapid way difficulties with American subprime mortgages, on the outer reaches of the debt markets, have infected interbank lending, supposedly one of the safest and most liquid areas of financial markets.
但每个人都在次级抵押贷款问题上栽了跟头,这一外围债市的危机,竟然如此之快的影响到了银行间拆借市场——这一本该是最安全、流动性最高的金融市场。

The price that banks charge each other for short-term lending is closely aligned with the interest rate set by the central bank, the ultimate font of cash.
银行间短期拆借利率是与央行——这一现金的最终源泉——制定的利率水平紧密联系的。

On August 9th and 10th the rates commercial banks charge each other for overnight borrowing spiked on both sides of the Atlantic.
8月9日10日两天,大西洋两岸的商业银行隔夜拆借利率暴涨。

On any normal business day the spreads would be only a few hundredths of a percentage point.
在通常的交易日,(利率)波动往往只是几个基点而已。
1/100 of a percentage is one basic point, briefly called “BP”

unscheduled
最好翻译成 计划外的,“时间表外的”太别扭

它向货币市场添加了950亿欧元(1310亿美金)。
最好用“注入了”××资金

Higher reserve requirements
较高的准备金要求

Moreover, the Fed's operation on August 10th was also slightly unorthodox, as the collateral for cash loans was entirely in mortgage-backed securities, albeit ones guaranteed by federal agencies.
此外,联储在8月10日的举动也有点不同寻常,因为现金贷款的准备金全部是有抵押的有价证券,尽管这些证券是由联邦机构提供担保的(因为抵押贷款市场出现问题,这些证券可能一文不值)。

The immediate cause of the spike in the interbank market appeared to be an announcement by BNP Paribas, a French bank, that it was suspending withdrawals from funds invested in illiquid (and thus hard-to-value) credit securities.
这句话意思翻译的不是很清楚,巴黎银行所做的是:禁止投资人从投资信贷证券的基金中撤资。
造成银行间拆借市场利率暴涨的直接原因,是源于法国巴黎银行宣布暂停投资者从信贷证券投资基金中撤资的行为。(这些证券因为流动性不高,已经很难估值)

return to obscurity
不是走出黑暗的意思,应该是恢复正常(回到无人关注的状态,obscurity不明显的)
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发表于 2010-4-29 04:11 | 显示全部楼层
改了。
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