[外文翻译]全球经济危机的教训.rar
[外文翻译]全球经济危机的教训,/we need a better cushion against risk内包含中文翻译和英文原文，内容完善，建议下载阅览。①中文页数 2中文字数 2163②英文页数 4英文字数 7602③ 摘要 上世纪50年代从芝加哥大学(university of chicago)的哈里马科维茨(h...
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[外文翻译]全球经济危机的教训/WE NEED A BETTER CUSHION AGAINST RISK
内包含中文翻译和英文原文，内容完善，建议下载阅览。
①中文页数 2
中文字数 2163
②英文页数 4
英文字数 7602
③ 摘要
上世纪50年代从芝加哥大学(University of Chicago)的哈里•马科维茨(Harry Markowitz)著作中发展起来的非常风险管理理论产生了真知灼见，后来多次赢得了诺贝尔经济学奖。这个理论不仅为学术界所接受，也为绝大多数金融专业人士及全球监管部门广泛接纳。
但2007年8月，风险管理框架出现了裂痕。所有先进的数学和计算机法术本质上都依赖于一个核心前提：金融机构所有人和管理人开明的利己做法将积极监视公司资产和风险仓位，从而导致他们保持足够缓冲以应对破产。数代人以来，这似乎是颠扑不破的前提，却在2007年夏季破灭了。市场运作者在十分乐观时，将风险管理技术和风险产品设计做得十分复杂，即便是最成熟的市场参与者，也过繁复以至于无法审慎处理。
The extraordinary risk-management discipline that developed out of the writings of the University of Chicago's Harry Markowitz in the 1950s produced insights that won several Nobel prizes in economics. It was widely embraced not only by academia but also by a large majority of financial professionals and global regulators.
But in August 2007, the risk-management structure cracked. All the sophisticated mathematics and computer wizardry essentially rested on one central premise: that the enlightened self- interest of owners and managers of financial institutions would lead them to maintain a sufficient buffer against insolvency by actively monitoring their firms' capital and risk positions. For generations, that premise appeared incontestable but, in the summer of 2007, it failed. It is clear that the levels of complexity to which market practitioners, at the height of their euphoria, carried risk-management techniques and risk-product design were too much for even the most sophisticated market players to handle prudently.
④关键字 经济危机/ financial pr
内包含中文翻译和英文原文，内容完善，建议下载阅览。
①中文页数 2
中文字数 2163
②英文页数 4
英文字数 7602
③ 摘要
上世纪50年代从芝加哥大学(University of Chicago)的哈里•马科维茨(Harry Markowitz)著作中发展起来的非常风险管理理论产生了真知灼见，后来多次赢得了诺贝尔经济学奖。这个理论不仅为学术界所接受，也为绝大多数金融专业人士及全球监管部门广泛接纳。
但2007年8月，风险管理框架出现了裂痕。所有先进的数学和计算机法术本质上都依赖于一个核心前提：金融机构所有人和管理人开明的利己做法将积极监视公司资产和风险仓位，从而导致他们保持足够缓冲以应对破产。数代人以来，这似乎是颠扑不破的前提，却在2007年夏季破灭了。市场运作者在十分乐观时，将风险管理技术和风险产品设计做得十分复杂，即便是最成熟的市场参与者，也过繁复以至于无法审慎处理。
The extraordinary risk-management discipline that developed out of the writings of the University of Chicago's Harry Markowitz in the 1950s produced insights that won several Nobel prizes in economics. It was widely embraced not only by academia but also by a large majority of financial professionals and global regulators.
But in August 2007, the risk-management structure cracked. All the sophisticated mathematics and computer wizardry essentially rested on one central premise: that the enlightened self- interest of owners and managers of financial institutions would lead them to maintain a sufficient buffer against insolvency by actively monitoring their firms' capital and risk positions. For generations, that premise appeared incontestable but, in the summer of 2007, it failed. It is clear that the levels of complexity to which market practitioners, at the height of their euphoria, carried risk-management techniques and risk-product design were too much for even the most sophisticated market players to handle prudently.
④关键字 经济危机/ financial pr
