【金融英语学堂】lesson4—Financial Innovation

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收藏 2014-05-11

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今天小冰跟大家一起来学习有关 Financial Innovation 的金融英语~

Financial Innovation

Competition among financial institutions has brought forth and fostered the development of new products and markets. Regulations that impede the free flow of capital and competition among financial institutions (particularly interest rate ceilings) have fostered the development of financial products and trading strategies to get around these restrictions. Finally, the global pattern of financial wealth has transformed financial markets from local markets into globally internationalized financial markets. Through technological advances and the reduction in trade and capital barriers, surplus funds in one country can be shifted more easily to those who need funds in another country. As a result, there has arisen a need for financial products and trading strategies to protect more efficiently against the adverse movements of foreign currencies.

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我们都知道竞争是发展和创新的原由，竞争推动着整个社会的发展，在金融领域，正是金融机构之间的竞争，才促进了新的金融产品的创新和整个金融市场的发展。　　　那些阻止资本自由流动和金融机构间竞争(尤其是利率上限)的立法促进了金融产品发展并且促进避开这些限制的交易战略的发展。最后，金融资产的全球分配模式已经把金融市场由地方市场转变为全球的国际化金融市场。由于技术进步和贸易、资本壁垒的减少，一国的盈余资金可以更容易地转移到另一国那些需要资金的人手中。因此，对于金融产品和更有效地防止汇率不利变动的交易战略的需求日益上升。

Categorizations of Financial Innovation

Since the 1960s, there has been a surge in significant financial innovations. Observers of financial markets have categorized these innovations in different ways. Here are just three ways suggested to classify these innovations.

The Economic Council of Canada classifies financial innovations into the following three broad categories:

, · Market-broadening instruments, which increase the liquidity of markets and the availability of funds by attracting new investors and offering new opportunities for borrowers;

· Risk-management instruments, which reallocate financial risks to those who are less averse to them or who have offsetting exposure, and who are presumably better able shoulder them;

· Arbitraging instruments and processes, which enable investors and borrowers to take advantage of differences in costs and returns between markets, and which reflect differences in the perception of risks, as well as in information, taxation, and regulations.

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从20世纪60年代开始，形成了一次重要的金融创新浪潮。金融市场的研究者以不同的方法对这些金融创新加以分类。这里介绍三种对这些创新进行分类的方法。加拿大经济委员会把金融创新划分为以下三大类：

扩展市场的工具，这种创新工具增加了市场的流动性和资金的可获得性，通过吸收新的投资者和对借款人提供新的机会

风险管理工具，这类创新工具将金融风险重新分配到有风险偏好、有对冲敞口和能更好地承担风险的人那里。套利工具和过程，这类创新使投资者和借款人利用不同市场的成本收益差别（进行套利交易），这些差别反映了不同市场对于风险的感知、及信息、税收、管制情况。

　　　Another classification system of financial innovations based on more specific functions has been suggested by the Bank for International Settlements: price-risk-transferring innovations, credit-risk-transferring instruments, liquidity-generating innovations, credit-generating instruments and equity-generating instruments. Price-risk-transferring innovations are those that provide market participants with more efficient means for dealing with price or exchange-rate risk reallocating the risk of default is the function of credit-risk-transferring instruments. Liquidity-generating innovations do three things: (1) they increase the liquidity of the market, (2) they allow borrowers to draw upon new sources of funds, (3) they allow market participants to circumvent capital constraints imposed by regulations. Instruments to increase the amount of debt funds available to borrowers and to increase the capital base of financial and non-financial institutions are the functions of credit-generating and equity-generating innovations, respectively.

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国际清算银行提出了另一种按更加特定的经济功能划分金融创新的体系：转移价格风险创新、转移信用风险创新、创造流动性的创新、信用和权益工具的创新。价格风险转移创新是那些给市场参与者提供更有效的处理价格和汇率风险的方法的创新。（互换）重新分配违约风险是信用风险转移创新工具的功能。流动性创新有三项功能：(1) 增加了市场的流动性； (2) 为借款者提供了新的资金来源；（3）为市场参与者逃避立法当局实施的资本管制创造了条件。信用和权益创新工具的创新功能分别为市场参与者增加可供使用的债务资金数量和为金融和非金融机构增加了资本金。

Finally, Professor Stephen Ross suggests two classes of financial innovation: (l) new financial products (financial assets and derivative instruments) better suited to the circumstance of the time (e.g., to inflation) and to the markets in which they trade; and (2) strategies that primarily use these financial products.

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最后，斯蒂芬．罗斯教授建议将金融创新分为两类：(l) 新式金融产品 (金融资产和衍生工具)，这些产品能更好地适应当时的经济环境（通货膨胀）并且适应这些产品进行交易的市场； (2)使用这些金融创新产品的策略。

Motivation for Financial Innovation

　　　There are two extreme views of financial innovation. At one extreme are those who believe that the major impetus for innovation has been the endeavor to circumvent (or "arbitrage") regulations and find loopholes in tax rules. At the other extreme are those who hold that the essence of innovation is the introduction of financial instruments that are more efficient for redistributing risks among market participants.

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对于金融创新有两种对立的看法：一种看法认为逃避立法管制(或套利)和寻找税收规则上的漏洞是创新的主要推动力；另一种观点则坚持认为创新的实质是引入金融工具，这些金融工具能够更有效地在市场参与者之间分配风险的。

　　　Many of the innovations that have passed the test of time have provided more efficient mechanisms for redistributing risk. Other innovations may just represent a more efficient way of doing things. If we consider the ultimate causes of financial innovation, the following emerge as the most important:

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许多经过时间考验的金融创新提供了重新分配风险的更有效的机制。其他金融创新也许只是代表了更为有效的操作方式。如果要考虑金融创新的最终动因，以下几点是最为重要的。

1. increased volatility of interest rates, inflation, equity prices, and exchange rates.

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利率、通货膨胀率、股票价格和汇率不断增加的变动性。

2. Advances in computer and telecommunication technologies.

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计算机和电子通讯技术的进步。

3. Greater sophistication and educational training among professional market participants.

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市场专业人员越来越复杂的交易策略和教育培训水平的提高。

4. Financial intermediary competition.

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金融中介机构的竞争。

5. Incentives to get around existing regulation and tax laws.

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逃避监管和税收法律的动机。

6. Changing global patterns of financial wealth.

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全球金融财富格局的改变。

　　　With increased volatility comes the need for certain market participants to protect themselves against unfavorable consequences. This means new or more efficient ways of risk sharing in the financial market are needed. Many of the financial products require the use of computers to create and continually monitor them. To implement trading strategies using these financial products also requires computers, as well as telecommunication networks. Without advances in computer and telecommunication technologies, some innovations would not have been possible. Although financial products and trading strategies created by some market participants may be too complex for other market participants to use, the level of market sophistication, particularly in terms of mathematical understanding, has risen, permitting the acceptance of some complex products and trading strategies.

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随着各种变动性（变动指interest rates, inflation, equity prices, and exchange rates等方面的变动。）的加大，市场参与者加强自身保护的需求不断加大。这意味着需要新的、能在金融市场上分担风险的有效措施。许多金融产品都要求使用计算机进行开发，并对开发出的产品实施监管。执行这些金融产品的交易策略也要用到计算机和电子通讯网络。没有计算机和电子通讯技术的进步，某些创新就不能产生。.虽然某些市场参与者开发、创造的金融产品和交易策略对其他参与者而言太过复杂，但是市场的总体复杂程度，尤其是数学分析手段的增加，使某些复杂的产品和交易策略成为可能。

以上选自金融英语中文翻译隐藏可见
更多有关金融创新的金融英语
欢迎补充~~

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