UC知道高手帮我翻译一下，谢谢拉
来源：百度知道 编辑：UC知道 时间：2024/05/22 01:27:19
The Welfare Benefits of Mortgage Securitization
The welfare benefits of mortgage securitization are easily illustrated in Figure 1, assuming that the securitization market operates in the competitive fashion shown there. Both mortgage borrowers and security investors benefit from securitization.
For mortgage borrowers, the effect of mortgage securitization is to raise the price at which they can issue mortgage obligations from P when securitization is zero, to P' when securitization is at the competitive level X*. The welfare benefit can then be measured by the shaded area under the mortgage borrower supply curve. The amount of welfare benefit, therefore, depends on the elasticity of the supply curve. Given a high sensitivity of mortgage borrowers to mortgage interest rates, the welfare benefits could be significant. In the United States, the reduction in mortgage interest rates (comparable to higher mortgage prices in Figure 1) has been estimated to b
The welfare benefits of mortgage securitization are easily illustrated in Figure 1, assuming that the securitization market operates in the competitive fashion shown there. Both mortgage borrowers and security investors benefit from securitization.
For mortgage borrowers, the effect of mortgage securitization is to raise the price at which they can issue mortgage obligations from P when securitization is zero, to P' when securitization is at the competitive level X*. The welfare benefit can then be measured by the shaded area under the mortgage borrower supply curve. The amount of welfare benefit, therefore, depends on the elasticity of the supply curve. Given a high sensitivity of mortgage borrowers to mortgage interest rates, the welfare benefits could be significant. In the United States, the reduction in mortgage interest rates (comparable to higher mortgage prices in Figure 1) has been estimated to b
福利的抵押贷款证券化
福利的抵押贷款证券化是很容易图1显示，假设该证券化市场的运作，在竞争激烈的时装表现。双方按揭借款人及保安投资者受益，从证券化业务。
按揭借款人的影响，抵押贷款证券化，是提高价格，使他们能在发行抵押义务，从p时，证券化是零，但到p '时，证券化是在竞争水平x * 。这项福利，然后再衡量阴影下的面积，抵押贷款借款人的供给曲线。数额的福利，因此，取决于弹性的供给曲线。给予了高度的敏感性，按揭贷款按揭息率，社会福利可以相当大。在美国，减少了贷款利息率（媲美更高的按揭价格图1 ）已预计将在射程35至50个基点，这是一个很显着的节水鉴于大量的抵押贷款未偿还。