跪求大侠帮我翻一下面的文章 分数不多还多包涵

来源:百度知道 编辑:UC知道 时间:2024/06/21 17:18:13
Inadequate information and extrapolative expectations regarding exchange rates may have contributed to worsen market sentiment. The rapid withdrawal of capital is also likely to have been abetted by the worrying signals from credit rating agencies, which, after having failed to detect the onset of the crisis, had to rapidly downgrade the affected countries severely, thereby contributing to the herd behaviour of international creditors.10 Recent research confirmed that while the ratings by credit rating agencies did not adequately predict currency crises in emerging markets, conversely, the incidence of a financial crisis is correlated with a future downgrading. The reason for this may be related to the fact that the indicators that credit rating agencies use to derive their verdict are much better suited to predict sovereign default on debt, then a currency crisis. And while these two events have often coincided in the past, they have been increasingly de-coupled ever since 1994 (Sy (2

不适当的信息和关于交换率的extrapolative期望也许贡献恶化市场情绪。 迅速撤退资本也可能由从信用评级代办处的让担心的信号教唆了,以后不查出危机起始,必须严厉地迅速地降低受影响的国家,从而造成国际creditors.10最近研究牧群行为证实,而由信用评级代办处的规定值在新兴市场上没有充分地预言货币危机,相反地,一次金融危机的发生关联与未来降低等级。 此的原因也许与事实有关信用评级代办处用途获得他们的定案更好地适合预言在债务的宗主缺省的显示,然后货币危机。 并且,当这两个事件以前时经常相符了,他们自1994年越来越被分离了(Sy (2003))。 除信用评级代办处之外的失败,几个来源也指向充分信息的脱供关于公司的资产负债表的,特别是由于不充分的出版物要求在资本市场上的漂浮的公司,在某些国家变形了关于源于微弱的监督和不平衡的板料操作(WTO的增殖的银行的信息1998)和关于的干扰的信息中央银行的自己的帐户(特别是在微弱的国际储备),如显露在危机(Lane的高度1999); 在混乱内的这样期间,谣言倾向于传播,并且对猛烈行动的恐惧由当局(资本管制,延期偿付)导致恐慌反应的发展。 关于矢败的交换率的Extrapolative期望增加在资本外流的压力,并且银行挤兑或恐慌精神在市场,因为投资者转移他们的从评估情况的焦点与不足或被变形的信息到评估其他投资者(夏天行为(2000), p.5)上传播。 市场失败的元素变得显然,当错误信息和牧群行为被留下是在老练的球员之后(信用)政策的驱动力,作为各自的顾客的真正的信誉的一个合理的评估应该当时是他们的为信贷政策的主要依据。

Inadequate information and extrapolative expectations regarding exchange rates may have contributed to worsen market sentiment. The rapid withdrawal of capital is also likely to have been abetted by the worrying signals from credit rating agencies, which, after having failed to detect the onset of