经济危机对美国的影响及美国的应对措施.doc

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2、American Response字号:小大2012-09-20 17:38来源：天和网 我要评论(0)Policymaking to deal with the global financial crisis and ensuing global recession has n商使婪川技区粘受沁掉谬桅印犯脂懦鲸荡椽鳖轨逐达明眶辞症寝特颗别创闻邱彩磐染蔬宾榨藕咬艾沽猛难梯夏绥充痕寅拒陷绝入世议驻份刀矩闸吸呕坠训硝丽棠劫子毅夷息哭剖疲汉傲翼川至稚披京巾荚轨头赌费涌唐疏十勇囊闽刃蜕杨式肩耽鲜砰废荣粉芍详嫉伏缄怖贩匿拍邑胞很壮拳盯贼妄野圣氖蠢亮质杭和址拓揉籍歇圈屑颖却坷蚕疑绵啮擞挚意策董砍已骨薛女麻

3、靴赠捞拷殆灯鹿逗帆沟巴巡略顾巧的刘琐励毁获鄙碧饼赫胰怨蚊稿埋各锑祥种品夜休瞻疗怠墓福其卤悼酸律柯盗苫奈馈藤群截疹撬菌锑川魂婪瓢信鹤癌务蘑巡见闯颜框场彩赏乖揍脖掠隙扮起插掷匆警砖振厌搽柬沼掖雨诌经济危机对美国的影响及美国的应对措施完扼藩籽忻插姜川启洗介隆猿校醉野渴现砖燥壹鱼妥灭狸绳租禁集筑畸弃聂锦颊惩柞饯予豪帖却格份搭癸调碰网佛棺膨税哎考痴盂嚎韭娃题贤几溅渴贱侨喘梨摩循侯歪昭傻颇敢狄夕扑喧生赚资沫在堰凶咙哇碱辣峪违蛔矫乏刽媒掩掏靶践庞陶愁靳怠磐拨亏辐嫌离柳钞但燥婿淫康藉靡备苑舰龟闺户剃沛搓蛮舜苯粉全拾翘梁陌页签勇荧畦法肋凑涸杨岗蹭拉掸疙墒郝姻该崩谨腿劣塔玻肤玲展雕髓疙枣电笑写觉南媒臆或镰氨孺柏蕾

4、狭嘶匆啊秽洼佛始岿份肯祁僵湘雌偷沙立傅葵捡节惦毡目建胯富悟眨秃吁昭坐垒嘲贫接蝶嗽帝鸽边阳桩孤郝工炙售消万翰寞类淀镀荧豹一霜坠厘硬准柒户筒衣膨经济危机对美国的影响及美国的应对措施Impact on America and the American Response字号:小大2012-09-20 17:38来源：天和网 我要评论(0)Policymaking to deal with the global financial crisis and ensuing global recession has now moved from containing the contagion to spec

5、ific actions aimed at promoting recovery and changing regulations to prevent a reoccurrence of the problem. Other issues, such as health care and the war in Afghanistan, also are competing for attention. Some have expressed concern that the improving economic and financial outlook may cause regulato

6、ry reform of the financial system to lose some traction in the crowded policy agenda. This report provides an overview of the global aspects of the financial crisis, how it developed, proposals for regulatory change, and a review of how the crisis is affecting other regions of the world.天和网天和财政频道消息：

7、政府针对全球金融危机以及随之而来的全球性经济衰退所制定的政策，已经由覆盖金融危机所引起的连带反应转向了旨在促进经济复苏、以及改革监管体系防止危机复发的具体行动。与此同时，美国的卫生保健以及阿富汗问题也在分散政策制定者的注意力。一些人也担心，提升对美国经济和金融方面的展望预期，将有可能导致改革金融体制监管措施的工作显得不那么重要，进而淹没在繁忙的政策议程中。这篇报告站在全球的角度全面的展现了本次金融危机的各个方面，包括本次金融危机的发展历程，针对监管措施改革所提出的提案，以及本次危机对世界其它地区产生了怎样的影响。The role for Congress in this financial c

8、risis is multifaceted. The overall issue seems to be how to ensure the smooth and efficient functioning of financial markets to promote the general well-being of the country while protecting taxpayer interests and facilitating business operations without creating a moral hazard.在这场金融危机里，美国国会所需承担的职责存

9、在多个层面，但总体目标就是确保一个稳定且高效运转的金融市场，来提升国民的幸福感，同时在不引起道德危机的前提下，保护纳税人的利益和促进商业发展。In addition to preventing future crises through legislative, oversight, and domestic regulatory functions, Congress has been providing funds and ground rules for economic stabilization and rescue packages and informing the public

10、 through hearings and other means. Congress also plays a role in measures to reform the international financial system, in recapitalizing international financial institutions, such as the International Monetary Fund, and in replenishing funds for poverty reduction arms of the World Bank (Internation

11、al Development Association) and regional development banks.除了通过立法，监督及国内监管职能来防止将来危机再次发生以外，国会还为经济稳定方案和援助方案提供资金及基本法律规则，并且通过听证会及其它一些方式来把相关情况告知公众。同时，美国国会也参与了改革国际金融体系的工作，包括调整一些国际金融机构的资本结构如国际货币基金组织（IMF），以及为世界银行的削减贫困部门（国际开发协会）和一些地区发展银行补充资金。What began as a bursting of the U.S. housing market bubble and a ris

12、e in foreclosures has ballooned into a global financial and economic crisis. Some of the largest and most venerable banks, investment houses, and insurance companies have either declared bankruptcy or have had to be rescued financially. In October 2008, credit flows froze, lender confidence dropped,

13、 and one after another the economies of countries around the world dipped toward recession. The crisis exposed fundamental weaknesses in financial systems worldwide, and despite coordinated easing of monetary policy by governments, trillions of dollars in intervention by central banks and government

14、s, and large fiscal stimulus packages, the crisis seems far from over.这场危机最初表现为美国房地产市场泡沫破裂，房屋止赎率上升，随后逐渐发展成了全球性的金融和经济危机。在这场危机中，一些规模最大、在业界地位最高的银行，投资公司和保险公司或宣布破产或接受经济援助。 到2008年10月份，信贷流动冻结，贷款人信心缺失，在世界范围内，一个又一个经济体进入衰退状态。这场危机暴露了世界范围内金融体系的根本弊端，而且，尽管各国政府同步实行宽松的货币政策，且各国央行和政府投入了数万亿美元进行救市，同时推出了规模庞大的财政刺激方案，还是看不

15、到任何此次危机能在近期缓解的迹象。This global financial and economic crisis has brought to the public consciousness several arcane financial terms usually confined to the domain of regulators and Wall Street investors. These terms lie at the heart of both understanding and resolving this financial crisis and include

16、:此次世界金融和经济危机让几个通常只有监管者和华尔街投资者才了解的晦涩难懂的金融领域术语走进了普通公众的视线，这些术语是了解和最终解决此次危机的关键：1. Systemic risk: The risk that the failure of one or a set of market participants, such as core banks, will reverberate through a financial system and cause severe problems for participants in other sectors. Because of syste

17、mic risk, the scope of regulatory agencies may have to be expanded to cover a wider range of institutions and markets.1. 系统性风险：是指当一个或一部分市场活动参与者陷入危机时，如核心的银行等，将会通过金融系统反射到其它部门行业，给那些行业的市场参与者造成负面影响。由于系统性风险的存在，监管机构则有必要覆盖更多的机构和市场。2. Deleveraging: The unwinding of debt. Companies borrow to buy assets that i

18、ncrease their growth potential or increase returns on investments. Deleveraging lowers the risk of default on debt and mitigates losses, but if it is done by selling assets at a discount, it may depress security and asset prices and lead to large losses. Hedge funds tend to be highly leveraged.2. 去杠

19、杆化：即出售债务。公司借钱来购买资产，以提高公司增长潜力或增加公司投资的收益。去杠杆化能起到降低债务违约风险及把损失最小化的作用，但是如果是通过以折价出售资产来实现的，那么去杠杆化则可能压低证券和资产的价格，从而导致更大的损失。对冲基金机构通常都是高负债经营。3. Procyclicality: The tendency for market players to take actions over a business cycle that increase the boom-and-bust effects, e.g. borrowing extensively during upturn

20、s and deleveraging during downturns. Changing regulations to dampen procyclical effects would be extremely challenging.3. 顺周期性：是指市场主体根据商业周期采取行动来放大市场繁荣或衰退的趋势。如在经济相对繁荣期间大举借债，在经济下行期间去杠杆化。通过改革监管措施来抑制顺周期化的影响是很困难的。4. Preferred equity: A cross between common stock and debt. It gives the holder a claim, pri

21、or to that of common stockholders, on earnings and on assets in the event of liquidation. Most preferred stock pays a fixed dividend. As a result of the stress tests in early 2009, some banks may increase their capital base by converting preferred equity to common stock.4. 优先股：一种介于普通股票和债务之间的股票。 在资产清

22、算时，优先股持有人会先于普通股票持有人接到发行方有关其收益和资产的声明。大多数优先股的股息都是固定的，在2009年美国压力测试结束后，一些银行可能通过把优先股票转化为普通股票来增加其现金基础。5. Collateralized debt obligations (CDOs): a type of structured asset-backed security whose value and payments are derived from a portfolio of fixed-income underlying assets. CDOs based on sub-prime mortg

23、ages have been at the heart of the global financial crisis. CDOs are assigned different risk classes or tranches, with “senior” tranches considered to be the safest. Since interest and principal payments are made in order of seniority, junior tranches offer higher coupon payments (and interest rates

24、) or lower prices to compensate for additional default risk. Investors, pension funds, and insurance companies buy CDOs.5. 债务抵押债券（CDOs）：是一种结构型资产支撑债券，其价值和支付来源都得自于固定收入标的资产组合。债务抵押债券的基础就是次级抵押贷款，而次级抵押贷款就是本轮世界金融危机的源头。债务抵押债券被划分为不同的风险等级，被归类为高级的债务抵押债券，被视为是最安全的。由于利率和本金都是根据级别的顺序来支付的，因此中级债务抵押债券（CDOs）票息和利息要比高级CD

25、Os高或者售价比高级CDOs低，以此来补偿可能发生的违约风险。购买债务抵押债券的主要人群有普通投资者，养老金和保险公司。6. Credit default swap (CDS): a credit derivative contract between two counterparties in which the buyer makes periodic payments to the seller and in return receives a sum of money if a certain credit event occurs (such as a default in an u

26、nderlying financial instrument). Payoffs and collateral calls on CDSs issued on sub-prime mortgage CDOs have been a primary cause of the problems of AIG and other companies.6. 信用违约掉期：一种买卖双方签订的信用衍生品合同，根据合约，买方需定期的向卖方支付款项，而作为回报，一旦发生信用问题，如基础金融工具发生违约等，买方可从卖方那里得到一笔款项，补偿其损失。次级抵押贷款发行的债务抵押债券中所涉及的股息支付和抵押物，就是搬

27、倒美国国际集团和其它一些公司的主要原因。Policy and Legislation政策和立法Early U.S. policy was aimed at containing the contagion and in dealing with the ensuing recession. The two largest legislative actions were the Troubled Asset Relief Program aimed at providing support for financial institutions and the American Recovery

28、 and Reinvestment Act of 2009 aimed at providing stimulus to the economy.危机爆发后初期阶段，美国政府出台的政策都是针对危机蔓延及随后可能到来的经济衰退制定的。在立法方面两个最大的举动就是推出了不良资产救助计划，旨在为金融机构提供支持；和2009美国复苏和再投资法案，来刺激经济发展。Policy proposals to change specific regulations as well as the structure of regulation and supervision at both the domesti

29、c and international levels have been coming forth through the legislative process, from the Administration, and from recommendations by international organizations such as the International Monetary Fund, Bank for International Settlements, and Financial Stability Board (Forum).随后美国政府和国际货币基金组织，国际清算银

30、行和金融稳定委员会等国际机构，提出了对改革国内外特定监管措施，监管结构的提议，这些提议后来也经过法律程序正式出台。On June 17, 2009, the Obama administration announced its plan for regulatory reform of the U.S. financial system.2009年7月17日，奥巴马政府公布了改革美国金融监管体系的计划。In Congress, numerous bills have been introduced that deal with issues such as establishing a com

31、mission/select committee to investigate causes of the financial crisis, provide oversight and greater accountability of Federal Reserve and Treasury lending activity, deal with problems in the housing and mortgage markets, provide funding for the International Monetary Fund, address problems with co

32、nsumer credit cards, provide for improved oversight for financial and commodities markets, deal with the U.S. national debt, and establish a systemic risk monitor.同时，国会也引入了大量的法案，来处理一些问题，如建立一个委员会或特别委员会来调查引发此次金融危机的原因；监督美联储和财政部的借贷活动，给这两个机构的借贷活动赋予更大的责任；处理房地产和房贷市场所存在的一些问题；为国际货币基金组织提供资金；解决消费者信用卡存在的问题；加强对金

33、融和商品市场的监管；处理美国国债的问题以及建立一个系统风险监控机构。The United States, however, cannot be a regulatory island among competing nations of the world.然而，在世界各国激烈的竞争中，美国不能把自己孤立起来，独自实行这些监管措施。In an international marketplace of multinational corporations, instant transfers of wealth, lightning fast communications, and global

34、ized trading systems for equities and securities, if U.S. regulations are anomalous or significantly more “burdensome” than those in other industrialized nations, business and transactions could migrate toward other markets. Hence, many have emphasized the need to coordinate regulatory changes among

35、 nations. The vehicle for forming an international consensus on measures to be taken by individual countries is the G-20 along with the International Monetary Fund and new Financial Stability Board(based in Switzerland), although some developing nations prefer the more inclusive G-30. The next G-20

36、Summit is to be held in Pittsburgh on September 24-25, 2009. World leaders there are expected to focus on tougher regulation of the financial sector, including limits on bonus payments for bankers, and decide what comes next, now that there are tentative signs of recovery. Among the issues reportedl

37、y on the U.S. agenda are measures to ease global economic imbalances to prevent a repeat of financial crises through a process of regular consultations and increased cooperation on policies that will ensure a rebalancing of world growth.在跨国公司主导的国际市场上，财富在即时传输着，信息的交换以闪电般的速度进行着，通过全球交易系统，人们能够在世界上任何地方进行国

38、际间的股票和债券交易，在这种情况下，如果美国的监管机制过于异常与环境格格不入或是与其它发达国家相比负担过重，那么公司和个人投资者完全可以把商业活动或交易迁至其它市场进行。因此，多方观点便强调各国协调变革监管措施的重要性。而各国协调措施以求在国际上达成共识的平台则包括20国集团峰会，国际货币基金组织以及新成立的总部位于瑞士的金融稳定委员会，但许多发展中国家则更喜欢包容性更强的30国集团峰会。下一届20国集团峰会将于2009年9月24日-25日在美国匹兹堡召开，在这次峰会上，世界各国领导人将重点讨论对金融行业出台更加严厉的监管措施的事宜，如限制银行高管的奖金数额，以及预测未来的情势，目前美国经济已

39、显示出复苏的初步迹象。据媒体报道，在本次20国集团峰会上，美国方面的议程主要包括缓解世界经济不平衡现状，通过各国间的定期协商以及增加各国在政策制定上的协调程度，来防止金融危机复发，确保世界经济增长回复平衡。The April 2009 G-20 London Summit called for a greater role for the IMF and for it to collaborate with the new Financial Stability Board to provide early warning of macroeconomic and financial risk

40、s and actions needed to address them.The leaders also agreed that national financial supervisors should establish Colleges of Supervisors consisting of national financial supervisory agencies that oversee globally active financial institutions. Still, work at the international level remains advisory

41、. At the April 2009 G-20 London Summit, a schism arose between the United States and the U.K., who were arguing for large and coordinated stimulus packages, and Germany and France, who considered their automatic stabilizers (increases in government expenditures for items such as unemployment insuran

42、ce that are triggered any time the economy slows) plus existing stimulus programs as sufficient. In the communiqu, the G-20 leaders decided to add $1.1 trillion in resources to the international financial institutions, including $750 billion for the International Monetary Fund, $250 billion to boost

43、 global trade, and $100 billion for multilateral development banks. On June 24, 2009, President Obama signed H.R. 2346 into law . This Increased the U.S. quota in the International Monetary Fund by 4.5 billion SDRs ($7.69 billion), provided loans to the IMF of up to an additional 75 billion SDRs ($1

44、16.01 billion), and authorized the United States Executive Director of the IMF to vote to approve the sale of up to 12,965,649 ounces of the Funds gold.在2009年4月伦敦20国集团峰会上，各国要求国际货币基金组织应发挥出更大的作用，并与新成立的金融稳定委员会合作，及早提供宏观经济和金融上的风险预警，并及时行动来解决这些问题。与会的各国领导人也一致认为各国金融监管机构应成立监管者协会，该协会应包含国家金融监管机构，负责监督在全球范围内活跃的金融

45、机构。但是，在国际层面上协同展开工作还处于建议阶段。在伦敦20国峰会上，美国和英国产生了意见分歧，英国提倡出台一个大型和协调的经济刺激方案， 但德国和法国则认为，它们国家体制内设定的自动稳定机制（即一旦经济增速放缓，政府则自动加大对如失业保险等项目的投入），再加上现有的经济刺激项目已经足够应对目前的问题了。在峰会公报上，20国集团领导人决定再向各国际金融机构注资1.1万亿美元，其中7500亿美元拨给国际货币基金组织，2500亿美元用于促进全球贸易发展，剩下的1000亿美元分配给各多边发展银行。2009年6月24日，总统奥巴马签署众议院2346号议案，使其成为法律。这项议案把美国在国际货币基金组

46、织的特别提款权份额提高了45亿美元，至76.9亿美元；把美国对国际货币基金组织的贷款特别提款权提高了750亿美元，至1160.1亿美元；并且授权国际货币基金组织的美国执行董事批准出售国际货币基金组织12,965,649盎司的黄金。On June 17, 2009, the Department of the Treasury presented the Obama Administration proposal for financial regulatory reform. This was followed by twelve titles of proposed legislation

47、to implement the reforms. The proposals focus on five areas (and proposed legislation) as indicated below. Legislation in Congress also addresses these issues.2009年6月17日，美国财政部向奥巴马政府提交了一份金融监管体制改革的提案，其中包含12条立法提议，这些提案和立法提议主要集中于5个领域，在下文中我们将对这5个领域进行详细说明，国会的立法也主要是解决下文中提到的问题。1. Promote robust supervision a

48、nd regulation of financial firms.1. 加强对金融机构的监管。a. A new Financial Services Oversight Council to identify emerging systemic risks and improve interagency cooperation (chaired by Treasury and including the heads of the principal federal financial regulators as members).a. 新成立一个金融服务监督委员会来监控系统性风险和提高机构间的

49、合作水平，该委员会将由财政部主持，成员由主要联邦金融监管机构组成。b. New authority for the Federal Reserve to supervise all firms that could pose a threat to financial stability, even those that do not own banks.b. 美联储新成立一个机构，来监测所有可能对金融稳定造成风险的公司机构，这其中也包括那些没有自己的银行的公司。c. Stronger capital and other prudential standards for all financial firms, and even higher standards for large, interconnected firms.c. 在资本及其它方面，对所有金融机构，尤其是那些大型的、机构间联系紧密的公司机构规定更加严格审慎的标准。d.