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这增加了一些市场参与者在长期利率意外增加的情况下减少损失的难度。为了更好地评估脆弱性的程度,我们通过建立模型分析以当前债券基金的收益水平为100个基准点的收益率曲线的瞬时平移情况来评估长期利率对债券基金所造成的不利的冲击。然后,我们将当前背景下造成的损失与美国货币政策紧缩情况下前三阶段的损失率进行对比。每个紧缩周期都以每月的损失估算的平均值计算最终的损失,其中巴莱克资本美国综合债券指数主要指根据投资公司协会所提供的债券持有时间以及共同持有基金债券数量等相关数据指标。受到长期利率出乎意料上升的影响,债券投资组合可能损失达2000亿美元(约占GDP的5.5%)。

利率风险超出了非融资债券的投资组合风险。从资产来看,银行已经增持了较长期资产,因此他们受到利率风险的影响更大。从负债来看,美国银行的无息存款相对于银行总负债比率已经有了大幅的增长,创30年来新高。目前还不清楚增长的原因是由结构性因素还是周期性因素造成的。根据模型显示,由于利率上升对存款造成的影响将会同时给银行和监管者带来挑战,同时,由于利率上升导致存款替代高收益投资的风险也是不容忽视的。

在不利的利率影响下,政策制定者可能会通过信息沟通和政策微调等方式控制利率的上升。然而,确定利率上升的根本原因仍然具有较大的挑战。例如,如果长期利率在5-6个月内在100

个基准点上有所上升,将会导致期限溢价预期增加而不是短期利率预期增加。

为了更好地理解期限溢价的增加,我们对期限溢价和期限溢价的驱动力间的统计关系进行了评估。分解期限溢价是一个具有挑战性的任务,主要因为期限溢价本身无法很好地评估。引用Gagnon等人(2010年)的研究方法,我们建立了以反映美国宏观经济基本结构的10年期美国国债的期限溢价、金融市场的波动性和不确定性以及供给等因素的函数模型。在过去22年的模型评估中,金融危机前和危机后期限溢价的驱动力会分别增加和减少。

在20世纪90年代期间,受到宏观经济不断改善以及失业和通货膨胀稳步下降等驱动因素的影响,期限溢价持续下降。相反,利率的不断波动成为1998年底到2000年期限溢价不断增加的关键驱动力。从2008年开始,美联储的资产购买计划成为期限溢价不断下降的重要推动力,此时宏观经济因素的影响并不是主要的。近期,根据模型显示,利率波动增加已经超过了长期利率快速上升的影响,同时也增加了对未来利率变动方向的评估难度。虽然我们的模型还不够完善,但根据最初的研究结果表明,期限溢价的变动将会强烈的依赖于由于美联储减少资产购买等非传统货币政策的实施导致的未来投资路径的改变。

波动:低波动的长期风险

过度的信贷风险承担、流动性充裕以及低的波动性将会增加

由于资产价格飙升和避险情绪大幅下降导致的波动性突然飙升的风险。低的波动性并不一定意味着金融稳定状况下的低风险。金融稳定的未来风险在低波动期间实际上可能上升,这一模型已称为“金融稳定性悖论”。

金融机构的冒险行为通常与金融市场的波动成反比。当市场波动性下降时,金融机构往往会在日常交易损失的的内部限制时允许承担更多的风险。如果这样的公司不采取措施改变其资产、负债或交易策略,其风险价值也将下降。公司的管理层为承担更多的风险以获得更大的效益做出反应。低的波动性将减少了价格风险的承担,将会创造激励机制以提升风险。市场波动的下降将会降低风险溢价、增加负债或盈利对未来现金流量的吸引力、提升资产价格。

还有其他方法可以让金融机构调整其风险状况。例如,企业借贷资金购买高风险资产,在供给和需求接近平衡之前推高这些资产的价格,降低风险调整后的绩效。同样,交易策略本身可以加以利用,在低波动的期间杠杆设置可以视作为未来的风险,资金运行和降价销售是杠杆的两个基本要素,是导致金融不稳定的两大重要因素。

一般而言,企业增加其债务时,市场波动率降低。即使债务增加,风险加权资产也不会增加,主要是因为低的波动性降低了风险的权重。这意味着企业用越来越多的债务融资去购买资产,而不会按其资本比例调整其风险加权比率。低波动性增加杠杆的

一个关键性因素是其可以降低批发性融资成本,公司可以在低波动性期间购买价格不断上升的非流动性资产。

相反,在波动不断增加期间,资金成本上升,风险资产的价格下降。在这样的情况下要迅速解决这些头寸是很困难或者几乎不可能的。当波动性上升时要迅速的增加股本以降低债务水平也非常困难。过度杠杆投资者在投资组合价值下降时会追加保证金或通过出售资产筹集现金,这说明在市场波动增加的情况下可以增加总杠杆率和实行去杆杠化。

减少交易流动性

减少交易流动性---由于对市场价格没有显著地影响而无法实行大型交易---可能会加剧前面已经讨论过的威胁。市场流动性的措施表现喜忧参半,目前央行高水平的流动性可能会掩盖交易流动性的一些弱点。一些证据表明,公司债券市场的流动性风险比危机前更为严重。流动性越来越集中,一些大的债券和投资性债券的流动性不断增强,而小的、收益率高的债券的流动性正在不断减弱。这一差距已经导致经纪交易商的证券持有转向更大、更频繁的公司债券。企业债券市场中的交易所买卖基金在市场压力不断增大的期间削弱了市场的流动性。交易流动性减少的原因还不是完全清楚,通常所认为的原因主要是经纪交易商持有量减少以及所持有存量商品的风险溢价提高。自2007年以来的固定收益工具中经纪交易商的存量,特别是公司债券已经下降。在企业债券市场不断扩大的情况下,存量的变化能有效地充当经纪交

易商降低市场压力的工具。自危机以来的其他包括投资者基础、风险偏好和交易行为变化等因素也影响了结构性市场的流动性。

国外市场:针对和来自新兴市场的溢出效应

发达国家宽松的货币政策,选择新兴市场时强劲的国内基础,投资分配结构的增加导致了在过去几年大量的投资流向了新兴市场国家。国外的流动主要针对新兴市场债券。在部分新兴市场,国内政策鼓励本土企业提高债务水平,增加杠杆。美国的无风险利率和新兴市场资本流入增加了美国利率突然提高而带来的资本流动的脆弱性。资本流动的逆转强调了越来越多的主权国家和企业都越来越依赖于资本流动,以满足其短期借款和再融资需求的缺口。资本流动的突然逆转将对外部失衡以及短期再融资需求较高的国家造成较大损失。

跨国资产的流动主要受到外部和内部因素的驱动,导致本国债券收益率的下降。美元利率变化对新兴市场债券市场的影响日益强烈,10年期美国国债收益率的上涨往往伴随着新兴市场货币贬值、债券收益率提高、股票估值疲弱。通过五月下旬新兴市场债券抛售说明了一旦美国收紧货币政策,什么情况都可能发生。较高的美国利率与资本回流向新兴市场增加了新兴市场资产的不稳定性。第一阶段主要集中在高流动性代理交易的产品的抛售(例如中国的大宗商品交易),第二阶段则是美国量化宽松以来的流动性过剩的更为明显的主要资产的抛售,第三阶段进一步体现差异化,尤其是新兴市场国家为抑制本国资产的大幅波动而

采取的一系列的措施(例如降低增长预期、减少外汇储备、增加外部融资需求、提高杠杆水平、采取缓冲性政策限制等)这些措施在部分新兴国家的收效甚微,包括土耳其、印度、印度尼西亚和巴西等。

11. 译者的自由和限度(上海翻译090128修订)

翻译中的限制和自由 徐莉娜 摘要:“直译”和“意译”之争延续了两千多年。这个问题争论的核心是译者的限制和自由、忠实与叛逆的关系。译者有多大的自由度?离忠实有多远?本文分析了原文和译文的距离并借助叙事学理论探讨了作者和译者的关系、两个文本间的距离以及限制和自由的关系,指出任何一种文本都是译者价值取向的结果,译文间的差异是由译者不同的价值取向造成的。 关键词:限制和自由;叙事学;隐含作者;隐含读者 Reflection on Restrictions and Freedom Lina Xu Abstract:S cholars’ preoccupations of literal and liberal translation have stretched throughout centuries, which focus on restrictions and freedom, loyalty and treachery in translation. To what extent is the translator given freedom in his performance? And how much does he stray away from the original? This paper approaches these issues by analyzing the distance between SLT and TLT, and looking into the relationship between the author and the translator from a narratological perspective. It points out that any version is the product of the translator’s choices, which usually generates a different version by translators with a different value orientation. Keywords: restriction and freedom; narratology; the implied author; the implied reader 一、翻译的悖论 《自由派翻译传统研究》提出自由派这个概念令人感到突兀,但也耐人寻味。通读全书不难发现这带有悖论性质的概念非凭空杜撰,也非故弄玄虚。作者以史为据,旁征博引,论证了自由派翻译传统的存在。书中提供的大量史料展示了一幅丰富多彩的翻译史画卷。从一千多年前的中国佛经翻译到现当代文学翻译,从自然科学翻译到社会科学翻译,从古罗马到20世纪中期的西方翻译,从对原创的翻译到改编和转译,从翻译目的到翻译结果,读者看到了各重要阶段的翻译活动、价值取向、译作的社会影响,与此同时,也看到了翻译活动的复杂性和多样性、局限性和灵活性。 “自由派翻译”揭示的是一个翻译悖论:限制与自由。两千多年来,古今中外的译者和翻译研究者无不面对这种二律背反关系去做二元对立的选择:直译和意译、形似与神似、忠实与背叛、科学性与艺术性、异化与归化。所有译者都身处两难境地,面临选择限制和自由的尴尬局面。选择“限制”,译者不得不屈尊俯就,受镣铐舞者之苦;选择“自由”,译者又有越位和叛逆之嫌,面临越位、出界的风险。译者身处忠实与背叛的两极,力求找到一个理想的平衡,在对立中求统一,但此事终究古难全。 二、限制—翻译的基本属性 翻开《自由派翻译传统研究》不难发现译事之难在于限制。限制是翻译的本质,自由只是相对的、有限度的。不同的译者有选择不同表达形式的自由,但所有选择都不能脱离原文的限制。译者无论有多大自由,他的目标依然是源语取向,让两个文本在内容上得到完美的统一是翻译的基本原则,也是翻译的理想境界。严复为立一名而“旬月踟躇”,感言“信、达、雅”为译事三难,这都是因为原文限制了译者自由发挥的缘故,这种限制置译者于两难处境,但也正是由于限制,译者成了作者的“代言人”、“传声筒”。脱离了原文,行为主体的身份就要发生实质性的转变,主客体关系也会因此而发生变化。 翻译的限制来自原文文本(语言文化的限制)。杨自检在该书的序言中指出“翻译必须有文本参照。翻译和

上海高考英语翻译题与答案(最新整理)

Part 1 Translation Directions: Translate the following sentences into English, using the words given in the brackets. 1、格林先生本周日要去拜访一位朋友,此人精通理财之道。(who) 2、人们是否会推迟退休还有待于讨论(remain)。 3、无论任务多么艰巨,我们都要不遗余力地完成。(However) 4、许多公司在雇佣员工时,相对于能力而言,更看重个性。(emphasis) 5、如果双方在这些事务上能达成共识,就有可能在新的领域进一步合作。(If...) 1、Mr. Green is going to visit\see a friend this Sunday, who knows a lot about money matters. 2 、It remains to be discussed whether people will delay retiring. /Whether people will delay retiring remains to be discussed. 3、However hard the task is, we should spare no efforts to accomplish it. 4 、Many companies put more emphasis on personality than on capability when they employ staff members. 5 、If both the parties can agree on these issues, they are likely to further cooperate(have further cooperation)in the new field. Part 2 Translation Directions: Translate the following sentences into English, using the words given in the brackets. 1.每年圣诞期间百货店里的商品都减价出售。(sale) 2.如今人们非常关注的是食品安全和空气质量。(concern) 3.无论多么艰难,交给咱们的任务都必须按时完成。(however) 4.专家们一入座外语节的演讲比赛就在王校长的主持下开始了。(Hardly) 5.遍布城市每个角落的星巴克(Starbucks) 满足了人们适应快节奏生活的需要。(adapt) 1.The goods in the department stores are all on sale at Christmas every year. 2.Nowadays what people are (very) much concerned about is food safety and air quality. Food safety and air quality are people’s major concerns nowadays. 3.However hard/ difficult it is, the task given to us must/ should be completed/ fulfilled on time. 4.Hardly had the experts sat down/ got seated/ seated themselves/ taken (their) seats when the speech contest of the Foreign Language Festival (that was) hosted by Principal Wang s tarted. 5.The Starbucks in every corner of the city have met/ satisfied/ meet/ satisfy people’s needs/ demands to adapt to a/ the fast-paced life. Part 3 Translation Directions: Translate the following sentences into English, using the words given in the brackets. 1、孩子们总是对周边的一切都非常好奇。(curious) 2、她在比赛中表现出色,给评委留下了深刻的印象。(which) 3、一进学校,她就意外得知有一所名校录取她了。(No sooner…) 4、奇怪的是,这些年轻人对这些我们都耳熟能详的歌曲却一无所知。(know)

英语翻译例子

Translation Work 1 The evidence has gotten much stronger that a substance known as C-reactive protein may be every bit as important as cholesterol in the diagnosis and treatment of heart disease. Back in 2002, a thought-provoking study found that a blood test for C-reactive protein, called CRP, was actually better than the standard cholesterol test at predicting the risk of a heart attack or a stroke. Now two studies published in The New England Journal of Medicine have shown that drugs that reduce the levels of that protein in patients with severe heart disease can show the progression of atherosclerosis and prevent heart attacks and cardiac-related deaths. 更有力的证据证明一种被称作C反应蛋白的物质在诊断与治疗心脏疾病中有可能与胆固醇一样重要。早在2002年,人们在一个发人深省的研究中已发现血液C反应蛋白测试,即CRP,比胆固醇水平测试能更好地预测心脏病或中风的风险。现今,在《新英格兰医学期刊》中刊登的两则研究表明,用以减少患有严重心脏病的病人中的C反应蛋白水平的药物可以显示病者动脉粥样硬化的进展,并且该种药物还可以预防心脏病、降低因患与心脏相关疾病而死亡的风险。

时代周刊翻译

…Back to Sleep?: Why Are 2,500 U.S. Babies Still Dying of SIDS Each Year? ‘用背部睡觉’:为什么美国每年都有2500个婴儿死于婴儿猝死综合症 Putting babies on their back to sleep has dramatically reduced the number of SIDS deaths, but thousands of babies still die each year. A look at the key risk factors. 让婴儿用背部睡觉戏剧性的减少了婴儿猝死综合症的死亡数量,但每年还是有上千数量的婴儿死亡。这有一种对于关键的风险因素的看法。 There?s no doubt that the Back to Sleep campaign launched in 1994 to get parents to stop putting babies to sleep on their tummies has been a success. In the 1970s and 1980s, the rate of infant deaths per 1,000 live births was 1.5; it?s now 0.5. 无需置疑的是,1994年发起的用背部睡觉的运动,旨在阻止父母让婴儿用肚子睡觉是成功的。在20世纪70到80年代,婴儿死亡率为每一千名安全出生婴儿中有1.5,现在是0.5。 Within a generation, most babies are now put to bed on their backs, and yet 2,500 U.S. infants still die each year in the U.S. Researchers trying to understand why have noticed a curious byproduct of the trend toward back-sleeping: as fewer babies were being put to sleep on their bellies, more babies were documented engaging in other pediatric no-nos — sleeping with their parents, for example — which is another risk factor for SIDS. 在一代人中,大部分婴儿现在都用背部放在床上,但美国每年依然有2500个婴儿死亡。研究员正试图弄明白为什么人们会注意到用背部睡觉这种趋势的奇怪的副产品:越来越少的婴儿用腹部睡觉,越来越多的婴儿被证明参与到了一些儿科禁止的事情中——例如,和父母一起睡——这是婴儿猝死综合症的另一个风险因素。 A study published Monday in the journal Pediatrics takes a look at how risk factors for SIDS have evolved over the years. In an analysis of the 954 babies who died suddenly and unexpectedly in San Diego County between 1991 and 2008 — 568 of these deaths were attributed to SIDS — researchers found that

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上海历届春高考英语句子翻译汇编(2000年-----2016年) 2000上海春考 1. 进入大学以后, 他对计算机很感兴趣。(become interested in) He became very interested in computers after he entered college. 2. 集邮几乎占据了他所有业余时间。(occupy) Collecting stamps occupies almost all his spare time. 3. 只要专心学习, 你一定能顺利通过考试。(concentrate) As long as you concentrate on your study, you are sure to pass the exam. 4. 越来越多的人意识到遵守交通规则的重要性。(be aware) More and more people are aware of the importance of observing traffic regulations. 5. 尽管有很多困难, 我们仍将努力执行我们的计划。(in spite of) In spite of many difficulties/hardships, we will still carry out our plan. 6. 诺贝尔奖金授予那些在某一个领域作出巨大贡献的科学家。(be awarded) The Nobel Prizes are awarded to those scientists who have made great contributions i n a certain field. 2000上海高考 1. 这张照片是我想起了我们在夏令营度过的日子。(remind) This picture reminds me of the days that we spent in the summer camp. 2. 假如你想从事这项工作,你必须先接受三个月的训练。(take up) If you want to take up this job, you must first receive three months’ training. 3. 你一旦养成了坏习惯,改掉它是很难的。(once) Once you develop a bad habit, it is difficult to get rid of it. 4. 同其他同学相比,那个女孩有更强的英语听,说能力。(compare) Compared with other students, the girl has better listening and speaking skills. 5. 众所周知,成功来自于勤奋,不努力则一事无成。(without) As is known to all, success comes from hard work/diligence, and nothing can be achie ved without efforts/hard work.

大数据时代英文翻译

Era of Big Data is a woman's age; women in the gene can accumulate and deal with big data/ women are born to accumulate and deal with big data. Many men and children, in fact, have been wondering about this special ability of women. Like, as a child, just as soon as you entered the house your Mother said immediately in a suspicious tone: “Liu zhijun, you didn’t do well in the exam today, did you.” Another example, you just have a glance at the mobile phone, your wife laughs: “Does Er gou the next door ask you to play games?” One more ex ample, when you close the door and make a phone call, your girlfriend will cry: “Who are shot in bed?” They are sometimes right, sometimes wrong. However, On the whole, the accuracy rate is higher than chance level. When they are wrong, men would sneer women always give way to foolish fancies; when they are right, men would say women are sensitive animal maybe with more acute sensory organs. Anyway, that is a guess. It has already scared man that overall accuracy rate is higher than the random level. In order to adapt to this point, the male also developed a very strong skills against reconnaissance. This part is beyond the scope of this article, so no more details about it. Some studies, such as Hanna Holmes’s paper, have indi cated that the white matter of the female’s brain is higher than that of the male. So they have very strong imagination of connecting things together. Some recent studies have shown that women are better than men in the "date" memory. That is the reason why they are able to remember all the birthdays, anniversaries, and even some of the great day of unimportant friends. No matter whether these results are true or not, I am afraid that this is not women's most outstanding ability. Women's most remarkable ability is a long-term tracking of some seemingly unimportant data to form their own baseline and pattern. Once the patterns of these data points are significantly different from the baseline she is familiar with, she knows something unusual. In their daily life, women do not consider the difference between causality and correlation. They believe in the principle: "There must be something wrong out of something unusual." People who talk about big data often take Lin Biao as an example. Lin Biao recorded some detailed and unimportant data after a battle. Such as seized guns, the proportion of rifles and pistols, the age levels of war prisoners, seized grain, whether they are sorghum or millet, etc., all of which were unavoidably recorded in the book. Others laughed at him. But later, he determined where the enemy headquarters were according to these data. What women do is almost the same. A girl A has a secret crush on boy B, but she usually doesn’t contact him directly. Two days later, I asked her if she wanted to ask him to have dinner together. She said he was playing. I wondered “how do you know that?” She said that boy B usually is on the line Gmail at 8:00 am, away status at8:30am, for he goes out to buy coffee and breakfast, on line again at 9:00am, busy status, for he is at work, away again at12:30am for lunch, on line for whole evenings, maybe for reading or playing games. His buddy C is on line at10:00 am, still online till 2:00am next day. He is a boy who gets up late and stays up late. His buddy D is on line for the most of the day. However, the most important pattern is that there are 2-3 days per week, during which they would be offline or away for 3-4 hours together. Conclusion: they are playing together.

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