匿名使用者
匿名使用者 發問時間: 社會與文化語言 · 1 0 年前

請幫我把下列有關經濟的文章翻成英文~~

謝謝各位大德~下面是我自己寫的摘要,請幫我翻成英文~~

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2007年中起,美國次級房屋信貸危機爆發後,引發流動性危機,突顯世人對風險控管能力普遍不足。2008年金融危機開始失控,導致多間大型金融機構倒閉(如雷曼兄弟銀行)或被政府接管,連帶影響至各個產業,造成全面性的全球經濟不景氣。

事實上,歐洲各國早在二次大戰後便積極展開一連串區域性的貨幣穩定及經濟整合計畫,並建立以單一貨幣為目的的經濟暨貨幣聯盟,以期達成一個平衡永久之經濟社會環境。而亞太地區的國家或經濟體,則是在1997年亞洲金融風暴後,開始致力於整頓國內金融體系。2008年中更成立了穩定金融基金,將東協雙邊換匯機制擴大成多國互通模式,被視為朝向成立亞洲版國際貨幣基金邁進一大步。

  有鑒於各種金融活動的熱絡與新金融商品的不斷創新,風險控管便成為金融機構之重要目標,使得風險價值(Value at Risk,VaR)迅速獲得各界重視,成為風險管理之新興工具之一。本研究以亞洲十種貨幣組成貨幣籃,加權建構出亞洲單一貨幣(ACU)之中心匯率,以及台灣、香港、日本、南韓、馬來西亞、菲律賓、新加坡、泰國、中國大陸、印尼及歐元等貨幣兌換美元匯率之各歷史日資料及日本經濟產業研究所以13個亞洲國家匯率加權算出的亞洲單一貨幣(AMU)日資料,藉風險值之模型計算,來估計各貨幣目前的風險暴露程度及未來所可能承受的損失,並分析亞洲單一貨幣之建制是否可能降低風險值。

  研究發現歷史模擬法在亞洲金融風暴期間,較能呈現下跌之軌跡,原因是歷史模擬法對極端值表現較為敏感;而蒙地卡羅法較不適合用來預測貨幣匯率。此外,壓力測試的選用應定期衡量,宜避免長期評估。

  此外,研究結果顯示貨幣整合的確能減少金融危機對匯率的衝擊;而因亞洲各國匯率具有連動性,亞洲單一貨幣ACU及AMU表現相對有抗跌的效果,顯示施行亞洲單一貨幣確實有助於承受壓力測試能力之提升。若在進行風險值壓力測試時能以逆向搜尋法找出期間內變動率超過規定標準之樣本,再逆向分析其事件,應更能更有效掌握風險值,以提早避免金融危機造成之風險及衝擊,此結論對於亞洲經濟整合與預防金融風險皆有重要的參考性。

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  • 匿名使用者
    1 0 年前
    最佳解答

    In 2007, the subprime housing credit crisis raises the liquidity crisis, highlighting the risk control capability gaps. The 2008 financial crisis started out of control, resulting in a major financial institution failures (such as Lehman Brothers Bank) or be taken over the Government, to each industry, resulting in a comprehensive global economic downturn.

    In fact, as early as in European countries after the second world war would actively embarked on a series of regional monetary stability and economic integration schemes, and to establish a single currency for the purposes of economic and Monetary Union, in order to achieve a balance between permanent economic and social environment. While Asia Pacific countries or economies, 1997 after the Asian financial turmoil, began working to rectify the domestic financial system. In 2008 more stable financial fund was set up, the ASEAN bilateral exchange mechanism to expand into many countries Interworking mode, is considered to be facing an Asian version of the International Monetary Fund.

      In view of the various financial activities in a storm and new financial products of constant innovation, risk control becomes an important goal of financial institutions, making risk value (Value at Risk, VaR) to quickly get from all walks of life become risk management emerging tools. Ten of the Asian currency and monetary basket, weighted construct Asian single currency (ACU), as well as the exchange rate of the center of Taiwan, Hong Kong, Japan, South Korea, Malaysia, the Philippines, Singapore, Thailand, China, Indonesia and the euro and other currency exchange rate of US dollar daily data history and Japanese economic industry research so 13 Asian countries exchange rate weighted figures out of a single currency in Asia (AMU), data, calculation of value-at-risk models, to estimate the risk of currency exposure at present and the future are likely to suffer losses, and analysis of Asian single currency system is likely to reduce .

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