风险管理系统，系统风险和信贷危机外文翻译.docVIP

外文翻译 原文 Risk Management Systems, Systemic Risk and the Credit Crisis Material Source:wanfang data knowledge platform Author: Frank Milne I am indebted to David Laidler and Finn Poschmann for suggesting and commenting on this paper. I am also indebted to John Crean for discussions on these issues over many years; and his detailed comments on earlier drafts. I have benefited from comments from the participants of the discussion at a C.D.Howe conference; and from comments by Douglas Gale, Prasanna Gai and James Thompson. The Study in Brief The recent credit market crisis reflects system-wide problems in the trading and hedging of credit risks. It started in the US mortgage market, but is spreading more generally into other credit markets. Perceived counter-party risks between financial institutions have risen, impairing the operation of credit markets. It is an international, systemic problem, becoming more serious rather than less as time has passed. The interaction between the financial and real sectors may act as a multiplier mechanism increasing the risk and depth of a recession in Western economies. Short-run policy responses would see central banks and financial regulators making difficult trade-offs in ensuring the availability of liquidity and the continued functioning of credit markets on one hand, while avoiding reinforcing the moral hazard issues that are among the roots of the current crisis. Amid all this, Canada is a small player, integrated into the US economy. Canada should act to ameliorate the impact of the financial crisis and accompanying real downturn. This will require careful coordination and cooperation with US and international regulators. In the long run, a serious analysis of the current crisis is needed, and proper review of the current financial system’s strengths and weaknesses. New regulation and risk management practices may be required. Given the amount of uncertainty over the seriousness of losses and the impact on the real