證券化
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Securitisation 證券化 It s back 重新啟動 Once a cause of the financial world s problems,securitisation is now part of the solution 證券化曾經是導致金融危機的因素之一，如今卻能幫助解決金融難題 GIVEN their role in the 2008 meltdown, and their subsequent branding as toxic sludge, it isnot surprising that securitised financial products have had a quiet few years. 鑒于2008年經濟危機時所扮演的角色，以及隨后被貼上的有毒污泥的標簽，證券化金融產品這幾年的表現并不出乎人的意料。 Yet the transformation of mortgages, credit-card debt and other recurring cashflows intonew marketable securities is enjoying something of a resurgence. 然而抵押貸款、信用卡債務和其他一些循環的現金流向新的可交易證券的轉變目前正在振興。 Once apparently destined for the financial history books, the alphabet soup of ABSs, MBSs,CLOs and others had a bumper year in 2023. More growth is expected this year. 盡管曾經有過慘痛的經歷，但是資產擔保證券、抵押貸款證券和貸款抵押債券以及其他許多以字母簡稱命名的證券在2023年卻大獲豐收。據預測，今年還會繼續增長。 Not everybody is thrilled. 并不是所有人都對此滿心歡喜。 Some observers argue that the riskssecuritisation poses are too grave. 一些觀察家稱證券化帶來的風險會非常嚴重。 But its revival should be welcomed, for it is probably essential to continued economicrecovery, particularly in Europe. 但是盡管如此,重新啟動證券化還是眾望所歸，因為這對于經濟的進一步復蘇很可能是必需的，尤其是對于歐洲國家而言。 Use carefully 謹慎實行 In its simplest form, securitisation is straightforward and beneficial. 單純來看，證券化比較直截了當并且有著諸多優勢。 For example, a carmaker expecting lots of monthly payments from customers who havetaken out financing can get investors to fund its business more cheaply by selling them itsclaim to those payments. 例如，那些每個月從辦理了汽車貸款的消費者那里獲得貸款支付的汽車制造商可以通過變賣這些款項的債權而讓投資者以更低的代價進行投資。 A bank on the receiving end of mortgage repayments or credit-card receivables can dosomething similar: bundle the loans up and sell them, or use them as collateral to getfunding, which it can then use to issue more loans. 按揭還款或者信用卡應收賬款的收款銀行可以效仿此番做法：將貸款集中起來賣掉，或者把他們當作抵押款使用以獲得投資資金，這樣一來，他們就能繼續放貸。 This boosts both credit and growth. 這樣不僅能夠提升信用還能夠促進經濟增長。 Used recklessly, though, securitisation can be dangerous. 然而一旦使用不慎，證券化也會帶來危險。 It fuelled the catastrophic boom in American subprime mortgages. 之前，它曾刺激了美國次級抵押貸款的繁榮增長，但其影響隨后被證明是災難性的。 Some banks, aware that home loans would be sliced, diced, repackaged and sold on, gave upeven cursory checks on their borrowers creditworthiness. 部分銀行意識到住房貸款將會被分解、重組和轉賣，因而對貸款者信譽哪怕是最粗略的核查都放棄了。 Investors piled in blindly, snapping up supposedly safe tranches of bundled-up debt thatproved to be anything but. 投資者們紛紛盲目涌入投資，搶購那批所謂的安全捆綁資金，但事實上這些資金并不如想象中那么優良。 The boom turned to bust and bail-outs. 這股投資熱潮進而轉向諸多破產，市場急需解救措施。 Yet structured finance cannot bear sole responsibility for the crisis. 然而結構化的金融業并不是經濟危機的唯一禍根。 It was more the conduit for irrational financial exuberance than its cause. 與其說它是經濟危機的根源不如說是它助了金融業的非理性繁榮一臂之力。 Lax lending standards in boom times predate the emergence of securitisation by severalcenturies at least. 在金融業繁榮時期實施寬松的借貸政策使得證券化的興起提前了至少幾個世紀。 Most structured products performed well through the crisis, with the notable exception ofthose related to American residential mortgages. 大多數結構化產品在經濟危機期間仍然表現良好，除了那些與美國住房抵押貸款有關的一些例外。 Defaults in Europe remained low despite the recession. 歐洲國家的債務違約情況并沒有受經濟危機的影響而明顯加深。 And although there are still risks, securitisation should be safer in the future than in the pastbecause of new, post-crisis regulations to reduce the danger of excesses. 盡管風險仍然存在，但比起過去證券化在將來應該會相對較安全，因為危機過后重新制定的金融管理政策有利于減小過度放貸的可能性。 The principle that the party creating a new security needs to retain some exposure to theunderlying credit should help ensure that underwriting standards do not get too slack. 產生新的有價證券的一方必須保留能證明其潛在信用的相關文件這一條例應該能夠確保保險業管理政策不至于太過松弛。 That will hamper the desirable transferring of risk but, given recent history, it is probablyprudent to put a little sand in the gears. 這將會限制風險的直接轉移，但是，鑒于之前的經驗，防患于未然可能會比較明智。 Some of the Kafkaesque structures spawned by securitisationsuch as collateralised debtobligations that invested in other CDOs that themselves invested in MBSshave been madeprohibitively difficult to recreate. 由證券化引起的一些奇怪結構例如將債務抵押債券投資到其他的債務抵押債券，而這些獲得投資的債務抵押債券本身則又投資到抵押支付債券已經被限制形成。 That is also sensible: whereas simple securitisation should be welcomed back, theover-engineered versions that rendered the financial system needlessly opaque should not. 這一做法也是很理智的:盡管單純的證券化回歸應該受到歡迎，而那些太過凸顯投資者個人利益并會致使金融系統變得遲鈍的投資方式則不該受到期許。 Europe stands to benefit most from securitisation s return. Lenders across Europe are underpressure to improve the ratio of capital they hold to loans made. 從證券化的回歸之中受益最大的仍然是歐洲國家。整個歐洲的國家都面臨巨大的壓力，它們都急需提高資金持有量對貸款額的比例。 One way of doing this is to stop extending credit, which is, unfortunately, what many bankshave done. 解決此問題的途徑之一是停止放貸，但遺憾的是，很多銀行已經開始這樣做了。 If they instead slimmed themselves through securitisation, by bundling and repackaging loansand selling them to outside investors such as insurance firms or asset managers, they couldlend more money to credit-starved companies. 如果它們是通過集中和重組貸款并轉賣給外部投資者諸如保險公司或者資產管理公司這種證券化方式來向外貸款的話，那么它們就可以向資金極度短缺的公司以更大幅度放貸。 That would have the added benefit of spreading risk away from wobbly banks. 這樣做的額外好處是可以將風險從經營狀況不佳的銀行轉移到其他地方。 Securitisation certainly has a black mark against it, but it is far too useful to be banished forgood. 證券化的回歸當然會面臨諸多困難，但是它的自身優勢使得其不可能被永久棄用。 Almost all financial innovations, from the humble mortgage to the joint-stock company,have had to re-establish their reputations after a bust at some point in their history. 幾乎所有的金融改革，從不起眼的抵押貸款到合股企業都曾經經歷破產然后重塑形象。 Society benefited from their eventual rehabilitationas it most probably will from therevival of securitisation. 而等它們最終成功恢復名聲，社會將能從中收益正如很可能從證券化的回歸中受益一樣。 詞語解釋 1.claim to 聲稱 Both political parties in america claim to loveentrepreneurs. 美國兩大黨派都聲稱喜歡創業者。 America can claim to be tackling its troubledassets. 美國也終于可以宣稱正在處理有毒資產了。 2.give up 放棄;投降 But some mountaineers do not give up. 但是一些登山家并沒有放棄。 It seemed that there was a message for him not to give up. 這仿佛給他捎來飛鴻，讓他不要放棄這一切。 3.snap up 搶購 Instead, analysts believe that motorists view the situation as an opportunity to snap upbargains. 分析師反而認為，汽車客戶將這一情況視作降價搶購的好機會。 Mr tucker also said yesterday that recent market turmoil may present opportunities to snapup rivals. 1月23日塔克還表示，近期的市場動蕩可能提供了搶購競爭對手的良機。 4.relate to 有關系;與協調 Share something I can relate to. 分享一些與我的興趣有關的東西。 Cutting costs is not easy: the bulk relate to promises already made. 削減成本并不是件容易的事：大部分成本與已經做出的承諾有關。
2023復習正是強化復習階段，在考研英語中占了40分，所以考研英語閱讀是英語科目中重要的一項。名師老師曾建議過考研生需要堅持每天泛讀10-15分鐘的英文原刊。強烈推薦了雜志《經濟學人》.雜志中的文章也是考研英語的主要材料來源.希望考研考生認真閱讀，快速提高考研英語閱讀水平。 Securitisation 證券化 It s back 重新啟動 Once a cause of the financial world s problems,securitisation is now part of the solution 證券化曾經是導致金融危機的因素之一，如今卻能幫助解決金融難題 GIVEN their role in the 2008 meltdown, and their subsequent branding as toxic sludge, it isnot surprising that securitised financial products have had a quiet few years. 鑒于2008年經濟危機時所扮演的角色，以及隨后被貼上的有毒污泥的標簽，證券化金融產品這幾年的表現并不出乎人的意料。 Yet the transformation of mortgages, credit-card debt and other recurring cashflows intonew marketable securities is enjoying something of a resurgence. 然而抵押貸款、信用卡債務和其他一些循環的現金流向新的可交易證券的轉變目前正在振興。 Once apparently destined for the financial history books, the alphabet soup of ABSs, MBSs,CLOs and others had a bumper year in 2023. More growth is expected this year. 盡管曾經有過慘痛的經歷，但是資產擔保證券、抵押貸款證券和貸款抵押債券以及其他許多以字母簡稱命名的證券在2023年卻大獲豐收。據預測，今年還會繼續增長。 Not everybody is thrilled. 并不是所有人都對此滿心歡喜。 Some observers argue that the riskssecuritisation poses are too grave. 一些觀察家稱證券化帶來的風險會非常嚴重。 But its revival should be welcomed, for it is probably essential to continued economicrecovery, particularly in Europe. 但是盡管如此,重新啟動證券化還是眾望所歸，因為這對于經濟的進一步復蘇很可能是必需的，尤其是對于歐洲國家而言。 Use carefully 謹慎實行 In its simplest form, securitisation is straightforward and beneficial. 單純來看，證券化比較直截了當并且有著諸多優勢。 For example, a carmaker expecting lots of monthly payments from customers who havetaken out financing can get investors to fund its business more cheaply by selling them itsclaim to those payments. 例如，那些每個月從辦理了汽車貸款的消費者那里獲得貸款支付的汽車制造商可以通過變賣這些款項的債權而讓投資者以更低的代價進行投資。 A bank on the receiving end of mortgage repayments or credit-card receivables can dosomething similar: bundle the loans up and sell them, or use them as collateral to getfunding, which it can then use to issue more loans. 按揭還款或者信用卡應收賬款的收款銀行可以效仿此番做法：將貸款集中起來賣掉，或者把他們當作抵押款使用以獲得投資資金，這樣一來，他們就能繼續放貸。 This boosts both credit and growth. 這樣不僅能夠提升信用還能夠促進經濟增長。 Used recklessly, though, securitisation can be dangerous. 然而一旦使用不慎，證券化也會帶來危險。 It fuelled the catastrophic boom in American subprime mortgages. 之前，它曾刺激了美國次級抵押貸款的繁榮增長，但其影響隨后被證明是災難性的。 Some banks, aware that home loans would be sliced, diced, repackaged and sold on, gave upeven cursory checks on their borrowers creditworthiness. 部分銀行意識到住房貸款將會被分解、重組和轉賣，因而對貸款者信譽哪怕是最粗略的核查都放棄了。 Investors piled in blindly, snapping up supposedly safe tranches of bundled-up debt thatproved to be anything but. 投資者們紛紛盲目涌入投資，搶購那批所謂的安全捆綁資金，但事實上這些資金并不如想象中那么優良。 The boom turned to bust and bail-outs. 這股投資熱潮進而轉向諸多破產，市場急需解救措施。 Yet structured finance cannot bear sole responsibility for the crisis. 然而結構化的金融業并不是經濟危機的唯一禍根。 It was more the conduit for irrational financial exuberance than its cause. 與其說它是經濟危機的根源不如說是它助了金融業的非理性繁榮一臂之力。 Lax lending standards in boom times predate the emergence of securitisation by severalcenturies at least. 在金融業繁榮時期實施寬松的借貸政策使得證券化的興起提前了至少幾個世紀。 Most structured products performed well through the crisis, with the notable exception ofthose related to American residential mortgages. 大多數結構化產品在經濟危機期間仍然表現良好，除了那些與美國住房抵押貸款有關的一些例外。 Defaults in Europe remained low despite the recession. 歐洲國家的債務違約情況并沒有受經濟危機的影響而明顯加深。 And although there are still risks, securitisation should be safer in the future than in the pastbecause of new, post-crisis regulations to reduce the danger of excesses. 盡管風險仍然存在，但比起過去證券化在將來應該會相對較安全，因為危機過后重新制定的金融管理政策有利于減小過度放貸的可能性。 The principle that the party creating a new security needs to retain some exposure to theunderlying credit should help ensure that underwriting standards do not get too slack. 產生新的有價證券的一方必須保留能證明其潛在信用的相關文件這一條例應該能夠確保保險業管理政策不至于太過松弛。 That will hamper the desirable transferring of risk but, given recent history, it is probablyprudent to put a little sand in the gears. 這將會限制風險的直接轉移，但是，鑒于之前的經驗，防患于未然可能會比較明智。 Some of the Kafkaesque structures spawned by securitisationsuch as collateralised debtobligations that invested in other CDOs that themselves invested in MBSshave been madeprohibitively difficult to recreate. 由證券化引起的一些奇怪結構例如將債務抵押債券投資到其他的債務抵押債券，而這些獲得投資的債務抵押債券本身則又投資到抵押支付債券已經被限制形成。 That is also sensible: whereas simple securitisation should be welcomed back, theover-engineered versions that rendered the financial system needlessly opaque should not. 這一做法也是很理智的:盡管單純的證券化回歸應該受到歡迎，而那些太過凸顯投資者個人利益并會致使金融系統變得遲鈍的投資方式則不該受到期許。 Europe stands to benefit most from securitisation s return. Lenders across Europe are underpressure to improve the ratio of capital they hold to loans made. 從證券化的回歸之中受益最大的仍然是歐洲國家。整個歐洲的國家都面臨巨大的壓力，它們都急需提高資金持有量對貸款額的比例。 One way of doing this is to stop extending credit, which is, unfortunately, what many bankshave done. 解決此問題的途徑之一是停止放貸，但遺憾的是，很多銀行已經開始這樣做了。 If they instead slimmed themselves through securitisation, by bundling and repackaging loansand selling them to outside investors such as insurance firms or asset managers, they couldlend more money to credit-starved companies. 如果它們是通過集中和重組貸款并轉賣給外部投資者諸如保險公司或者資產管理公司這種證券化方式來向外貸款的話，那么它們就可以向資金極度短缺的公司以更大幅度放貸。 That would have the added benefit of spreading risk away from wobbly banks. 這樣做的額外好處是可以將風險從經營狀況不佳的銀行轉移到其他地方。 Securitisation certainly has a black mark against it, but it is far too useful to be banished forgood. 證券化的回歸當然會面臨諸多困難，但是它的自身優勢使得其不可能被永久棄用。 Almost all financial innovations, from the humble mortgage to the joint-stock company,have had to re-establish their reputations after a bust at some point in their history. 幾乎所有的金融改革，從不起眼的抵押貸款到合股企業都曾經經歷破產然后重塑形象。 Society benefited from their eventual rehabilitationas it most probably will from therevival of securitisation. 而等它們最終成功恢復名聲，社會將能從中收益正如很可能從證券化的回歸中受益一樣。 詞語解釋 1.claim to 聲稱 Both political parties in america claim to loveentrepreneurs. 美國兩大黨派都聲稱喜歡創業者。 America can claim to be tackling its troubledassets. 美國也終于可以宣稱正在處理有毒資產了。 2.give up 放棄;投降 But some mountaineers do not give up. 但是一些登山家并沒有放棄。 It seemed that there was a message for him not to give up. 這仿佛給他捎來飛鴻，讓他不要放棄這一切。 3.snap up 搶購 Instead, analysts believe that motorists view the situation as an opportunity to snap upbargains. 分析師反而認為，汽車客戶將這一情況視作降價搶購的好機會。 Mr tucker also said yesterday that recent market turmoil may present opportunities to snapup rivals. 1月23日塔克還表示，近期的市場動蕩可能提供了搶購競爭對手的良機。 4.relate to 有關系;與協調 Share something I can relate to. 分享一些與我的興趣有關的東西。 Cutting costs is not easy: the bulk relate to promises already made. 削減成本并不是件容易的事：大部分成本與已經做出的承諾有關。
