金融世界 第十七講

金融世界 第十七講
在上次節(jié)目中，我們介紹了各國(guó)中央銀行或儲(chǔ)備銀行的職能。它的一個(gè)主要功能是：
lender of last resort - 最后貸款人。
最后貸款人這一職能意味著中央銀行在其它商業(yè)銀行遇到危機(jī)時(shí)要伸出救援之手。但是中央銀行是否有能力成為各商業(yè)銀行危難中堅(jiān)強(qiáng)的后盾呢?澳洲廣播電臺(tái)金融節(jié)目主持人巴里克拉克對(duì)此談了他的看法：
Support for the safety of the banking system via a lender of last resort mechanism became the most important function of central banks in the early twentieth century. However, the capacity of central banks to support commercial banks in trouble and to prevent a loss of confidence in all deposit taking institutions should not be overestimated.
巴里克拉克說(shuō)，通過(guò)最后貸款人機(jī)制來(lái)維護(hù)銀行系統(tǒng)的安全已在二十世紀(jì)初成為中央銀行最重要的功能。但是，不應(yīng)該過(guò)高估計(jì)中央銀行救援陷于困境的商業(yè)銀行的能力以及防止人們喪失對(duì)所有受理存款機(jī)構(gòu)的信心的能力。
現(xiàn)在我們?cè)俾?tīng)一遍巴里克拉克的這段談話。(略)
為什么澳廣金融節(jié)目主持人巴里克拉克說(shuō)不能過(guò)高估計(jì)各國(guó)中央銀行對(duì)陷于危難中的商業(yè)銀行進(jìn)行救援的能力呢?倫敦經(jīng)濟(jì)學(xué)院的查爾斯古德哈特教授對(duì)此作了進(jìn)一步的解釋。他在談話中使用了這樣一些詞匯：
1 capital 資本
2 infomp3ation gatherer 信息收集人
3 co-ordinator 協(xié)調(diào)人
4 corral 把...集合在一起
5 rescue 救援
古德哈特教授說(shuō)：
Central banks have never actually had that much capital of their own, and they've never been able to finance any large scale rescue entirely on their own. Instead they act as infomp3ation gatherers and co-ordinators of the banking system and they encourage and corral the banks as a group to provide support and assistance to the bank in difficulty.
And that has actually been the case more or less throughout ... and the Bank of England has acted as the co-ordinator and the central operator of a rescue system, rather than doing it all by itself.
More recently, the willingness of the banks to get together to bail out and support their colleagues has actually been diminishing with the more competitive system we now have. And effectively now the fund to bail out or to provide any large scale support system for the banks has to come from the taxpayer.
下面我們分段聽(tīng)一遍古德哈特教授的談話和中文翻譯：(英文略)
中央銀行自己實(shí)際上從來(lái)沒(méi)有那么多的資金，也從來(lái)沒(méi)有能力完全獨(dú)立地資助任何大規(guī)模的救援行動(dòng)。相反，它們是銀行系統(tǒng)的信息收集者和協(xié)調(diào)人，鼓勵(lì)并召集各個(gè)銀行成為一個(gè)團(tuán)體，為陷于困境的銀行提供支持和援助。
實(shí)際上幾乎一直都大致是這種情況。英格蘭銀行就一直扮演著一個(gè)救援體系中的協(xié)調(diào)和中央運(yùn)作的角色，而不是單獨(dú)靠自己進(jìn)行救援。
近來(lái)，各銀行聯(lián)合起來(lái)援助和支持同伴的愿望實(shí)際上已經(jīng)降低，因?yàn)槲覀儸F(xiàn)在有了競(jìng)爭(zhēng)更激烈的體制。事實(shí)上，現(xiàn)在為銀行提供的救援或大規(guī)模支持系統(tǒng)所需的資金只能來(lái)自納稅人。