2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、本科畢業(yè)論文（設(shè)計）外文翻譯外文題目PrimitiveModernEconomics:DerivativesLiquidityValuePanicCrisesAUnifmitarianView外文出處FumfSocialEconomics38No1(2009):3151外文作者NiccoloCaldararo原文：原文：PrimitiveModernEconomics:DerivativesLiquidityValuePanicCris

2、esAUnifmitarianViewIntroductionBeginninginthesummerof2007afreezeofstsstruckthewldoffinanceaffectingthebehaviofthemarkettheconditionofliquiditycredit.Whiletheinitialcausewasplacedonanimplosioninthesubprimebankingindustryt

3、hecentralfeatureofthisfreezemanifesteditselfoverthenext15monthsinbankseithernotlendingtoeachotherlendingfshterperiodsalongwithrising“fails”inFedconvertiblesasPaulDaviesMichaelMackenziedemonstrate(FT101508).Increasinglyth

4、isfreezespreadtoagreatercollapseoflendingextendingtocpationsbusinessespublicsectprojectsofmunicipalitiesotherpublicagencies.Thecentralproblemhasnotbeenthebehaviofconsumersthoughwehaveseenainretailsalesreptedinfall2008rat

5、heritiswiththefinancialsect.NomatterhowmuchcredittheFedhasextendedtheindividualbankingfinanceinstitutionsknowhowbadtheirownbalancesheetsarehowtheyhavebundledoffhiddenlossesbadloanssotheysimplyexpectalltheotherbankshavedo

6、nethesame.ThesituationismuchlikeseveralofthefmsofgameCurrentlyinvestsauditsaccountantsarehavingagreatdealofdifficultyassessingthevalueofassetstheunderlyingveracityoffinancialstatements.Itstsatthecenterofthestmthreatening

7、thefinancialsystemofwldCapitalismatpresent.SincethescalsofWldcomEnronthisproblemhasexplodedasmanyaccountancyfirmshavebeencaughtupinaconsiderabledegreeofculpabilityinhidingdisttingassetvalueprofitability.Thisisonlypartofa

8、widerdebateineconomicsonewhichwasreflectedinWilliamH.Beaver’scallingefftstoincreaseinfmationonthewthofcompaniesinthe1970s1980sa“revolution”(Beaver1989).Italsoimpingesonamuchwiderdiscussionofvaluecreditintheiesconcerningt

9、heevolutionofhumaneconomicbehavi.Theinventionactingoutofvariousbehavialstrategiesbyfinancialprofessionalscanproducesignificantrewardsdeficitsfthemselvesindividualswhofollowthesestrategies.Anumberofinnovationshaverecently

10、beenmadetohedgingdevicesknownfromthenieenthcenturylikeoptionsfuturesputsetc.givennewrolesoftentheyareclassedasderivativesastheyarefmsofbetsinsurancelikecontractsderivedfromrealassets.Theuseofthesestrategiesthemodelsbehin

11、dthemhasdrasticallychangedfinancialmarketstoday.BillionsinprofitshavebeenproducedbytheirusewhilesomeoftheseinnovatsfailedtoproducepositivereturnsfthemselveslikeRobertMertonintheLongTermCapitalManagementfirmcollapse(Lowen

12、stein2000).Acentralquestionhasarisenastowhethertheyintroducenewstressesintheeconomyreduceitsvolatilitymakeitmestable.Inthecontextofproductshoweverhowsellingadvicetoclientsmoldingtheirfinancialbehavibringsupquestionsastow

13、hetherthesellingofsuchinstrumentsfunctionsislikereligiousproselytizing(Caldararo2004)wheretheproductionofconvertschangesthesystemasisdemonstratedintheacceptanceofnewfinancialdevicesinthemarket.Thedesireofinveststoknowthe

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