首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
Talk is cheap when it comes to solving the problem of too-big-to-fail banks. From the luxury of even today’s stuttering economic
Talk is cheap when it comes to solving the problem of too-big-to-fail banks. From the luxury of even today’s stuttering economic
admin
2016-03-10
14
问题
Talk is cheap when it comes to solving the problem of too-big-to-fail banks. From the luxury of even today’s stuttering economic recovery it is easy to vow that next time lenders’ losses will be pushed onto their creditors, not onto taxpayers.
But cast your mind back to late 2008. Then, the share prices of the world’s biggest banks could halve in minutes. Reasonable people thought that many firms were hiding severe losses. Anyone exposed to them, from speculators to churchgoing custodians of widows’ pensions, tried to yank(抽出)their cash out, causing a run that threatened another Great Depression. Now, imagine being sat not in the observer’s armchair but in the regulator’s hot seat and faced with such a crisis again. Can anyone honestly say that they would let a big bank go down?
And yet, somehow, that choice is what the people redesigning the rules of finance must try to make possible. The final rules are due in November and will probably call for banks in normal times to carry core capital of at least 10% of risk-adjusted assets. This would be enough to absorb the losses most banks made during 2007 -2009 with a decent margin for error.
But that still leaves the outlier banks that in the last crisis, as in most others, lost two to three times more than the average firm. Worse, the crisis has shown that if they are not rescued they can topple the entire system. That is why swaggering talk of letting them burn next time is empty. Instead, a way needs to be found to impose losses on their creditors without causing a wider panic—the financial equivalent of squaring a circle.
America has created a resolution authority that will take over failing banks and force losses on unsecured creditors if necessary. That is a decent start, but may be too indiscriminate. The biggest banks each have hundreds of billions of dollars of such debt, including overnight loans from other banks, short-term paper sold to money-market funds and bonds held by pension funds. Such counterparties are likely to run from any bank facing a risk of being put in resolution—which, as the recent crisis showed, could mean most banks. Indeed, the unsecured Adebt market is so important that far from destabilising it, regulators might feel obliged to underwrite it, as in 2008.
A better alternative is to give regulators draconian power but over a smaller part of banks’ balance-sheets, so that the panic is contained. The idea is practical since it means amending banks’ debt structures, not reinventing them, although banks would need roughly to double the amount of this debt that they hold. It also avoids too-clever-by-half trigger mechanisms and the opposite pitfall of a laborious legal process. Indeed, it is conceivable that a bank could be recapitalised over a weekend.
The banks worry there are no natural buyers for such securities, making them expensive to issue. In fact they resemble a bog-standard insurance arrangement in which a premium is received and there is a small chance—of perhaps one in 50 each year—of severe losses. Regulators would, though, have to ensure that banks didn’t buy each other’s securities and that they didn’t all end up in the hands of one investor. Last time round American International Group became the dumping ground for Wall Street’s risk and had to be bailed out(帮助……摆脱困境)too.
Would it work? The one thing certain about the next crisis is that it will feature the same crushing panic, pleas from banks and huge political pressure to stabilise the system, whatever the cost. The hope is that regulators might have a means to impose losses on the private sector in a controlled way, and not just face a binary choice between bail-out or oblivion.
The resolution is______in the author’s point of view.
选项
A、of no help
B、bound to fail
C、without careful selection
D、sort of socialism
答案
C
解析
态度题。由题干定位至第五段。由该段第二句可以看出作者的态度,他认为这种做法是个良好的开端,但是这种不加鉴别的救市行为也是不可取的,作者接下来详细解释了自己的这个观点,因此[C]正确。
转载请注明原文地址:https://kaotiyun.com/show/LI7O777K
0
专业英语八级
相关试题推荐
It’sdisturbingtopictureyourkindergartnerinacasino,butmaybeyououghttotry.Americankidsarebornintoaculturetha
Whyaretheresomanycorporateabusestoday?
ConsiderationsofLearning-centeredTeachingI.IntroductionA.goalofmostcourses:toenhancestudents’understanding—differ
Therearetwoapproachestotranslating:first,youstarttranslatingsentenceandsentence,forsaythefirstparagraphorchap
TheAmericanDream:MythorReality?Thoughtheterm"AmericanDream"iswidelyusedtoday,thereexistmanyproblemswese
TheoldestuniversityinNewZealandis
Nowadays,manypeopleusecomputerstohandleordinaryissuessuchasbankingandofficework,andtospendtheirsparetimeon
我自然知道,大山有坎坷,大海有浪涛,大漠有风沙,森林有猛兽。即便这样,我依然喜欢。打破生活的平静便是另一番景致,一种属于年轻的景致。真庆幸,我还没有老。即便真老了又怎么样,不是有句话叫老当益壮吗?于是,我还想从大山那里学习深刻,我还想从
记忆是人类有别于禽兽的标志之一。对心灵,它有时是沉重的负担,有时又是无法估价的财富。人们时而巴不得没有它,时而又十分稀罕。它能冲破时空局限,使生活从平面变为多棱多角。一个人可以游遍天下山山水水,然而梦境里出现的,往往不是什么名川佳境,而是幼年走过
一个人的生命究竟有多大意义,这有什么标准可以衡量吗?提出一个绝对的标准当然很困难;但是,大体上看一个人对待生命的态度是否严肃认真,看他对待工作、生活的态度如何,也就不难对这个人的存在意义做出适当的估计了。古来一切有成就的人,都很严肃地对待自己的生
随机试题
对物的抗辩是________。
消化性溃疡最主要的致病菌是
对标志面外观质量进行检测时,要求在任何一处面积为50cm×50cm的表面上,不存在一个或一个以上总面积大于( )mm。的气泡。
筏形基础适用于( )地基。
位于县城的中药生产企业甲为上市公司,是增值税一般纳税人。2019年甲公司实现营业收入86000万元,投资收益4000万元,发生营业成本43000万元,税金及附加2200万元,管理费用4600万元,销售费用28000万元,财务费用1200万元,
一旦考虑到“未来”,人们对住宅的要求便__________地苛刻和复杂起来。因为人们对“未来”的起点与规划是不同的。规划中的“未来”,可能是开始退休生活,可能是孩子独立工作之后,也可能是财务自由后的日子。而人们的志趣与家庭结构又各不相同。那么属于各种“未来
在VBA中定义了二维数组B(4,1to5),则该数组的元素个数为()。
Bothhisbrotherandhissister______busywiththeirhomework.
A、 B、 C、 B
A、Yes,I’llgiveyou.B、Yourhotelispoor.C、Itdoesn’tmatter.D、It’stooexpensive.C对别人道歉的事情表示不介意时,应用Itdoesn’tmatter.来回答。
最新回复
(
0
)