外文翻译--原始与现代经济学：衍生金融工具，流动性，价值对危机的引动论.docVIP

本科毕业论文（设计） 外 文 翻 译 外文题目 Primitive andModernEconomics:Derivatives, Liquidity ,Value,Panic and Crises, A Uniformitarian View 外文出处 Forum for Social Economics,38,No,1(2009):31-51 外文作者 Niccolo Caldararo 原文： Primitive and Modern Economics: Derivatives, Liquidity, Value, Panic and Crises, A Uniformitarian View Introduction Beginning in the summer of 2007 a freeze of sorts struck the world of finance affecting the behavior of the market and the condition of liquidity and credit. While the initial cause was placed on an implosion in the subprime banking industry, the central feature of this freeze manifested itself over the next 15 months in banks either not lending to each other, lending for shorter periods along with rising “fails” in Fed convertibles, as Paul Davies and Michael Mackenzie demonstrate (FT 10/15/08). Increasingly this freeze spread to a greater collapse of lending extending to corporations,businesses and public sector projects of municipalities and other public agencies. The central problem has not been the behavior of consumers, though we have seen a drop in retail sales reported in fall 2008, rather it is with the financial sector. No matter how much credit the Fed has extended, the individual banking and financeinstitutions know how bad their own balance sheets are, how they have bundled off and hidden losses and bad loans and so they simply expect all the other banks have done the same. The situation is much like several of the forms of game theory. Paul G. Mahoney and Chris Sanchirico (2003) described the idea in “third party enforcement problem” where social norms, not legal rules, influence outcomes. In this situation community retaliation is illusory where there is a free rider element. Here we see the parallel with bankers. The present situation, however, would undermine their conclusions. They can profit from the injection of c