The Objectives of International Financial Regulation外文翻译.doc

外文题目： The Objectives of International Financial Regulation 出 处： Global Financial Regulation：The Essential Guide 作 者：Howard Davies,David Green 原文： At the beginning of the twenty-first century financial markets are more international than ever before. Capital markets were highly integrated before the First Word War, with massive flows of funds from developed to developing countries, but the degree of integration fell sharply during the next fifty years and capital movements were often highly controlled. Now, however, globalized capital markets are back, but with a difference: capital transactions seem to be mostly a rich-rich affair, approcess of diversification finance rather than development finance. It is not true to say, as some do, that we live in a borderless world, but finance certainly flows more easily across borders than do goods or services. The channels of financial intermediation have also changed. Which only twenty years ago most business flowed through the balance sheets of banks or insurance companies, or through a limited range of investment funds usually dealing in products traded on regulated markets, the explosive increase in wealth held privately(partly as a result of greater dispersion of income)has led to the creation of a wide range of other investment vehicles, of which hedge funds and private equity are the most prominent, funded by high net worth investors and organized on an informal, largely unregulated basis. Now instruments have emerged which make it possible to transfer risk of all kinds on a far larger scale and in more complex ways, not solely through standardized exchange-traded derivatives, but through an almost infinite range of bespoke, over-the- -counter arrangements: CDOs, synthetic CDOs and the like. In some cases banks hold them in off-balance sheet vehicles. While these instruments make it possible to lay off risk over a vastly greater range of risk bearers, which probably increases the syst