E1661 美国的银行业究竟烂得有多深? 2/2

【内容简介】

• 央行在商业银行破产前，本应当承担怎样的角色？

• 美国的金融机构因加息而产生的整体浮亏规模达到了多少？

• 固定利率的贷款是否在加息周期中同样产生浮亏？

• 为什么说即便不立刻倒闭，很多银行也会陷入连续亏损的慢性死亡中？

【英文节选】

The prop-up job

How deep is the rot in America's banking industry?

These events raise profound questions about America's banking system. Post-financial-crisis regulations were supposed to have stuffed banks with capital, pumped up their cash buffers and limited the risks they were able to take. The Fed was meant to have the tools it needed to ensure that solvent institutions remained in business. Critically, it is a lender of last resort, able to swap cash for good collateral at a penalty rate in its "discount window".

【参考译文】

撑门面的工作

美国的银行业究竟烂得有多深?

这些事件让人们对美国的银行体系产生了深刻的质疑。金融危机后的监管应该给银行填充了资本，增加了现金缓冲并限制了他们能够承担的风险。美联储应该有工具能够确保那些资可抵债的机构让业务持续下去。至关重要的是，美联储是最后贷款人，能够在 “ 贴现窗口 ” 以惩罚性质的利息，用好的抵押品为银行换取现金。

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