1、Terms Balance sheet 資產(chǎn)負(fù)債表 Cash flow 現(xiàn)金流 Bull market 牛市，旺市（行情看漲的市場）旺市（行情看漲的市場） With more choices open to them, borrowers and investors can obtain better terms on their financing. Corporations can finance physical investments more cheaply, and investors can more easily diversify internationally and ta

2、ilor（剪裁；使合剪裁；使合適適） portfolio（公文包；文件夾；證券投資組合公文包；文件夾；證券投資組合） risk to their preferences（偏愛，選擇權(quán)，特惠）. 有了更多的選擇，借款者和投資者便能獲得對他們的融資更有利的條件。公司可以比較廉價(jià)地（？）獲得實(shí)物投資所需的資金，投資者在全球范圍內(nèi)更容易實(shí)現(xiàn)投資多元化，可以根據(jù)他們的風(fēng)險(xiǎn)偏好（？），定制投資組合。 This encourages investment and saving, which facilitate real economic activity growth and improve econom

3、ic welfare. However, asset prices may overshoot fundamentals during booms and busts, causing excessive volatility （反復(fù)無常，波動，不穩(wěn)定）and distorting the allocation of capital. 這些鼓勵(lì)了投資和儲蓄，便利了實(shí)體經(jīng)濟(jì)的增長，提高了經(jīng)濟(jì)福利。然而，資產(chǎn)價(jià)格在經(jīng)濟(jì)高漲（？）和蕭條時(shí)期可能會超過基本面，導(dǎo)致經(jīng)濟(jì)過度波動，扭曲資本配置。 For example, real estate prices in Asia soared and then

4、 dropped precipitously before crisis of 1997-1998, leaving many banks with nonperforming loans backed by collateral that had lost much of its value. 例如，在1997-1998年危機(jī)前，亞洲房地產(chǎn)價(jià)格暴漲，隨之暴跌。使得許多銀行無法收回貸款，抵押品價(jià)值也損失大半。 Also, as financial risk becomes actively traded among institutions, investors, and countries,

5、 it becomes harder to identify potential weaknesses and to gauge the magnitude of risk. 同時(shí)，由于風(fēng)險(xiǎn)資本在機(jī)構(gòu)、投資者及國家之間頻繁交易，使得鑒定（？）潛在的不穩(wěn)定性和判定（？）風(fēng)險(xiǎn)程度變得更加困難。 Enhanced transparency about economic and financial market fundamentals, along with a better understanding of why asset market booms and busts occur, can h

6、elp markets better manage these risks. 加強(qiáng)經(jīng)濟(jì)的透明度和金融市場基礎(chǔ)設(shè)施，強(qiáng)化對資產(chǎn)市場高漲和回落的理解，有助于利用市場更好地管理這些風(fēng)險(xiǎn)。 30年前，一個(gè)制造業(yè)建一座新的工廠或許只能從國內(nèi)銀行貸款，如今，有更多方式可供選擇。 30 years ago, a manufacture build a new factory that maybe merely get loans form domestic banks. Three decades age, a manufacture building a new factory would probabl

7、y have been restricted to borrowing (obtain a loan)from a domestic bank. Today it has many more options to choose from. Choose a new manager from five candidates. We offer a wide range of holidays to choose from. 可以在全球范圍內(nèi)尋求低利率的貸款；如果外國貨幣貸款提供比國內(nèi)貨幣貸款更有吸引力的條件，還可以借入外國貨幣；可以在國內(nèi)或者國際資本市場上發(fā)行股票或債券；還有許多專門為規(guī)避可能發(fā)

8、生的風(fēng)險(xiǎn)而設(shè)計(jì)的金融產(chǎn)品可供選擇；甚至可以向國外公司出售證券。 ( There are many financial products designed ) It can look around the world for a loan with a lower interest rate and borrow foreign currency if foreign-currency loans offer more attractive terms than domestic-currency loans; it can issue stocks or bonds in either dom

9、estic or international capital markets; and it can choose from a variety of financial products designed to help it hedge against possible risks. It even sell equity to a foreign company. 融資渠道多元化的一個(gè)主要好處是它降低了“信用緊縮”風(fēng)險(xiǎn)。當(dāng)本國銀行處于銀根緊縮時(shí)期，借款者可以在國內(nèi)證券市場上發(fā)行股票和債券，或是在國際資本市場上尋求其他融資渠道。 信用緊縮時(shí)期 tight money period 銀行信用

10、緊縮銀行信用緊縮 contraction of bank money credit squeeze One of the main benefits of the growing diversity of funding sources is that it reduces the risk of a “credit crunch”. When banks in their own country are under strain, borrowers can now raise funds by issuing stocks or bonds in domestic securities m

11、arkets or by seeking other financing source in international capital markets. Even in Asia, capital markets are under strain. 即使在亞洲，資金市場也備受壓力。 證券化使得資本定價(jià)和分配更加有效，因?yàn)?，金融風(fēng)險(xiǎn)的變化在資本價(jià)格流動上比銀行資本負(fù)債表上表現(xiàn)得更為快捷。 Securitization makes the pricing and allocation of capital more efficient because changes in financial r

12、isks are reflected much more quickly in asset prices flow than on bank balance sheets. 不利之處在于市場已經(jīng)變得更加反復(fù)無常，這種變化對金融穩(wěn)定構(gòu)成威脅。 The downside（） is that markets have become more volatile and this volatility could pose a threat to financial stability. 因此，那些負(fù)責(zé)確保金融穩(wěn)定的相關(guān)人士，應(yīng)該了解金融全球化如何改變了國際資本市場的均衡，確保各自的風(fēng)險(xiǎn)管理有效規(guī)避這些風(fēng)險(xiǎn)。 Accordingly, those in charge of preserving financial stability need to